Sayona Mining (ASX:SYA; OTC:SYAXF) is pumping another $177.7 million (A$200 million) into its lithium projects in Quebec as production ramps up at its North American lithium (NAL) project. The funds will be used to bolster Sayona Quebec’s development of a northern lithium hub, both the recently restarted NAL project and drilling at its feasibility-stage Moblan project.
Production was restarted at the NAL mine and mill near Val d’Or, Que., in March. Funds will be used to ramp-up production ahead of planned lithium carbonate production. The feasibility study examined a 20-year life for the project with a pre-tax net present value with an 8% discount of $2.0 billion. NAL is the only major hard rock lithium mine in North America
Sayona is also spending to advance the Moblan lithium project 130 km northwest of Chibougamau, where 60,000 metres of drilling is planned. The definitive study is to be completed in October 2023.
Measured and indicated resources at Moblan total 49.9 million tonnes grading 1.20% lithium oxide (Li2O) (NI 43-101 compliant) using a cut-off of 0.25% Li2O, making it one of North America’s single largest lithium resources.
More information about both projects is posted on www.SayonaMining.com.