Rising Australian lithium producer Sayona Mining (TSX: SYA; US-OTC: SYAXF) has agreed to amass management of the Moblan lithium venture within the Eeyou-Istchee James Bay area of northern Quebec.
Sayona is buying Lithium Royalty Corp.’s proper to buy the 60% curiosity within the venture held by Guo Ao Lithium. Sayona will purchase that curiosity for US$86.5 million. SOQUEM holds the remaining 40% and has waived its proper of first refusal in reference to Sayona’s acquisition of the Moblan curiosity.
The Moblan venture is positioned about 130 km northwest of Chibougamau, Quebec. It’s host to high-grade mineralization with a thickness of sometimes 20 to 30 metres vast and a 30 to 35° dip. Open pit mining could be carried out with a waste-to-ore strip ratio of two.9 to 1.
Moblan has a measured and indicated useful resource of 12 tonnes grading 1.4% lithium oxide and 0.6% iron. The inferred useful resource is 4.1 million tonnes grading 1.33% lithium oxide and 0.7% iron.
Primarily based on a 98% mining restoration and 10% dilution, confirmed and possible reserves complete 10.7 million tonnes grading 1.4% lithium oxide.
Sayona has recognized a chance to broaden the mineralization outdoors the useful resource envelope. Earlier geotechnical drilling intersected as much as 29.1 metres of steady spodumene-bearing pegmatites past the bounds of the identified assets.