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Sayona Mining acquires significant exploration package from Troilus

Published by , Editorial Assistant
Global Mining Review,

Sayona Mining Limited has announced that it is expanding its northern lithium hub in Québec, following an agreement with Troilus Gold Corp. concerning a significant exploration package located near the Moblan Lithium project.

Under the agreement, Sayona Mining’s Canadian subsidiary Sayona Inc. will acquire a 100% interest in 1824 claims covering 985 km2, located adjacent to the Moblan project (covering 4.3 km2) and extending over a major part of the Frotêt-Evans Greenstone Belt. The claims to be acquired have not been extensively explored for lithium and offer potential for eastwards extensions to the Moblan mineralisation, as well as regional targets in the emerging lithium district.

Sayona is paying CAN$40 million worth of SYA stock as consideration for the claims to be acquired. Concurrently with the claims acquisition, Sayona has agreed to subscribe for approximately CAN$4.8 million worth of common shares of Troilus on a non-brokered private placement basis, bringing Sayona’s investment in Troilus to approximately 9.26%. Troilus will also receive a 2% net smelter return royalty (“NSR”) on all mineral products from the acquired claims.

Sayona’s Managing Director, Brett Lynch, said:.

“This is an investment in Sayona’s future production by acquiring nearly 1000 km2 of prospective lithium acreage, more than 200 times the size of our current Moblan project.”

“The lithium market needs large tonnages for long periods and we are excited by the potential to expand our lithium resources in northern Québec.

“Added to our southern Abitibi hub centred on North American Lithium, Sayona is rapidly advancing the leading lithium resource base in North America, in preparation for our move downstream into lithium carbonate and hydroxide production.”

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Lithium mining news Canadian mining news