Completes Tansim Acquisition
Brisbane, Dec 24, 2020 AEST (ABN Newswire) - Emerging lithium miner Sayona Mining Limited (
ASX:SYA) (DML:FRA) (DMNXF:OTCMKTS) announced today it has completed the acquisition of the Tansim Lithium Project in Quebec, following a final payment of C$250,000 (approx. A$256,000) to Quebec Precious Metals Corporation (CVE:QPM) for the remaining 50% stake in tenements subject to an option agreement.
Highlights
- Sayona completes acquisition of Tansim Lithium Project, Quebec following final payment of C$250,000 (approx. A$256,000) to Quebec Precious Metals Corporation (TSX:QPM.V) for tenements subject to option agreement
- Project forms part of new lithium hub in Abitibi encompassing flagship Authier Lithium Project and North American Lithium (NAL) (subject to successful bid).
Located 82 kilometres south-west of Sayona's flagship Authier Lithium Project, Tansim comprises 191 mineral claims spanning 11,042 ha of prospective lithium acreage.
Drilling conducted last year comprising 11 holes for 1,129m resulted in an Exploration Target (refer note below) for the Viau-Dallaire prospect of between 5 million and 25 million tonnes, at an estimated grade of 1.2 - 1.3% Li2O (refer ASX release 19 November 2019).
Note: The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Sayona's Managing Director, Brett Lynch said the Company's investment showed its confidence in Tansim's potential, as highlighted by previous drilling results.
"Initial exploration at Tansim has shown its promise as a potentially highly valuable and strategically located new lithium deposit, situated near our flagship Authier project," Mr Lynch said.
"We look forward to further developing Tansim, which forms part of our planned lithium hub in Abitibi, amid rising global demand for this key battery metal."
Sayona continues to advance its lithium projects in Quebec to supply the fast-growing North American and global market, powered by the electronic vehicle (EV) and battery storage revolution.
About Elevra Lithium Limited
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is North America's largest hard-rock lithium producer with a diversified portfolio of high-quality assets across Quebec Canada, the United States, Ghana and Western Australia.
Our flagship operation, the North American Lithium (NAL) mine in Quebec, Canada has successfully ramped up production of spodumene concentrate, supported by ongoing operational enhancements to increase recovery rates, throughput, and mill utilisation. Following a Mineral Resource upgrade, Elevra completed a Scoping Study for a brownfield expansion to increase NAL's annual spodumene concentrate production and reduce unit operating costs.
Complementing NAL, the Moblan Lithium Project in northern Quebec represents one of the largest undeveloped spodumene resources in North America, with a Mineral Resource of 121 Mt @ 1.19% Li2O.
Development activities are progressing with feasibility studies targeting a large-scale, long-life operation capable of supplying both domestic and international markets.
In Western Australia, Elevra holds an extensive portfolio of lithium and gold tenements, where exploration programs are advancing to unlock additional growth opportunities. Meanwhile, in the United States, our Carolina Lithium Project offers a strategic foothold in the downstream lithium chemicals market and our project in Ghana provides a further option for future growth.
Looking ahead, Elevra is focused on strategic downstream partnerships to enable further value-added lithium production, positioning the Company to deliver a secure, sustainable supply of critical minerals to global customers. Together, these assets establish Elevra as a growth-focused supplier supporting the global energy transition.
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