Magnetic Drill Targets Identified at Pilbara Gold Projects
Brisbane, May 12, 2021 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) (DML:FRA) (DMNXF:OTCMKTS) is advancing its Western Australian gold exploration, amid high Australian dollar prices for the precious metal. Exploration within the Company's newly expanded 911 sq km of gold tenements in the Pilbara is targeting intrusion-related gold mineralisation, similar to De Grey Mining's nearby Hemi discovery.
Preliminary processing and interpretation of the high resolution 3,900 line km airborne magnetics survey data has identified magnetic anomalies at the Mt Dove and Deep Well Projects. At Mt Dove, five features and a number of prospective structural zones have been identified, with 11 anomalies determined at Deep Well. A number of secondary targets and features for additional testing have also been identified.
All of the anomalies are obscured by recent cover and their source remains unresolved. Planning is underway to progress towards drill testing of the features. Depending on approvals, drilling could commence early in the third quarter 2021.
Sayona's Pilbara gold holdings have recently been increased with the pegging of the Mac Well tenement application, located to the northeast of the Hemi area. The Mac Well application complements nearby Sayona tenements in consolidating tenure along the regional scale Tabba Tabba shear zone and its associated prospective intrusives.
Sayona's Managing Director, Brett Lynch commented: "The identification of drill targets within our 100% owned Pilbara gold portfolio is an encouraging start to the 2021 exploration season. The acquisition of geophysical data is part of a series of planned steps to unlock the prospectivity of the large tenement holding that Sayona has in close proximity to De Grey's expanding Hemi discovery.
"Planning is now underway to allow drill testing of targets, once statutory and heritage requirements have been completed. We look forward to unlocking value from these prospective tenements, which add to our lithium holdings in the world-class Pilgangoora lithium district and our flagship lithium projects in Canada."
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About Elevra Lithium Limited
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is a dual-listed lithium producer and developer, supplying a reliable, secure and sustainable source of this critical mineral at the heart of global electrification.
Headquartered in Brisbane, Australia, Elevra has a globally diversified portfolio of world-class lithium assets across Quebec, North Carolina, Ghana, and Western Australia. Elevra was formed through the merger of Piedmont Lithium and Sayona Mining.
By combining operational excellence with disciplined asset management, we strive to maximise efficiency, drive superior shareholder value, and create lasting benefits for all stakeholders.
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