Pre-Feasibility Study Progress Update
Brisbane, Dec 19, 2016 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) (DMNXF:OTCMKTS) ("Sayona" or the "Company") announces that it is actively working towards completing the Authier Pre-Feasibility Study ("PFS").
The PFS will study the technical and financial viability of constructing a simple, low-strip ratio, open-cut mining operation and processing facility producing spodumene concentrates.
Whilst substantial progress has been made, the study will not be completed until early 2017. Delays in completing the resource definition drilling program and subsequent JORC Resource upgrade, and finalisation of metallurgical testing have contributed to the report not being completed in 2016.
The Company believes it is prudent to incorporate the new JORC Resource completed in November to the study given the significant increase in the tonnes, grade and contained lithium oxide (Table 1, refer to link below).
The Company also notes that the lithium pricing environment has changed dramatically with the recent announcement by Galaxy Resources Ltd ("Galaxy") (ASX:GXY) (GALXF:OTCMKTS) on pricing for lithium concentrates in 2017. Galaxy announced it entered into contracts for all of 2017 production of 120,000 tonnes at a base price of US$830 per tonne FOB for 5.5% Li20 concentrate. The contract terms provided a payment bonus of US$15 per tonne for every 0.1% improvement in the concentrate grade above the 5.5% Li20 base rate or US$905 per tonne FOB for a 6% Li20 concentrate.
The improved pricing environment and large resource are all expected to contribute to the improved economics of the Authier project.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/TLV6G60Z
About Elevra Lithium Limited
Elevra Lithium Limited is a North American lithium producer (ASX:ELV) (NASDAQ:ELVR) OTCMKTS:SYAXF) with projects in Quebec, Canada, United States, Ghana and Western Australia. In Quebec, Elevra's assets comprise North American Lithium (100%) and a 60% stake in the Moblan Lithium Project in Northern Quebec. In the United States, Elevra has the Carolina Lithium project (100%) and in Ghana the Ewoyaa Lithium project (22.5%) in joint venture with Atlantic Lithium. In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.
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