Eye on Lithium: Sayona jumps 7% as it inches closer to NAL restart
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All your lithium news, Tuesday September 27.
Near-term lithium producer, Sayona Mining (ASX:SYA) is another step closer to restarting production at its North American Lithium (NAL) operation after awarding a four-year contract to Québec mining operator L. Fournier & Fills.
Under the agreement, Fournier will be responsible for the supervision of all stripping and drilling, blasting, loading and transportation of ore and waste rock, as well as the maintenance of mining roads, and all other services related to operations.
One of the largest agreements in Quebec Mining Sector 💥
Contract Work commence from Oct 2022 💥🚀
— Mike (@stocksworldbull) September 26, 2022
Lithium bulls were quick to respond with shares jumping 7%.
SYA managing director Brett Lynch says with demand pricing for lithium currently at all-time highs, the company is perfectly placed to become the first supplier of spodumene in North America.
“We are delighted to further advance NAL towards the recommencement of production in the first quarter of 2023, with the selection of a skilled and experienced mining operator being a crucial step in this process,” he says.
Operations are set to begin in October 2022, with work to be carried out 24 hours a day, 365 days year.
62 lithium stocks finished in the green, 38 fell flat, and 31 ended the day in the red zone.
Core Lithium says preparations are underway for the company’s first shipment of direct ship ore spodumene from the Finniss Project near Darwin in the Northern Territory before the end of 2022.
Due to the high level of interest in Finniss ore, the shipment will be sold via a tender process using a digital exchange platform.
In a business update regarding mining operations and resource expansion activities this morning, CXO revealed crushing and screening works are on track for commissioning ahead of the DSO sale.
A nightshift has been implemented to accelerate construction of the Dense Media Separation (DMS) plant which is also on track to support spodumene concentrate production in the first half of 2023.
The 12-hole diamond drilling program, that commenced in May at BP33, is now complete with the best result hitting 76m of highly mineralised pegmatite.
Assays have been received for five holes while three holes remain outstanding.
CY5 has acquired another 30km of prospective strike around the Pontax project, located in the lithium-rich James Bay province of Canada.
The additional ground hosts known lithium-caesium-tantalum (LCT) pegmatites with high-grade rock chip samples of up to 2.8% Li2O, it says.
This latest acquisition increases Cygnus’s ground position by over 600% and with existing mineralised pegmatites already identified, there is huge potential for further discoveries, exec director Michael Naylor says.
The $37m market cap stock is up 85% since acquiring Pontax in July.
This market darling hit fresh seven-year highs after announcing that maiden drilling at its NT lithium project would start next week.
Additional lithium targets have also been identified, RAS says. One of them boasts a ~150m outcrop width.
“The company is very excited as we prepare to commence our maiden drilling program at our strategic and highly prospective NT Lithium Project,” says chair Jerko Zuvela, also MD at near term lithium producer Argosy (ASX:AGY).
The company’s share price is now up 450% year-to-date.
Final lithium assays have been received at the Aurora Energy Metals Project (AMP).
Samples of the lake bed sediments for two additional 2011 core holes (AUD028 and AUD032) were sent for analysis.
Results at a cut off of 1,000ppm lithium include 27.3m at 1,164ppm lithium from 17.4m, plus 6.7m at 1,172ppm lithium from 61m as well as 4.6m at 1,278ppm lithium for 45.5m.
These results are consistent with those previously reported at Aurora and are comparable to those encountered at Jindalee Resources’ (ASX:JRL) nearby McDermitt Lithium Project, one of the USA’s largest lithium deposits.
Importantly, the intercept in AUD028 is the thickest received to date at Aurora and is the hole closest to the graben margin to the north-east where it is interpreted that the lake sediments increase in thickness, potentially up to 200m.
Whilst the lithium component at AMP is unquestionably early stage, 1AE says it has already developed a clear view of what the future operation should look like and is moving swiftly to put the building blocks in place early to enhance prospects for future development.
Multiple outcropping pegmatite dykes occurring in swarms have been highlighted following a program of surface field mapping and rock chip sampling.
The dykes vary from 3m to 30m wide within a regional corridor extending 8km.
Initial observations suggest the pegmatites at Upper Coondina may be part of the same system that hosts the major lithium discovery announced by Global Lithium (ASX: GL1) at its Archer Project to the north-east of our ground, which further underpins the strong lithium prospectivity at Upper Coondina.
“Given this project has never been systematically explored for lithium, we continue to be highly encouraged by these early works,” managing director Sean Sivasamy says.
“Importantly, data obtained from the mapping program, and other pre-drilling works completed at site, will be used to develop priority drill targets ahead of planned maiden drill program in quarter four.”