Western Iron Tenement at the Corkwood Project Acquired
Brisbane, Jan 14, 2016 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) ("Sayona" or the "Company") is pleased to announce that it has exercised its option to acquire the Western Iron tenement (E80/4511) at the East Kimberley project, Western Australia (see Figure 1 in link below).
The Company recently completed a drilling program at Corkwood comprising 33 reverse circulation drill holes totaling 2,949 metres covering six prospect areas. Every hole has intersected visual flake graphite mineralisation, with significant zones of over 50 metre downhole widths in several holes, including an intercept of 64 metres.
Additionally, some holes have intercepted multiple horizons of graphite mineralization. The drilling has defined consistent, broadly tabular bodies of graphite mineralization and the thickness of the mineralisation is better than anticipated from surface observations.
The Corkwood area has never been previously explored for its graphite potential. The Company's drilling program has now identified graphite mineralization over 7 kilometres within the 25 kilometre strike extent of the Corkwood geochemical and geophysical anomaly.
Samples have been dispatched for analysis and the first results are anticipated in late January 2016.
The Western Iron tenement purchase price was $200,000. Western Iron Ore Pty Ltd is entitled to receive a 1% gross production royalty and retains a Back-in Right to the nickel, copper and iron mineralisation by the payment of $100,000 within 12 months.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SYA-901888.pdf
About Sayona Mining Limited
Sayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region
prospective for gold and lithium. Sayona is exploring for Hemi-style gold targets in the world-class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).
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