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Sayona Mining Ltd Mallina Option Payment Facilitates New Phase of Exploration

Mining News - Published on Thu, 28 Dec 2017

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Sayona Mining Limited announced that it is making the first stage option payment to Great Sandy Pty Ltd to acquire a 694 km2 package of 6 tenements in the world-class Pilgangoora lithium district of Western Australia.

The primary focus of exploration over Great Sandy tenure in 2017 has been concentrated on the 141 km2 Mallina tenement E47/2983. Exploration activities have included mapping, sampling, geophysics and drilling. Spodumene has been identified in three main areas of pegmatites across a zone 6 km x 3 km. An initial small drilling program was completed in 2017. Further drilling is required to better understand the zonation of the pegmatites at Mallina and follow up recent high grade mineralisation returned over the Area C prospect.

The Option includes three other project areas comprising five tenements which have only been lightly explored and will be reviewed in detail during 2018.

The Great Sandy purchase terms include an option to acquire an 80% interest in all the tenements by making staged payments in cash or shares at Great Sandy's election of USD 300,000 within 12 months and USD 300,000 within 24 months and free carrying Grant Sandy to Decision to Mine. At the Decision to Mine, Great Sandy can either elect to dilute or contribute to ongoing expenditure commitments. Great Sandy can elect to convert the 20% interest to a 2% gross smelter royalty.

Mr Corey Nolan, Chief Executive Officer, commented that "The Company is excited by the prospectivity of the Mallina project where new spodumene bearing pegmatites have been recently identified. Further exploration and drilling is required to better understand the mineralisation within the complex rare metal pegmatites. Mallina is a very prospective province in close proximity to other major spodumene deposits including Pilgangoora and Wodgina".

Sayona Mining Limited is a company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors.

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Posted By : Rabi Wangkhem on Thu, 28 Dec 2017
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