ASX lithium share Sayona Mining Ltd (ASX: SYA) is rocketing today after the company provided a project update. In early afternoon trade, the Sayona share price is surging 25% to 4 cents.
Let's take a look at the company's latest lithium prospect upgrades.
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What did the company report?
The Sayona share price is soaring after the company reported the Canadian National Instrument (NI) 43‐101 review had revealed "high exploration potential for lithium pegmatites" at its Tansim Lithium Project in Quebec.
Sayona said it will now engage in a CA$1.6 million (AU$1.7 million) exploration project, with 5,000 metres of drilling planned in phase 1. It plans to test for "new albite‐spodumene pegmatites" and said the program will complement resource drilling at its Viau‐Dallaire and Viau prospects in the year ahead.
Commenting on the results, Sayona managing director Brett Lynch said:
The confirmation of Tansim's high exploration potential is extremely welcome following our recent expansion of the project. We look forward to progressing drilling at the Viau‐Dallaire and Viau prospects to take them to the resource determination stage.
Lynch added that Tansim's high growth potential will now see it play a larger role in Sayona's 2021 plans:
We see Tansim becoming a key component of our vision for a world‐scale lithium hub in the Abitibi region, uniquely located to service the North American lithium market.
Sayona Mining share price snapshot
The remarkable gains in the Syaona share price didn't gain traction until 14 January this year after the company reported it had inked a deal with lithium miner Piedmont Lithium Ltd (ASX: PLL).
A series of other positive announcements, like news of its increased claims around Tansim announced on 11 March, have also seen Sayona shares head higher.
This has all added up to the Sayona share price rocketing by more than 290% in 2021. That compares to a gain of around 1% for the All Ordinaries Index (ASX: XAO).
