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Why the Sayona Mining (ASX:SYA) share price is storming higher today

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The Sayona Mining Ltd (ASX: SYA) share price is pushing higher in morning trade on Tuesday.

At the time of writing, the lithium developer’s shares are up almost 3% to 3.8 cents.

Why is the Sayona Mining share price pushing higher?

The Sayona share price pushed higher this morning after investors responded positively to the release of an announcement.

That announcement reveals that Sayona Mining has strengthened its project pipeline. This follows the acquisition of further prospective lithium acreage at its Tansim Lithium Project in Québec, Canada and the launch of an airborne magnetic survey over gold targets in Western Australia.

In respect to the Tansim Lithium Project, the company revealed that it has acquired an additional 75 claims at its emerging project, which is located just 82 kilometres south-west of its flagship Authier Lithium Project.

This means that Tansim now encompasses 350 claims spanning 20,256 hectares, a 27% increase in prospective lithium acreage following additions earlier in March. This is a big positive given that the recently completed Canadian NI 43-101 determined high exploration potential for lithium pegmatites across the project.

Over in Western Australia, drill targeting at the Deep well and Mt Dove projects has advanced with the commissioning and completion of geophysical surveying. This is targeting anomalies typical of the nearby massive Hemi gold discovery of De Grey Mining Limited (ASX: DEG).

Management commentary

Sayona’s Managing Director, Brett Lynch, commented: “The additional Tansim claims will further enhance the critical mass of the Tansim project and strengthen Sayona’s push to become a world-scale spodumene producer based on our Abitibi lithium hub, with the potential for downstream processing. With investor confidence growing in the future of the North American EV and battery sector, these are quickly becoming highly valuable and strategic assets.”

“We are also keen to advance exploration across our Western Australian portfolio, given favourable gold prices and the success shown by nearby explorers. These gold projects add to the potential of our lithium portfolio in the world-class Pilgangoora lithium district,” he added.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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