The Sayona Mining Ltd (ASX: SYA) share price has continued its impressive run on Monday.
In afternoon trade, the lithium developer's shares are up 6% to 17.5 cents.
This means the Sayona share price is now up 46% in the space of a month.
Why is the Sayona share price surging higher?
Investors have been bidding the Sayona share price higher this month following a very positive announcement relating to the company's North American Lithium (NAL) and Authier projects.
According to the release, the two projects now have a combined measured, indicated, and inferred mineral resource of 119.1 million tonnes at 1.05% lithium oxide.
This upgrade represents the doubling of its mineral resource from management's previous estimates. In light of this, Sayona can stake the claim as having the largest spodumene resource in Canada.
Management was delighted with the news, particularly given how high lithium prices are right now.
Sayona's Managing Director, Brett Lynch, commented: "This expansion is a major achievement for Sayona as we further enlarge our leading lithium resource base in North America. Since the start of 2020, we have now grown our Québec resource base nearly six times and with further increases expected soon from Moblan."
"With lithium prices surging on the back of an increasing structural supply deficit, our upcoming definitive feasibility study for an integrated NAL‐Authier operation, expected in coming weeks, is set to show significantly enhanced profitability for the benefit of shareholders," he added.
