The Sayona Mining Ltd (ASX: SYA) share price charged ahead on Friday afternoon to finish in the green.
At today's close, the emerging lithium producer's shares were swapping hands at 36 cents apiece, up 2.86%.
In contrast, the S&P/ASX 200 Index (ASX: XJO) closed down 1.57% to 7,473.3 points.
What's powering Sayona today?
Investors rallied up the Sayona share price following an announcement by fellow mining company, Morella Corporation Ltd (ASX: 1MC).
The latter owns a 51% interest in Sayona's lithium development portfolio in Western Australia via an earn-in agreement.
In its release, Morella provided an update on exploration activities being undertaken in the Pilbara region of Western Australia.
Management advised that the reverse circulation (RC) drill contractor mobilised in the second week of April. After completion of site and safety protocols, drilling commenced at the Mallina Lithium Project on 18 April.
The drilling program consists of three collars, around 150 metres each, in preparation for diamond core tails to 470 metres. This is expected to be completed within the next week.
In addition, a second drilling contractor arrived on site and began inductions in preparation for the commencement of diamond core drilling. The core program consists of 1,020 metres of drilling and is expected to be completed in four to five weeks.
Commenting on the update that appears to be boosting the Sayona share price today, Morella CEO Alex Cheeseman said:
…Given the current environment for labour and exploration resources, the fact that we have two rigs on site and progressing through our program is testament to the Company's drive and focus to advance our projects.
Furthermore, Morella also began early-stage exploration and fieldwork at the Mt Edon Lithium Project in Western Australia.
During late March, the company undertook field investigations to map and sample pegmatite outcrops within the project area
Currently, the team is waiting for the final report and results from the fieldwork program.
However, it was noted that the "observed pegmatites were deeply weathered with decomposed feldspar leading to friable surface outcrop".
Management believes the heavy weathering may result in depleted grades for lithium at surface.
About the Sayona share price
Since this time last year, the Sayona share price has gained more than 740% in value.
In 2022, the company's shares have continued their impressive trajectory, up 170%.
Based on valuation grounds, Sayona Mining has a market capitalisation of roughly $2.54 billion.
