The Sayona Mining Ltd (ASX: SYA) share price is charging higher on Monday morning.
At the time of writing, the lithium developer's shares are up a sizeable 16% to 14.5 cents.
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Why is the Sayona share price surging higher?
Investors have been bidding the Sayona share price higher this morning following the release of an update on the company's Moblan Lithium Project in Canada. This follows recent drilling activities at the Quebec based project.
According to the release, multiple new spodumene pegmatites have been identified at the Moblan Lithium Project that provide the means to significantly increase the company's North American resource base.
Sayona notes that this includes an exciting new and distinct Moblan South Discovery open in all directions located 200m south of the main Moblan deposit.
Furthermore, the drilling has shown that spodumene pegmatites are more significantly developed at depth than can be recognised at surface. Management appears to believe that this indicates the potential for the discovery of multiple pegmatite clusters.
Drilling is continuing with a 20,000m drilling campaign underway as Sayona continues to build on the potential of the new Northern Lithium Hub, which it feels will strengthen its lithium spodumene resource base in North America.
'Potential to become a world‐class deposit'
Sayona's Managing Director, Brett Lynch, was pleased with the drilling results. He said:
These latest results are another boost to our emerging northern lithium hub, demonstrating Moblan's potential to become a world‐class deposit in a proven lithium region.
Moblan adds to our Abitibi lithium hub to the south in giving Sayona a leading lithium resource base in North America, amid continued increases in demand for this key battery metal from the North American EV and battery sector.
