The Sayona Mining Ltd (ASX: SYA) share price is starting the week on a disappointing note.
In early trade, the lithium miner's shares are down 2.5% to a 52-week low of 8.1 cents.
Why is the Sayona Mining share price falling?
Investors have been selling Sayona Mining and other ASX lithium shares following another poor session for their Wall Street-listed peers. This saw the likes of Albemarle Corp (NYSE: ALB) and Livent Corp (NYSE: LTHM) fall heavily on Friday night.
Unfortunately, this has offset the release of a positive announcement by the company.
That announcement was the release of the results of 41 new drill holes totalling 8,925 metres at its Moblan Lithium Project.
According to the release, the latest drilling results include the identification of high-grade lithium mineralisation outside the mineral resources estimate (MRE) pit shell model, which indicates the potential to expand the existing resource. That's despite it already being one of North America's single largest lithium resources.
Another positive is that the mineralisation inside the MRE pit shell continues to show continuity and consistency in grade and thickness, with the project typified by thick, flat lying spodumene pegmatite.
All in all, management believes the "new drillhole results reinforce the project's status as the centrepiece of Sayona's Eeyou-Istchee James Bay hub in northern Québec."
Sayona's interim CEO, James Brown, was pleased with the news. He commented:
Moblan is an exciting project and the latest drilling results have only further highlighted its potential to become a major asset for Sayona and our joint venture partner, SOQUEM. We look forward to advancing this project further, with additional results pending from the 2023 drilling campaign.
The Sayona Mining share price is now down almost 70% since this time last year.