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Sayona Mining share price lifts as drilling begins at flagship project

The junior explorer has commenced its maiden drilling program.

Posted by
Bronwyn Allen
Bronwyn has 28 years of experience in journalism, copywriting, and media relations. She began her career as a reporter with News Corporation in Sydney in 1997. She later worked for two real estate corporations in communications and PR roles, then started her own freelance copywriting and publicity business. A keen shares investor, Bronwyn joined the Motley Fool Australia team as a copy editor and writer in June 2021.
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The Sayona Mining Ltd (ASX: SYA) share price is up by almost 4% over the past two days upon news that the junior explorer has begun drilling at its flagship project.

Meantime, most ASX lithium shares are down today. The stocks continue to be weighed down by weakening lithium commodity prices.

Here is a snapshot:

  • Latin Resources Ltd (ASX: LRS) shares are down 1.58% to 19 cents
  • Piedmont Lithium Inc (ASX: PLL) shares are down 2.7% to 36 cents
  • Liontown Resources Ltd (ASX: LTR) shares are down 1.91% to $1.29
  • Core Lithium Ltd (ASX: CXO) shares are down 3.7% to 26 cents
  • Allkem Ltd (ASX: AKE) shares are down 0.7% to $8.49
  • IGO Ltd (ASX: IGO) shares are up 0.26% to $7.84
  • Pilbara Minerals Ltd (ASX: PLS) shares are up 2.6% to $3.50
  • Mineral Resources Ltd (ASX: MIN) shares are up 0.07% to $59.76.

Let's look into the details of this drilling program.

Rumble share price A satisfield miner stands in front of a drilling rig, indicating a share price rise in ASX mining companies

Image source: Getty Images

Sayona Mining share price higher as Tabba Tabba drilling begins

The company has launched a 76 air-core drill hole program focusing on two areas along a 7.5km corridor at its 100% owned Tabba Tabba Lithium Project in Western Australia.

This is Sayona's maiden exploration drilling program at Tabba Tabba.

In both areas, the bedrock is obscured by a thin covering. The company said this drilling program would provide geological and geochemical information to allow the targeting of deeper reverse circulation (RC) and diamond (DDH) drilling in early 2024.

Sayona Mining has already completed earthworks to allow for the follow-up RC drilling.

Sayona director James Brown commented:

The Tabba Tabba belt has great potential particularly given recent discoveries and we are very pleased to commence the first lithium focused drilling within the lease as we advance our 100% owned Western Australian lithium assets.

These will be an active focus for our exploration in 2024 and combined with the Morella JV will
complement our development hubs in Québec, Canada, as we continue to expand our global lithium
resource base.

The company expects to complete the drilling program mid-month and receive the assay results early in the new year.

Motley Fool contributor Bronwyn Allen has positions in Core Lithium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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