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Date : 18/03/2021

Why Was Sayona Mining Up By 34% Today?

Sayona Mining ASX is an emerging stock that operates as a lithium miner. They have projects in Quebec, Canada and Western Australia. In Quebec, Sayona is progressing a bid for the North American Lithium mine, while advancing its flagship Authier Lithium Project and its Tansim Project with support from Piedmont Lithium Australia, who is a partner. In Western Australia, Sayona Mining holds a large tenement portfolio in the Pilbara region that has gold and lithium prospects.

While Sayona Mining stock was rather flat throughout 2020, the stock price has skyrocketed in 2021. It has returned 377% year-to-date, and 38% in the past week.

How Are Sayona Mining ASX Stocks Looking?

So, what caused Sayona Mining to go up by 34% today? Here’s why.

Just today, Sayona Mining Limited announced details about the potential lithium that exists in their Tansim Project and as a result, Sayona Mining ASX stocks closed 34% higher and now trade at $0.043 a share.

A review conducted by the Canadian National Instrument determined that there is a high exploration potential for lithium pegmatites across the area of Sayona’s Tansim Project in Quebec. Sayona Mining is expected to progress with drilling at the Viau-Dallaire and Viau prospects to take them to the resource determination stage.

A C$1.6 million work program has been committed for Tansim. It consists of a Phase 1 drilling program to a depth of 5000m and then a Phase 2 work program to include a mineralogical study, metallurgical testwork, and a Mineral Resource Estimate. These developments are a stepping stone to Sayona’s Tansim Project complementing their flagship Authier Project and plays a very important role for the growth potential that the firm holds. As a result, the market was very warm towards the announcement and as we said earlier, Sayona Mining ASX shares surged 34%.

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