Sayona Mining Limited: Drill Results Significantly Expand Moblan Lithium Footprint

Brisbane, Australia - North American lithium producer Sayona Mining Ltd. (ASX:SYA) (FRA:DML) (OTCMKTS:SYAXF) has identified a significant expansion to the lithium footprint following recent drilling at its key Moblan Lithium Project (SYA 60%; SOQUEM Inc 40%), forming the centre of its emerging northern Quebec lithium hub.

The results have continued to extend known mineralisation, including at the South Pegmatite system, first discovered by Sayona in 2022, which is typified by thick, flat lying spodumene pegmatite. The newly identified mineralisation extends outside of the April 2023 JORC resource pit shell, indicating the opportunity to expand the existing resource. These positive results will contribute to the completion of the Moblan Definitive Feasibility Study (DFS), planned for release in November 2023.

Already one of North America's single largest lithium resources, Moblan's first batch of 2023 results show the potential of Sayona's northern lithium hub in Quebec's highly prospective Eeyou Istchee James Bay region.

Some 60,000m of drilling is planned at Moblan during 2023, with Sayona targeting the further growth of its resource base capable of supporting future downstream processing and the production of lithium hydroxide.

A resource upgrade is anticipated during the first half of 2024.

Sayona's Managing Director, Brett Lynch, commented: "Moblan is shaping up as one of the leading hard rock lithium deposits in North America, advancing our planned move towards downstream processing. Working in partnership with the Quebec Government, Sayona will deliver even more speed and more tonnes faster through this expanding northern hub.

"Importantly, Moblan will benefit from its proximity to road, rail and power infrastructure - a unique competitive advantage in the James Bay region. We look forward to further results from our drilling, likely to be Quebec's single largest drilling program in 2023.

"Significantly, these latest results have encouraged us to proceed directly to a definitive feasibility study, targeting completion by November. This will put us on a fast-track to production, potentially as early as 2027, as we move to deliver exactly what the North American lithium market needs."

Sayona is committed to engaging local communities as the project progresses, including First Nations and other local community members, consistent with its proactive stakeholder engagement approach. Sayona aims to implement industry best practice in sustainable development as the project develops. For example, the Company has voluntarily undertaken the process aimed at Ecologo certification, with an audit planned for Q4 2023.

Moblan's 2023 drilling campaign comprises 76 exploration drillholes for 15,806m and 12 geotechnical drillholes for 2,636m, for a total of 88 holes for 18,442m. An additional 77 holes for 15,122m have been completed, with assay results pending. Figure 1 below displays the drilling where assays have been received, together with selected lithium intercepts.

The 2023 drilling has focused on expanding mineralisation along the south-eastern flank of the resource area. Additionally, drilling has focused on step out areas eastwards towards the Moleon prospect and between the Main and Inter pegmatite systems.

The results have identified consistent new zones of lithium pegmatite. This includes flat lying pegmatite in the south-eastern area of drilling over an approximate 200m x 750m strike extent, which appears to be part of the South Pegmatite and Inter Pegmatite zones systems. Mineralisation remains open to the south and east and at depth. The drill results are detailed below using three cross sections through the deposit to place the new results in context with the April 2023 JORC Resource estimate and previous exploration drilling.

*To view tables and figures, please visit:
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About Sayona Mining Limited:

Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:SYAXF) is an Australian, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. The Company has lithium projects in Quebec, Canada and in Western Australia.

Please visit us as at www.sayonamining.com.au

Source:
Sayona Mining Ltd.

Contact:

Brett Lynch Managing Director Phone: +61 (7) 3369 7058 Email: info@sayonamining.com.au