Sayona Mining Limited: Moblan Drilling Shows Expansion Potential

Brisbane, Australia - North American lithium producer Sayona Mining Ltd. (ASX:SYA) (FRA:DML) (OTCMKTS:SYAXF) announced today the results from 41 new drillholes totalling 8,925 metres at its Moblan Lithium Project (SYA 60%; SOQUEM Inc 40%), highlighting the expansion potential of the project located in Quebec's highly prospective Eeyou-Istchee James Bay region.

The latest drilling results include the identification of high-grade lithium mineralisation outside the Mineral Resources estimate (MRE) pit shell model, indicating the potential to expand the existing resource, already one of North America's single largest lithium resources. 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.

The new drillhole results reinforce the project's status as the centrepiece of Sayona's Eeyou-Istchee James Bay hub in northern Quebec, and highlights its potential to add to the Company's base of producing North American Lithium operation and other exploration projects.

Sayona has completed 60,084m of exploration drilling at the Moblan project in 2023, with assay results pending for an additional 170 drillholes totalling 35,459m. The 2023 drilling program also includes a sterilisation drilling program in order to verify the potential location of infrastructure without impacting the mineral resource area.

Sayona's Interim CEO, James Brown 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."

Environmental impact assessment studies are continuing, with Sayona continuing its proactive stakeholder engagement approach towards the local community, including First Nations communities.

Sayona is also investigating the lithological and structural interpretation of the four main zones at the Moblan deposit. These studies will improve the specific knowledge of the different pegmatites domains and specific geochemistry, mineralogy and structural features to help vectorise exploration activities and potentially extend Moblan's mineralisation.

Western Area - Section 506305E

Infill drilling along 506305E continues to confirm the geometry and mineralisation of the flat laying South Pegmatite, returning 51.4m @ 1.34% Li2O from 54.1m in 1331-23-471. Hole 1331-23-485A was drilled to bolster inferred resources and intersected 15.7m @ 2.37 Li20 from 61.3m.

The dyke has well-distributed mineralisation, containing an average of 20% spodumene in 1-2 cm euhedral crystals. Hole 1331-23-471 was drilled to upgrade from Inferred to Indicated Resources. The mineralisation style is consistent with 1331-23-485A, returning a dyke typified by 15% spodumene in 1-2 cm euhedral crystals.

Central Area - Section 506750E

Drilling at Section 506750E further characterised the extension to the South Pegmatite mineralisation and is displayed in Figure 3 below, with 1331-23-477 returning 54.0m @ 1.28% Li20 from 105.5m.

Hole 1331-23-477 was drilled to upgrade from Inferred to Indicated Resources and intersected a thick, well-mineralised dyke. Mineralisation is consistent throughout the dyke with an average of 10% spodumene. Spodumene presents as 3-4cm long acicular crystals as well as 1cm euhedral crystals nearer to the upper contact.

Inter South Area - Section 507123E

On section 507123E, the Main Pegmatite narrows, and the Inter Pegmatite zone is represented by an increased number of parallel, stacked pegmatites. Hole 1331-23-436 returned 32.8m @ 1.33% Li20 from 54m. Hole 1331-23-436 was drilled to upgrade from Inferred to Indicated resources and intersected numerous pegmatites of impressive grade and thickness. The thickest pegmatite is characterised by well-distributed, 2-4cm spodumene crystals.

Eastern Area - Section 507500

The eastern step out drilling continues to identify continuity of the Inter Zone extension, both at surface and at depth, with 1331-23-463A returning 17m @ 1.55% Li20 from 217.6m. This flat lying dyke is outside the current pit model and shows the potential for further extensions along strike.

The Moblan project is located about 130km north-west of the town of Chibougamau and approximately 85km from the Cree (First Nations) community of Mistissini. The project is accessible year-round via the Route du Nord. Its proximity to Chibougamau and Mistissini with their available infrastructure and access to low-cost, environmentally friendly hydropower makes it a favourable location for exploration and mine development.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/6499BF38

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:

James Brown Executive Director/Interim CEO Email: info@sayonamining.com.au Anthony Fensom Republic PR Ph: +61 (0)407 112 623 Email: anthony@republicpr.com.au