Sayona Mining Limited: Further High-Grade Drill Results at North American Lithium

Brisbane, Australia - North American lithium producer Sayona Mining Ltd. (ASX:SYA) (FRA:DML) (OTCMKTS:SYAXF) announced today the results from 36 new drillholes totalling 8,803 metres at the Company's North American Lithium (NAL) operation (Sayona 75%; Piedmont Lithium 25%) in Quebec, Canada, demonstrating the high-grade nature of this strategic asset.

All the drilling results from the 2023 exploration program are now complete, validated and released and the first results from the 2024 exploration drilling program, which is currently underway, are reported in this release. The 2023 drill program has been a successful in demonstrating the potential to increase the mineral resource base at NAL. The 2023 drill program was designed to test extensions to mineralisation and provide in-fill data for the upgrade of Mineral Resource categories. The latest drilling results include the identification of high-grade lithium mineralisation outside the Mineral Resource estimate (MRE) pit shells, particularly in the North-West and South-East extensions, and support potential conversion of some of the Inferred resources to Indicated category within the MRE pit shells.

Sayona's Interim CEO, James Brown commented: "We are delighted to have another strong set of drilling results from North American Lithium which continue to highlight the superb quality of this mine.

"The results reported today have shown that mineralisation continues outside of the existing MRE pit shells so the next key step will be to complete a recalculation of the MRE to include recent drilling.

"Additionally, we will also complete a further 30,000 metres of drilling throughout 2024 to better understand the full potential of the NAL mineralisation."

North-West Extension - New Pegmatites

Highlights from the North-West Extension - New Pegmatites are presented in Table 2. New drilling intersected pegmatite dykes with assays from thicker sections returning intercepts of 1.55% Li2O over 21.00m for the drillhole LAN-24-153a, 1.64% Li2O over 25.50m for the drillhole LAN-24-156, and 1.76% Li2O over 25.35m for the drillhole LAN-24-159 (see Figures 1 and 2*).

Previous and new results confirm the presence of wide pegmatite dykes and many others of smaller parallel-trending dykes that may extend to the North-West of NAL lithium mineral resources shell. These additional diamond drillholes in the North-West area will potentially add mineral resources in a future mineral resource estimate update.

South-East Extension - New Pegmatites

Highlights from the South-East Extension - New Pegmatites are presented in Table 3. Previous and additional drilling confirms the extension of pegmatite dykes in the South-East extension of NAL lithium deposit. Several near-surface pegmatite dykes were identified in the area (previously and this release), with values up to 7.00m @ 1.43% Li2O from 16.95m in drillhole LAN-23-079. Previous and new intercepts will also potentially add mineral resources in a future mineral resource estimate update.

Resources Area - Potential Resources Upgrade or Conversion

Highlights from the Resources Area - Potential Resources Upgrade or Conversion are presented in Table 4. Significant wide new intercepts include 1.66% Li2O over 26.05m from 324.25m in drillhole LAN-23-010-W1 and 1.52% Li2O over 19.90m from 52.20m in drillhole LAN-23-072. Numerous previous and new drilling results confirm the potential for converting Inferred resources into the Measured and/or Indicated categories within the NAL pit shell. Results confirm the continuity of the mineralisation.

NAL comprises a contiguous group of 42 mineral titles (41 claims, one mining lease) spanning 1,493 hectares, situated near La Corne township in Quebec's Abitibi-Temiscamingue region. NAL also owns 25% interest in the adjacent Vallee lithium claims. The operation has a lithium mine and concentrator, with production of spodumene concentrate having recommenced in March 2023. The project lies 60 kilometres north of the city of Val d'Or, a major mining service centre, with access to road and rail infrastructure together with skilled labour.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/HBZ6NEU6

About Sayona Mining Limited:

Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.

In Western Australia, the Company holds a large tenement portfolio in the Pilbara region
prospective for gold and lithium. Sayona is exploring for Hemi-style gold targets in the world-class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).

Source:
Sayona Mining Ltd.

Contact:

James Brown Director/Interim CEO E: info@sayonamining.com.au Andrew Barber President Investor Relations T: +61-7-3369-7058 E: ir@sayonamining.com.au