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Highlights:
- Sayona Mining’s shares were trading 5.79% lower at AU$0.33 each in the early morning trading session.
- ASX 200 Index is also trading in red today at 7,239.00, down 1.08%.
- Sayona's shares have been falling since the company shared corrections in its half-yearly financial report.
Shares of Sayona Mining Limited (ASX:SYA) started trading in red today (27 April 2022). In the early morning trading session, the company’s shares were trading 5.79% lower at AU$0.33 each in the early morning trading session.
Image Source: © 2022 Kalkine Media ®
Although there is no such announcement by the company that can justify its lower share price, it might be because the ASX 200 Index is also trading in red today at 7,239.00, down 1.08%. On the other side, ASX 200 Materials Index was also 0.64% lower at 17,089.
Moreover, the materials sector is one of the lower performing sectors today.
Recent developments
Drilling findings from Sayona Mining Ltd's Moblan Lithium Project in northern Québec revealed a new southern lithium pegmatite zone near the main Moblan deposit; the company informed yesterday (26 April 2022) through an ASX filing. Sayona holds a 60% stake in this area.
According to assay results from two holes drilled at the newly designated Moblan South Discovery, lithium mineralisation has been discovered at a shallow depth 200 metres south of the main Moblan deposit.
The Moblan South Discovery is a one-of-a-kind spodumene pegmatite zone that is accessible from all sides.
In another development before the ANZAC day long weekend (on 22 April 2022), Sayona had announced that Morella Corporation Limited (ASX:1MC) has released an update on the Mallina Lithium Project (E47/2983) and the Mt Edon Lithium Project (E59/2092/E59/2055) exploration efforts. The Mallina Lithium Project is currently drilling.
Morella Corporation owns a 51% stake in Sayona Mining's potential lithium development portfolio in Western Australia through an Earn-in Agreement.
Also Read: Sayona Mining (ASX:SYA) shares gain on projects update
Mt Edon Lithium Project
Heritage and clearances progress sets Mallina Lithium Project ready for drilling. Morella has initiated early-stage exploration and fieldwork at the Mt Edon Lithium Project. Mt Edon is located approximately 2 kilometres north of Paynes Find and 420 kilometres north of Perth via the Great Northern Highway.
The Project overlies southern greenstone layers in the Paynes Find Belt, a 5km wide package of mafic, ultramafic, and felsic volcanic rocks. A vast number of pegmatite dykes/sills interrupt the greenstone layers, which are the focus of Morella's lithium exploration activities.
Morella Corporation
Morella Corporation Limited is a company that explores and develops lithium and battery materials. In Tier 1 mining jurisdictions in Australia and the United States, the company is actively exploring a variety of lithium project opportunities.
Source: © Gwhitton | Megapixl.com
About Sayona
Sayona Mining Limited is a resource company focused on identifying, acquiring, and analysing mineral exploration assets, particularly lithium. The company majorly focuses on the Authier Lithium Project in Quebec, Canada, and the Tansim Lithium Project in Canada.
Stock performance: This is notable that Sayona's shares have been falling since the company shared corrections in its half-yearly financial report (for the period ended on 31 December 2021) on 20 April 2022. Sayona's shares have come down by around 14% since then. However, the company has provided 150% YTD returns to its investors.
Also Read: SYA, CXO, PLS: Why are these ASX lithium stocks trading in red today?
