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Highlights:
- Shares of Sayona Mining jumped 12% today on an update on drilling activities at its Moblan Lithium Project (Canada).
- Sayona shares traded at AU$0.140 per share on ASX at 11.16 AM AEST.
- Shares of two other lithium stocks Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE) were up 4.484% and 7.036%, respectively.
The share price of Sayona Mining (ASX:SYA) remained on investors' radar on Monday (27 June) after the lithium producer provided a positive update on its Moblan Lithium Project (Canada). Sayona shares traded 12% higher at AU$0.140 per share on ASX at 11.16 AM AEST.
In today's announcement, the company has maintained that the multiple new spodumene pegmatites identified at its Moblan Lithium Project, Québec provide the pathway to enhance the resource base of Sayona in North America.
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In its findings, the lithium producer has also observed a Compelling new and distinct Moblan South Discovery open in all directions, located 200m south of the main Moblan deposit.
Sayona Mining's share price has gained nearly 95.71% in the last one year, while the stock is down almost 2.14% year-to-date (YTD).
As per Sayona’s release:
- The drilling has indicated that spodumene pegmatites are more developed at depth, showing the potential for the discovery of several pegmatite clusters.
- Drilling is in progress, with three diamond rigs on-site and a new 20,000m drill programme underway.
Image Source: © Leimaneagita | Megapixl.com
Commenting on this development, Sayona's Managing Director Brett Lynch said that the latest results further encourage the company's emerging northern lithium hub, exhibiting Moblan's potential to become a world‐class deposit in a proven lithium region.
Noticeably, Moblan adds to Sayona's Abitibi lithium hub in providing it with a leading lithium resource base in North America, given the aggravated demand for the key battery metal from the North American EV and battery sector.
Meanwhile, coming to the broader market, the ASX 200 opened higher today as the benchmark index was up 1.5% in the early trade. At one point, the material sector was the top performer today as the S&P/ASX 200 Materials (Sector) XMJ was up 2.606% at 11:42 AM AEST. Shares of two other lithium stocks Pilbara Minerals (ASX:PLS), and Allkem (ASX:AKE), were up 4.484% and 7.036%, respectively.
Read More: Australian shares follow Wall Street higher, ASX 200 up nearly 1.5% in early trade
