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Highlights:
- Sayona Mining (ASX:SYA) shares traded in red today and it could be because the ASX 200 Materials Index dropped around 7% in the last five days.
- Materials is the top best performing sector today, gaining 2.65% and rebounding from its recent decline.
- Sayona Mining Limited is a resource company focused on identifying, acquiring, and evaluating mineral exploration assets.
Shares of Sayona Mining Limited (ASX:SYA) were getting back on track at the starting of April, however, it is again falling this week even if the company informed about the drilling findings from its Moblan Lithium Project in northern Québec revealed a new southern lithium pegmatite zone near the main Moblan deposit. Sayona owns a 60% stake in this area.
The possible reason for Sayona's share price fall could be the ASX 200 Materials Index which dropped around 7% in the last five days. However, today (28 April 2022), it is trading in green at 17,701, up 2.73% at the time of writing this article.
On the other side, materials is the top best performing sector today, gaining 2.65% and rebounding from its recent fall. This is followed by other sectors like energy, consumer staples, healthcare, financial, etc.
Also Read: Here’s why Sayona Mining's (ASX:SYA) shares are trading in red
Sayona Mining: Recent developments
According to Sayona's release on Tuesday (26 April 2022), drilling results from its Moblan Lithium Project in northern Québec, a new southern lithium pegmatite zone near the main Moblan deposit, have been discovered.
Lithium mineralisation has been identified at a shallow depth 200 metres south of the main Moblan deposit, according to assay findings from two holes drilled at the newly designated Moblan South Discovery.
The Moblan South Discovery is a unique spodumene pegmatite zone with access from all directions.
Source: © Suryasnair4288 | Megapixl.com
What happened last month?
Last month (March 2022), Sayona, a major lithium producer in North America, informed that it has strengthened its position in the sector with fresh and revised Mineral Resource estimates for its flagship Authier Lithium and North American Lithium Projects in Québec, Canada.
The company further said that the JORC compliant lithium resource base for the two projects has nearly doubled to 119.1 Mt @ 1.05% Li2O with the total Canadian National Instrument 43-101 Measured and Indicated Mineral Resource statement rising to 87.8 Mt @ 1.05% Li2O.
The discovery of the first underground constrained resources at NAL, which took advantage of higher-grade mineralisation at depth and significant inferred mineralisation within the open-pit constrained estimation, suggests that future resource increases could be possible under the NI 43-101 reporting code.
What does Sayona do?
Sayona Mining Limited is a resource company focused on identifying, acquiring, and evaluating mineral exploration assets, with a particular focus on lithium. Australia and overseas are two of the company's geographical segments. The Authier Lithium Project in Quebec, Canada, and the Tansim Lithium Project in Canada have been the company's principal emphasis.
Image Source: © 2022 Kalkine Media ®
Its Western Australia Project spans 1,186 square kilometres and includes lithium and gold tenements in the Pilbara and Yilgarn areas and graphite-related tenements in the East Kimberley.
Stock performance
Sayona's shares were trading at AU$0.33, down 2.99% from its previous close at the time of writing this article. In April alone, the company's shares have grown by over 37%. However, it recorded around 153% YTD growth.
Also Read: Lithium's use for batteries surges by a whopping 892% in the last decade
