Sayona Mining Limited (ASX: SYA) ("Sayona" or the "Company") is pleased to announce an expanded Ore Reserve estimate based on the Optimised Pre-Feasibility Study (“PFS”) for the Authier lithium project in Quebec, Canada.
The PFS which is the subject of a separate announcement made today, demonstrates the technical and financial viability of constructing a simple, low-strip ratio, open-cut mining operation and processing facility producing spodumene concentrate.
The positive PFS demonstrates the opportunity to create substantial long-term sustainable shareholder value at a manageable capital cost.
The positive PFS is considered sufficient to determine, in accordance with the JORC Code 2012, that a subset of the Measured and Indicated Mineral Resource (please see ASX announcement “Authier Lithium Project JORC Resource Updated”, 11 December 2017) be classified as Ore Reserves – see Table 1.
Table 1 – Authier JORC Ore Reserve Estimate (0.45% Li20 cut-off grade) Category Tonnes (Mt) Grades (% Li20) Contained Li20 (t) Proven Reserve 5.59 0.99 55,341 Probable Reserve 6.07 1.06 64,363 Total Reserves 11.66 1.03 120,098
The PFS demonstrates that a viable mining and processing operation, and the infrastructure to support this, are available to develop the project. The PFS takes into account all the modifying factors considered material to the development of the project and statement of Ore Reserves. The inputs into the economic and financial analysis were based on realistic assumptions of technical, engineering, operating and economic factors. The capital and operating cost estimates were obtained from reputable consulting groups at the appropriate level of confidence for the PFS.
Nice one boys 10c here we come!
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