• Sayona Mining (SYA) is set to expand its Tansim lithium project in Quebec
  • The company picked up 39 new minerals claims for a total area of 2234 hectares
  • Sayona is paying for the claims via the funds raised in a share offer launched back in March, which offered 535 million new shares in the company at 0.8 cents per share for $4.3 million in proceeds
  • However, that issue only raised $2.75 million at the time, but has now secured an additional $2.75 million in a shortfall placement
  • Sayona is also in the bidding process to acquire two lithium producers, North American Lithium and Nemaska Lithium
  • Sayona Mining shares are steady today, trading for one cent each

Sayona Mining (SYA) has revealed it will be expanding its Tansim project in Quebec.

The company has acquired itself an addition 39 minerals claims that span 2234 hectares and lies 80 kilometres southwest of the company’s flagship Authier project.

The Tansim project now totals 282 minerals claims across 15,998 hectares of mineral claims, with the project made of both 100 per cent owned claims and claims the company is under option agreement contracts to acquire.

Exploration work is already underway on the property, and the company has stated it will expand the work to the new claims.

The new claims will receive some reconnaissance sampling work, while other claims on the project are subject to a 2000-metre drilling program.

Brett Lynch, the Managing Director of Sayona said the project could form part of the Abitibi Lithium hub the company is planning on developing, which could also involve North American Lithium, should the company’s takeover bid for the company be successful.

“While Tansim is still at an early stage, initial results have been promising and we look forward to exploring the project’s potential further.

“Tansim’s geographical proximity to Authier and North American Lithium would allow it to form part of a lithium hub of three spodumene mines supplying a central concentrator, enabling Sayona to become a world-scale spodumene producer supplying the North American battery sector.

This came on the back of an announcement a few days ago by the Provincial Government of Quebec, where they outlined their expectations for the industry within the province.

The Quebec Government has stated that it believes foreign investors are going to drive the turnaround in the provinces lithium sector, starting the restructure of Nemaska Lithium.

Quebec’s Economy Minister Pierre Fitzgibbon has commented that chosen buyers should share the Government’s vision of converting lithium into materials to develop a Quebec battery industry, as the government seeks a complete battery supply chain wholly contained within the province.

Sayona has put in a bid to acquire Nemaska lithium, with that bid open until the end of August.

The company is paying for all of this through a share offer announced, where the company wants to issue 535 million new shares at 0.8 cents per share in a bid to raise $4.3 million.

After completing the share offer, the company has outlined a share consolidation program to raise it’s share price away from the precipice of $0.001 per share, the lowest it can possibly trade at.

Sayona is paying for the claims via the funds raised in a share offer launched back in March, which offered 535 million new shares in the company at 0.8 cents per share for $4.3 million in proceeds.

However, that issue only raised $2.75 million at the time, but has now secured an additional $2.75 million in a shortfall placement.

Sayona Mining shares are steady today, trading for one cent each at 11:03 am AEST.