Sayona Mining has signed an agreement to acquire 100% of the Authier lithium deposit in Quebec, Canada, from Glen Eagle Resources.
Upon completion of the deal, Sayona will further explore and drill to target expanding the existing mineral resources, and identify other resources in the tenement package to expand the project's scale.
Sayona will also study options for improving the project economics.
According to Sayona, the Authier acquisition represents a better fit with the company's strategy of sourcing the raw materials that are needed to produce lithium-ion batteries.
The Authier project area consists of 19 mineral claims over Crown Lands totalling 653ha, and extends 3.4km in an east-west direction, and 3.1km in north-south respectively.
Authier is 45km north-west of the city of Val d'Or and is accessed by a rural road network connecting to a national highway located close to the project site.
The 825m-long deposit is hosted in a spodumene-bearing pegmatite intrusion and has an average thickness of 25m, minimum 4m and maximum 55m.
Initially drilled between 1991 and 1999, the project has undergone more than 15,000m of drilling in 123 diamond holes, and 2,143 assay samples.
Glen Eagle later drilled the project between 2010 and 2012.
A preliminary economic assessment for the Authier project was completed in 2013 and demonstrated the technical and commercial viability of developing the deposit.