In an expansion of Sayona’s northern lithium hub, in November 2022 the Company acquired 1,824 claims comprising 985 square kilometres from Troilus Gold Corp (TSX:TLG).
The claims are located adjacent to Sayona’s Moblan Lithium Project (covering 4.3 sq km) and extend over a major part of the Frotêt‐Evans Greenstone Belt.
The claims have not been extensively explored for lithium and offer potential for eastwards extensions to the Moblan mineralisation, as well as regional targets in the emerging lithium district.
At more than 200 times the size of Moblan, the claims are considered an investment in future lithium production.
Consideration for the claims comprised C$40 million of Sayona stock, while Sayona also agreed to subscribe for C$4.8 million of common shares of Troilus, a junior Canadian-based mining company.
Troilus will receive a 2% net smelter royalty on all mineral products from the acquired claims (refer ASX release 17 November 2022)