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Here’s why this ASX lithium share is soaring 10% today

ASX lithium share Sayona Mining (ASX:SYA) is rocketing today, up 10% in early afternoon trading. We take a look at the company’s latest news.
The post Here’s why this ASX lithium share is soaring 10% today appeared first on The Motley Fool Australia. –

asx share price rise represented by man holding bunch of balloons soaring through the air

ASX lithium share Sayona Mining Ltd (ASX: SYA) is rocketing higher today. After posting gains of 20% in earlier trading, Sayona shares are currently sitting at 32 cents, up more than 10% for the day so far.

Below, we take a look at the emerging ASX lithium miner’s latest announcement regarding its Tansim Lithium Project.

What’s driving this ASX lithium share higher?

The Sayona share price is surging after the company reported it has acquired 90 new claims around its emerging Tansim Lithium Project in Quebec, Canada.

Lithium is a core element in modern batteries, like lithium-ion batteries. And Sayona noted that demand for lithium is accelerating alongside the growth in global battery demand.

With the new claims, Sayona now has 275 claims at its Tansim Lithium Project, covering more than 15,900 hectares. That’s an increase of 44% from its previous holding.

The company plans to start a drilling program encompassing 26 holes, with the aim of expanding the lithium mineralisation. Sayona reported the results of its earlier diamond core drilling program on 27 January.

The ASX lithium miner also revealed the appointment of Yves Desrosiers as director of its Authier Lithium Project. Desrosiers previously held the role of vice president of mining operations for BlackRock Metals and served as COO and general manager at North American Lithium (NAL). The company noted that NAL is “currently subject to a bid from Sayona”.

Sayona Quebec’s CEO Guy Laliberte said, “We are now in an excellent position to advance from exploration to development and ultimately downstream processing.”

Sayona Mining share price snapshot

Having not moved much for months, the Sayona share price really blasted off in early January. With today’s intraday gains factored in, Sayona shares are up by more than 200% over the past six months. That compares to a gain of 14% on the All Ordinaries Index (ASX: XAO) over the same period.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Here’s why this ASX lithium share is soaring 10% today appeared first on The Motley Fool Australia.

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