Sayona Mining Limited (ASX: SYA) – $0.016
14 Jan 2016
Sayona Mining Limited (ASX: SYA) has exercised its option to acquire the Western Iron tenement within the Corkwood Project area at the East Kimberley Project in Western Australia (Figure 1).
Figure 1. East Kimberley Project tenements including Western Iron
The Western Iron tenement was purchased for $200,000. Western Iron Ore Pty Ltd is entitled to receive a 1% gross production royalty and retains a Back-in right to the nickel, copper and iron mineralisation by the payment of $100,000 within 12 months.
The company recently completed a drilling program at Corkwood comprising 33 reverse circulation drillholes totalling 2,949 metres. Each drillhole intersected visual flake graphite mineralisation. The drilling has defined broadly tabular bodies of graphite mineralisation.
The Corkwood area has not been previously explored for its graphite potential. The recent drilling program has identified graphite mineralisation over 7 kilometres within the 25 kilometre strike extent of an identified geochemical and geophysical anomaly.
For further information, visit www.sayonamining.com.au
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