GLOBEX MINING ENTERPRISES INC. wishes to update shareholders as regards the Authier Lithium property in Quebec, on which Globex holds a 1% Gross Metal Royalty (GMR) on one claim over the center of the lithium deposit and a 2% GMR on 12 other claims in the immediate vicinity of the deposit.
Sayona Mining Limited (SYA‐ASX) has a 5,000 to 6,000 metre drill program underway in order to upgrade the inferred resource to the measured and indicated resource categories and to provide material for additional metallurgical testing. The initial resource calculation is based upon 15,000 metres of drilling in 123 drill holes and 2,143 lithium assays delineating a 825m long by 25m wide deposit to a depth of 200 metres with a resource of 9,120,000 tonnes grading 0.96% Li2O.
Authier JORC Resource. SYA-ASX Press Release dated July 6, 2016. Estimated and reported in accordance with the guidelines of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Sayona expects to complete a Prefeasibility Study by Q4, 2016 and then rapidly complete a Feasibility Study, secure off‐take agreements and project financing. It is Globex’s understanding that Sayona is aiming to complete all preparatory work and be in a position to start construction in late 2017 and reach production in 2018.