The Pontax Lithium Project covers 145km. sq. and 10km of strike along the highly prospective Chambois Greenstone Belt.
An aggressive and well-funded drilling program is already well under way at Stria’s Pontax property, and the first core assay results will be announced in Q1 of 2023.
The lithium at Stria’s Pontax property is found in mineral deposits called spodumene which, in turn, come from pegmatite volcanic rock.
The Pontax property has a number of large pegmatite outcroppings that extend under groundcover to as yet undetermined distances across the property
Preliminary shallow drilling in 2017 and 2020 found lithium-bearing spodumene deposits in 17 of 18 test holes. The best intercept was 21.39m grading 1.16% Li2O in drill hole 975-17-0142, comparable to other properties in the region.
Significantly, the 2020 drilling program showed the Pontax spodumene pegmatite swarm extends over a distance of at least 650 metres, and is open along strike to the northeast and southwest.
In July, 2022, Stria entered into a partnership with Cygnus Gold Limited (ASX:CY5) in Western Australia, home to some of the world’s largest hardrock lithium deposits. Its team brings to the Pontax project expertise and an impressive record of successful resource exploration and development projects.
Cygnus was so impressed with the Pontax property, it made a $1 million payment upon signing the agreement, invested directly in Stria Lithium, and committed to invest up to an additional $15 million in the project.
Specifically, Cygnus is committed to fully funding and managing the current two-stage exploration and drilling program up to $10 million at the Pontax property, and will also pay Stria up to $6 million in cash. In return, Cygnus has an exclusive option to acquire up to a 70 per cent interest in the property.
For Stria investors, the deal with Cygnus is providing a full drilling program managed by an expert team at no cost to Stria; plus up to $6 million in cash to Stria – all with no dilution.
Cygnus completed a 3,000m drilling program on the Pontax property in late fall of 2022. Assay results will be announced in Q1 of 2023.
In the meantime, Cygnus is completing construction of a winter road from the main James Bay Highway to bring in three more drill rigs for their 12,000m winter drill program.