Initial 10,000m program by partner Cygnus Gold targeting multiple outcropping spodumene zones with up to 2.6% Li2O
Stria Lithium, Inc. (TSX.V:SRA)
OTTAWA, ONTARIO – November 07, 2022 – Stria Lithium Inc. (TSXV: SRA) (“Stria” or the “Company”) in partnership with Cygnus Gold Limited (ASX: CY5) (“Cygnus”) is pleased to announce that it has initiated drilling at its Pontax Lithium Project in the James Bay lithium region of Quebec, Canada.
Cygnus advised Stria that the initial-stage ground mapping and sampling has been completed around the main outcrop of the Pontax Project. The campaign focussed on key areas identified from recent LiDAR, high definition aeromagnetics and high-resolution photomosaic. The initial results of this work have been highly encouraging leading to the discovery of new unmapped pegmatites now identified and sampled with assay results expected mid-December. Landform analysis based on LiDAR has proven effective in targeting area of potential nearly-outcropping occurrences covered by vegetation (Figure 3). The team is in the process of interpreting the results of the mapping and sampling campaign while results from the assays are pending. Once assays are received, additional targets will be finalised for the ongoing drill program into the Quebec winter.
The 10,000m drill program will focus on both resource definition and step out drilling over the next six months. The initial focus of this first stage drill programme is to target down dip and along strike extents of the known high grade Pontax Central outcrop with existing known shallow, high grade intercepts of up to 2.6% Li2O at a depth of approximately 12 metres (19.4m downhole). The spodumene-bearing pegmatites at the main Pontax occurrence do outcrop on a hillcrest protruding surrounding undercover area, where exploration drilling is limited to winter operation.
“We are extremely pleased with the expedience in which the Cygnus team is carrying out our mutual objective of aggressively advancing the Pontax lithium project. The drilling has been initiated and the first drill has been moved in via helicopter. Cygnus has $10 million in cash and commitments and is committed to executing this aggressive 10,000 metres winter drill program,” said Dean Hanisch CEO of Stria Lithium.
The Pontax Lithium Project has the potential to create significant value for shareholders because high-grade lithium spodumene-bearing pegmatites have already been identified through drilling and there is significant scope to continue to grow the economic potential through exploration.
“Stria Lithium was ahead of the curve when it picked up this lithium project back in 2013 almost a decade ago, when lithium was not the mineral it is today,” said Dean Hanisch CEO of Stria Lithium. “At that time there were a plethora of choices for lithium projects and they chose Pontax for its academic geology, close proximity to the road (20Km) and electricity (adjacent). This is one of the oldest properties with the right address and footprint that just never had any real geological tools applied to it. We are therefore so excited about this inaugural major drill program and its potential outcome. We would also like to thank all the Stria legacy shareholders for their patience and support.”
Pontax: – Unlocking the Potential
The Pontax Lithium Project is host of a spodumene-bearing pegmatites swarm which outcrops and has been drill tested for over 620m of strike and remains open along strike and at depth. Untested pegmatite outcrops were located north of the main occurrence that have never been drilled and multiple new targets for follow up were identified.
Prior to the onset of the current program, 25 diamond drill holes for ~3,286m have been completed at the project entirely focussed upon the known extent of the outcrop. All holes drilled to date have hit spodumene bearing lithium-caesium-tantalum (LCT) pegmatites.
Key Points
- 10,000m diamond drill program has commenced on schedule, focussing on resource definition and step out exploration drilling
- Program includes about 2500 helicopter-supported drilling to be conducted in fall 2022, and about 7500 winter land drilling to be conducted in winter 2022/2023
- Historic reconnaissance drilling has already outlined spodumene over a 620m strike length with grades of up to 2.6% Li2O
- Cygnus drilling is targeting multiple shallow spodumene bearing pegmatites in the top 150 meters over an initial 1,000 metres strike.
- Recently completed fieldwork, mapping, airborne magnetics and LiDAR has delivered numerous additional walk-up drill targets
- Results from rock chip and channel sampling from numerous unmapped pegmatites across the project collected in the course of recent prospecting program expected next month
- Stria holds a contiguous landholding of highly prospective tenure across 10 km strike potential
Cygnus Executive Director Michael Naylor said: “We are delighted to be drilling such highly prospective lithium targets within just three months of acquiring the project.
“We know from previous drilling that there is significant high-grade spodumene over a 620m strike length. This initial phase of drilling is designed to extend that known mineralisation down dip and along strike.
“The bulk of existing drilling only scrapes the surface at around 80m vertical depth. The first few holes will test the potential to increase the size of the system rapidly.
“The Cygnus team has also just completed a recent site visit to assist with executing the mapping and sampling programs from which we are eagerly awaiting results. Visits to the main Pontax Central outcrops have illustrated the quality of the Pontax mineral system with the size and quantity of the spodumene crystals hosted across multiple pegmatites.
“We are already seeing exciting results across the board with LiDAR proving to be a highly efficient tool in identifying vegetation covered outcrop, with several new pegmatites now mapped and sampled across the project.
“With approximately $10m in cash and commitments, it’s going to be an exciting six months as exploration begins to ramp up, with 10,000m of drilling just beginning”.
Figure 1: Unmapped pegmatite outcrop covered by vegetation identifed in the recently flown LiDAR.
Figure 2: Diamond drill from Forage RJLL ltd. in place and drilling the maiden drillhole for Cygnus at Pontax Central. Targeting down dip of known high grade mineralisation.
Figure 3: The mapping team from IOS Services Géoscientifiques Inc exposing a covered spodumene bearing pegmatite from the north eastern extent of Pontax Central. Illustrating the use of LiDAR and high resolution photomosaic in an environment where thick mossy vegatation can completely obscure outcrop.
Figure 4: Geologists taking channel samples from pegmatites to the northeast of the main
Pontax occurrence.
Figure 5: Cygnus’ Business Development Manager Gareth Reynolds, standing on one of the spodumene bearing pegmatite outcrops at the main Pontax occurrence.
Figure 6 (Left): Large spodumene crystals >15cm in length from outcrop at the main Pontax
Figure 7: Aerial view of the main Pontax lithium pegmatite swarm looking towards the south west. The mineralisation, discernible as the white dykes, outcrops over 620m and has been the sole focus of historic drilling whilst mineralisation remains open in all directions. Inset: Example of high grade mineralisation in drill core with abundent spodumene crystals from just 20m depth in hole 975-19-020. Interval grading 3.8% Li2O within a broader intercept of 4.8m at 2.6% Li2O from 19.4m.
About Stria Lithium
Stria Lithium is a Canadian junior mineral exploration company with an expanding technology focus and has a 100% interest in the Pontax spodumene lithium project in Northern Québec.
Lithium is a critical metal in the universal fight against global warming. It is a core component of Lithium-ion batteries used for powering electric vehicles and for industrial scale energy storage.
The technical content disclosed in the current press-release was reviewed and approved by Réjean Girard, P.Geo and president of IOS Services Geoscientifiques Inc, a qualified person as defined under National Instrument NI-43-101.
For more information about Stria Lithium and the Pontax Lithium project, please visit https://strialithium.com
Follow us on:
- Twitter @StriaLithium
- Instagram @strialithium
- Facebook http://www.facebook.com/strialithium
- LinkedIn http://www.linkedin.com/company/stria-lithium/
For more information on Stria Lithium Inc., please contact:
Dean Hanisch
CEO Stria Lithium
dhanisch@strialithium.com
+1(613) 612-6060
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the closing of the Transaction and the Offering; the approval of the TSXV relating to the Transaction and the Offering; and any other information herein that is not a historical fact may be “forward-looking information”.
Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Stria at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Stria to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Such factors include, but are not limited to, Stria’s ability to complete the Transaction and Offering; delays in obtaining or failures to obtain required governmental, shareholder, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in Stria’s public documents filed on SEDAR (www.sedar.com) under Stria’s issuer profile.
Although Stria believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Stria disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
The technical aspects of the current press release have been reviewed by Réjean Girard, P.Geo and qualified person according to NI-43-101 regulations.
