The Pontax Central lithium spodumene pegmatite dyke (LSPD) project is a joint venture project between Cygnus Metals (CY5:ASX) currently 51% and Stria Lithium 49% whereby Cygnus can earn up to 70% interest in the project by making cash payments and work commitments to Stria. Stria is carried through to feasibility. It is located in the west-central Eeyou Istchee Baie-James (EIBJ) Territory in northern Québec.

 

Pontax Central’s Joint Venture partner Cygnus Metals (ASX.CY5) completed an aggressive drill program at Pontax Central in April, 2023 totalling 32 holes and 9,614 metres. These early results confirm potential to host significantly wide and rich spodumene dykes at depth.

 

Cygnus published a Maiden inferred Resource Estimate (MRE) of 10.1Mt at 1.04% Li2O based on the central area of the known mineralisation.

Cygnus press release https://bit.ly/3P0b5Rf

Cygnus Metals being an ASX issuer, they adhered to Australian JORC Code 2012 guidelines, meaning that such mineral resource estimate is not necessarily current in regard of the Canadian National Instrument 43-101 code.

High-Grade Drill Results from Central Pontax Pegmatite Swarm

Pontax Central Drill Target

  • Over 620m of strike extent on central outcrop area which remains OPEN under shallow cover
  • High-grade Lithium bearing pegmatites from surface tested to 230 M
  • Open at depth and thickest intersection in historic drilling (15.6m @ 1.6% Li2O from 83.9m) in deepest drilling
  • Multiple untested pegmatite outcrops at Pontax North – priority target for follow up
  • Step out drilling underway as of November 2023.
High-Grade Drill Results from Central Pontax Pegmatite Swarm

Next Steps

  • Cygnus Metals conducting an initial baseline assessment and geochemical characterization.
  • Diamond drilling has resumed as of November 2023 and will be focused on resource growth through step out drilling across the wider belt.
  • The mineralisation is reported as open in all directions.

1 For more information, refer to Stria’s news release dated May 30, 2018
2 Refer to Stria news releases dated December 2, 2021, and January 10, 2022, for complete details. Significant mineralized intercepts are defined as Li2O > 0.5% over a min. true thickness of 1.5 m

Tier 1 Jurisdiction with Large, High Grade Lithium Projects

  • James Bay is a district of major lithium projects1
  • Pontax is high grade and totally underexplored
  • 10km of strike along a fertile greenstone belt
  • First pass drilling intercepted high-grade lithium spodumene including:
    • 0m @ 1.7%Li2O from 46.9m
    • 6m @ 1.6%Li2O from 83.9m
    • 8m @ 2.6%Li2O from 19.4m
    • 0m @ 1.4%Li2O from 36m
  • Results from recently completed LiDAR and magnetics has delivered numerous walk-up targets, including unmapped pegmatites
  • Metallurgical test work generated 6% spodumene concentrate using conventional processing techniques with potential tantalum byproduct with grades of up to 549 ppm Ta2O5 in drilling1
  • Over 14,000m drilled to date.
Pontax Lithium Project