OTTAWA, ONTARIO – October 20, 2022 – Stria Lithium Inc. (TSXV:SRA) (“Stria” or the “Company”) in partnership with Cygnus Gold Limited (ASX: CY5) (“Cygnus”) is pleased to announce highly promising preliminary results from the recently completed high resolution aeromagnetics and LiDAR surveys at the Pontax Lithium Project located in the prolific James Bay lithium province, Quebec.

The LiDAR and high resolution aeromagnetic surveys were completed over the Pontax Property that was optioned to Cygnus Gold in July 2022¹, Cygnus being the operator of the project  This recent work is the first regional exploration to be conducted on the project in over a decade and signifies the first steps in a comprehensive and systematic exploration program to be carried out by the company.

Detailed magnetics interpretation and LiDAR has generated numerous walk-up targets which will be mapped in the coming week as our earn-in partners Cygnus and IOS Services Geoscientifiques deploy geologists to start work on the ground for the first time. The Autumn mapping and sampling program aims to generate further regional targets to be followed up in the upcoming drilling campaign expected to commence in early November 2022.

The Pontax 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 growing the economic potential through exploration.

The spodumene bearing pegmatites at Pontax outcrop at surface, with limited diamond drilling returning numerous high-grade lithium intersections.

This early-stage exploration will underpin the 10,000m drilling campaign commencing in early November.  Cygnus plans to complete both resource definition and step out drilling over the next six months.

LiDAR and Magnetic Results

Results from the first stage of exploration at the Pontax Lithium Project have now been received ahead of the mapping campaign due to commence later this month. This work includes recently flown high resolution aeromagnetics alongside LiDAR and high-resolution aerial photography. This is the first time the project has been systematically explored using fundamental exploration tools, in particular for regional targeting. Results from this work has delivered numerous walk-up targets which the team will map and sample over the next month, delivering further regional targets ahead of the 10,000m drill campaign.

Detailed airborne magnetics is crucial in understanding project scale geology especially in areas with high amounts of cover. The recently acquired magnetics is currently being interpreted and will be used to underpin the geological interpretation of the belt and assist with regional targeting. A main focus is delineating the metavolcanic-metasedimentary belts which are known to be the preferred host rock for LCT pegmatite emplacement. Already with the preliminary results the geological understanding has been significantly improved, with the team able to delineate potential repetitions of the prospective mafic horizon throughout the 10km trend which to date had not been formally recognised. Mafic volcanic horizons are recognized as preferred loci for pegmatite emplacement, due to their brittleness.

LiDAR and high-resolution imagery have also provided a comprehensive assessment of the terrane and outcrop coverage throughout the Pontax Lithium Project. Multiple walk-up targets have been generated that are similar looking to known outcropping pegmatites and that have never been mapped or sampled. These outcrops are a high priority for the upcoming mapping campaign.

Collectively, the geophysics and LiDAR results has demonstrated that the project remains dominantly unexplored, covered by sparse low-level vegetation and abundant marshy areas. The LiDAR generated a high-quality digital elevation model (DEM) which has identified multiple areas of elevated topography along prospective trends that may represent areas of outcrop beneath thin vegetation. These are significant targets for stripping and trenching as exploration advances.

Figure 1: LiDAR over the Pontax Project illustrating interpreted outcrop and prospective area. The map highlights multiple targets along 10km of prospective strike length, with multiple targets which apprear to be beneath shallow cover. Inset Close up of Pontax Central, or main occurrence, from the new high resolution imagery showing white pegmatite dykes, some of which untested outside the main 620m occurrence. Historic drill collar are indicated.

Pontax Lithium Project (CY5 Earning Up To 70%): Located in one of Canada’s most prolific lithium provinces

The Pontax Lithium Project was acquired for it’s potential to host a substantial lithium Resource. The Project is located in the prolific Superior Province of Quebec, with the James Bay region one of the most endowed lithium terranes in the world, even though only minimal modern exploration has been seen over the past 20 years.

Pontax: – Unlocking the Potential

The Pontax Lithium Project is host to a significant pegmatite occurrences which outcrops over 620m of strike and remains open along strike and at depth. There are untested pegmatite outcrops north of the central outcrop that have never been drilled and multiple targets for follow up drilling.
To date 25 diamond drill holes for ~3,286m have been completed at the project with drilling entirely focussed upon the known extent of the outcrop. All holes drilled to date have hit spodumene bearing lithium-cesium-tantalum (LCT) pegmatites with significant drill intersections including (Refer to Cygnus Gold ASX announcement 29 July 2022)1:

The mineralisation at Central Pontax is open in all directions with some of the thickest intervals returned from the deepest drilling which is still shallow at less than 130m vertical depth.

Figure 2: Arial view of the Central Pontax lithium pegamtite swarm looking towards the south west. The mineralisation 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 abundant spodume 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.¹  

About Stria Lithium Inc.

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.

For more information on Stria Lithium Inc., please contact:

Dean Hanisch
CEO Stria Lithium
dhanisch@strialithium.com
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.