Ottawa, ON, July 05, 2023 – Stria Lithium Inc. (TSX-V: SRA) (“Stria” or the “Company”) is pleased to announce it has received the final milestone payment of C$2 million in Cygnus Metals shares. Cygnus Metals (ASX:CY5) has now earned 51 per cent of Pontax Central by spending C$4 million on exploration at the project and paying Stria C$3 million in payments (refer TSX/V release dated July 28th, 2022).
Under the first option, Cygnus Metals (ASX:CY5) can acquire a 51% undivided interest in Pontax Central by incurring exploration expenditures in the amount of $4 million and paying Stria a total of $3 million of which Stria has already received $1 million. Stria is pleased to announce it has agreed to receive the remaining $2 million dollars in shares of Cygnus Metals.
As a demonstration of the co-operation between Stria Lithium and Cygnus Metals the parties have agreed that the C$2 million payable upon achieving this milestone will be satisfied by the issue of Cygnus fully paid ordinary shares. Cygnus is already a 7% shareholder of Stria and these CY5 shares issued to Stria result in positive cross ownership between both partners.
A total of 9,129,825 shares have been issued to Stria at a deemed price of A$0.2475 per share (C$0.2191), being close to the 10-day VWAP of Cygnus shares.
Judith Mazvihwa-Maclean, CFO of Stria Lithium, said today: “Cygnus Metals continues to exceed our expectations in the rapid development of the Pontax Central project. This trend seems to be consistent within their portfolio of projects in the James Bay region. To this end we are pleased to become shareholders.”
Cygnus has claimed they continue to be on track to release a Maiden Mineral Resource (JORC) for Pontax Central late July or early August 2023.
About Stria Lithium
Stria Lithium (TSX-V: SRA) is an emerging resource exploration company developing Canadian lithium reserves in the Eeyou Istchee James Bay Territory of Québec, Canada, to meet legislated demand for electric vehicles and their rechargeable lithium-ion batteries.
Lithium is a rare metal and an indispensable component of rechargeable lithium-ion batteries, one of the safest and most efficient energy storage technologies available today, used in everything from cell phones and power tools to electric cars and industrial-scale energy storage for renewable power sources such as wind and solar generation.
Stria’s Central Pontax Lithium project covers 36 square kilometres, including 8 kilometres of strike along the prospective Chambois Greenstone Belt. Stria’s Pontax II lithium project is due south east to Pontax Central. These 104 individual claims totalling 5535 hectares (55 square kilometres) are on strike with stria’s existing Pontax Central project along the prospective Chambois Greenstone belt hosting spodumene bearing pegmatites. These key newly acquired adjacent VCT claims add to the land position of Pontax II and pave the way for uniformed exploration work to begin during July 2023.
The Eeyou Istchee James Bay Territory of Québec is one of only a few known sources of lithium available for hard rock mining in North America. All of Stria’s properties in the region are situated close to an industrial powerline and a major paved highway that connects the northern region with the industrial and urban centres to the south.
As momentum builds for the green energy revolution and the shift to electric vehicles, governments in Canada and the U.S. are aggressively supporting the North American lithium industry, presenting the industry and its investors with a rare, if not unprecedented, opportunity for growth and prosperity well into the next decade and beyond.
Cygnus Metals is committed to fully funding and managing the current two-stage exploration and drilling program to a maximum of $10 million at Stria’s Central Pontax Property, and will also pay Stria up to $6 million in cash. In return, Cygnus Metals may acquire up to a 70% interest in the Pontax Central Property.
Stria can acquire 100% ownership of VCT any time as per details of the agreement above.
Stria is committed to exceeding the industry’s environmental, social and governance standards. A critical part of that commitment is forging meaningful, enduring and mutually beneficial relationships with the James Bay Cree Nation (Eeyouch), and engaging openly and respectfully as neighbours and collaborators in this exciting project that has the potential to create lasting jobs and prosperity for Eeyou Istchee and its people.
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:
CEO Stria Lithium
Investors Relations, Stria Lithium Inc.
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