Ottawa, ON, June 06, 2024 – Stria Lithium Inc. (TSX-V: SRA) (“Stria” or the “Company”) announces its decision to discontinue its acquisition of the Pontax II property, located in the James Bay region of Quebec, pursuant to the two mineral property acquisition agreements dated April 24, 2023 and May 1, 2023 respectively.
The decision follows a comprehensive evaluation of the property, which was aimed at identifying lithium deposits and investigating high tantalum till samples previously collected. In the summer of 2023, Stria conducted an initial exploration program on the Pontax II property. The program involved the collection of grab samples, which were subsequently assayed by ALS Laboratory in Val D’or as well as for their mineralogical content by IOS Services Géoscientifiques in Saguenay. Unfortunately, the assay results did not confirm the presence of spodumene in submitted pegmatites and granitoids.
Given the current challenging capital markets, the Company has determined that it is not efficient or economically viable to continue investing in the Pontax II project. Consequently, Stria has opted to discontinue the option and forgo the second tranche of payments, referred to as the Transfer Payment in the mineral property acquisition agreements, and expenditures required to maintain the property. This strategic decision will allow the Company to focus its resources on other more promising and affordable lithium projects within the region.
Dean Hanisch, Stria’s CEO, commented, “While the initial results from the Pontax II property were not what we hoped for, our commitment to discovering and developing high-potential lithium projects remains steadfast. By reallocating our resources, we can better pursue opportunities that offer a higher likelihood of success and create greater value for our shareholders.”
Stria Lithium remains dedicated to its mission of advancing the lithium industry and contributing to the global supply chain for this critical mineral.
About Stria Lithium
Stria Lithium (TSX-V: SRA) is an emerging resource exploration company developing Canadian lithium reserves to meet legislated demand for electric vehicles and their rechargeable lithium-ion batteries. The Company is committed to growth through responsible and efficient exploration and development of its mining assets.
Stria’s Central Pontax Lithium Project covers 36 square kilometres, including 8 km of strike along the prospective Chambois Greenstone Belt. The region, known as the Canadian “Lithium Triangle,” is one of only a few known sources of lithium available for hard rock mining in North America. Stria’s Pontax Central Project Joint Venture with Cygnus Metals now has a maiden JORC-compliant inferred mineral resource estimate (MRE) of 10.1Mt at 1.04% Li2O based on the central area of the known mineralisation.
This JORC estimate establishes Pontax Central as a significant occurrence in the emerging James Bay lithium region. Cygnus Metals, being an ASX issuer, adhered to Australian JORC Code 2012 guidelines, meaning that such mineral resource estimate is not necessarily compliant with CIM and National Instrument NI 43-101 standards and the Company is not considering them as such at this time.
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 Pontax property and will also pay Stria up to $6 million in cash. In return, Cygnus may acquire up to a 70% interest in the property. Cygnus has fulfilled its stage 1 requirements within the agreement and has now earned its 51% interest in the property.
Stria’s other significant project, Pontax II covers 55 square kilometres, approximately 25 km to the west-south-west of Pontax Central and is located adjacent to the Billy-Diamond paved highway. Stria has added to this project by recently acquiring 24 claims, for 1276.5 hectares that are strategically located northeast of Stria’s Pontax II claims. Pontax II claims are in highly active prospective zones, situated to the west southwest of Stria/Cygnus lithium discovery and situated to the west of the Patriot Battery Metals (PMET.V) Pontax project, and south of Brunswick Exploration (BRW.V). Stria’s Pontax properties are both situated close to an industrial powerline and a major paved highway, about 310 km north of the North American rail network that leads to the industrial heartland.
Stria’s newest project, Jeremiah, resides within the Abitibi region of Quebec. The Jeremiah project consists of 12 titles for a total 683 hectares. Stria’s successful 100% optioning of the property was driven by a recently discovered spodumene-bearing pegmatite, considered a genuine LCT pegmatite, reported in outcrop in the centre of the property, which returned 0.54% Li2O (2500 ppm Li) from a grab sample.
The property is conveniently located close to Sayona’s North-American Lithium mine, near the village of St-Mathieu d’Harricana, and easily accessible through private forestry roads. Three more claims, isolated between 5 and 8 km to the west are also included in the land package.
Project Jeremiah is strategically located at the periphery of the LaMotte Batholith, straddling its northern contact with the Deguisier mafic volcanic formation and the sediments of the Caste Formation. The LaMotte Batholith, and its sister intrusion the LaCorne Batholith, are considered to be related to the source of the lithium pegmatite currently mined by Sayona Mining at their North American Lithium Mine, 22 km east of Jeremiah, as well as at their Authier project, 11 km to the southwest. All the numerous lithium occurrences in this area are located at the fringe of these intrusives, where the last differentiated magmas, such as lithium pegmatite, are injected. The Project Jeremiah properties surface rights are fortunately held with private landholders and a municipality, with who courteous and constructive relations were established.
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.
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 local communities and stake-holders, and engaging openly and respectfully as neighbours and collaborators in this exciting project that has the potential to create lasting jobs and prosperity.
The scientific and technical content disclosed herein was reviewed and approved by Réjean Girard, P.Geo and president of IOS Services Geoscientifiques Inc, a qualified person as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Reference:
- JORC Mineral Resource Estimate of Pontax Project, James Bay Quebec, Brian Wolfe; Duncan Grieve, August 14, 2023.
For more information about Stria Lithium and the Pontax Lithium project, please visit https://strialithium.com
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For more information on Stria Lithium Inc., please contact:
Dean Hanisch
CEO Stria Lithium
dhanisch@strialithium.com
+1(613) 612-6060
Investors Relations, Stria Lithium Inc.
ir@strialithium.com
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