(TheNewswire)
OTTAWA, ONTARIO – October 20,2022 - Stria Lithium Inc. (TSXV:SRA) (“Stria” or the“Company”) inpartnership with Cygnus Gold Limited (ASX: CY5) (“ Cygnus ”) is pleased to announce highly promisingpreliminary results from the recently completed high resolutionaeromagnetics and LiDAR surveys at the Pontax Lithium Project locatedin the prolific James Bay lithium province, Quebec.
Key points:
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Recently completed LiDAR andhigh-resolution imagery delivers numerous walk-up targets, includingunmapped pegmatite looking outcrops, over 10km strike length
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Initial interpretation of the recenthigh-resolution aeromagnetics has identified multiple repetitions ofthe prospective mafic stratigraphy over the 10km strike length of themain Pontax Project
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Drilling to date has tested only a620m central zone; All holes hit spodumene-bearing LCT pegmatites withhigh-grade, shallow intersections including:
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?? 9.0m @ 1.7% Li2O from46.9m
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?? 15.6m @ 1.6% Li2O
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Cygnus Gold and IOS ServicesGéoscientifiques geologists to start mapping program this month aheadof 10,000m drilling program scheduled to start in earlyNovember
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The mapping and sampling aim togenerate further regional targets to be followed up in the upcomingdrilling program
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Cygnus plans tocomplete step out drilling and potentially resources definition overthe next six months
The LiDAR and high resolutionaeromagnetic surveys were completed over the Pontax Property that wasoptioned to Cygnus Gold in July 2022 1 , Cygnus being the operator of theproject This recent work is the first regional exploration to beconducted on the project in over a decade and signifies the firststeps in a comprehensive and systematic exploration program to becarried out by the company.
Detailed magnetics interpretationand LiDAR has generated numerous walk-up targets which will be mappedin the coming week as our earn-in partners Cygnus and IOS ServicesGeoscientifiques deploy geologists to start work on the ground for thefirst time. The Autumn mapping and sampling program aims to generatefurther regional targets to be followed up in the upcoming drillingcampaign expected to commence in early November 2022.
The Pontax project has thepotential to create significant value for shareholders becausehigh-grade lithium spodumene bearing pegmatites have already beenidentified through drilling and there is significant scope to continuegrowing the economic potential through exploration.
The spodumene bearing pegmatites atPontax outcrop at surface, with limited diamond drilling returningnumerous high-grade lithium intersections.
This early-stage exploration will underpin the 10,000mdrilling campaign commencing in early November. Cygnus plans tocomplete both resource definition and step out drilling over the nextsix months.
LiDAR and Magnetic Results
Results from the first stage ofexploration at the Pontax Lithium Project have now been received aheadof the mapping campaign due to commence later this month. This workincludes recently flown high resolution aeromagnetics alongside LiDARand high-resolution aerial photography. This is the first time theproject has been systematically explored using fundamental explorationtools, in particular for regional targeting. Results from this workhas delivered numerous walk-up targets which the team will map andsample over the next month, delivering further regional targets aheadof the 10,000m drill campaign.
Detailed airborne magnetics iscrucial in understanding project scale geology especially in areaswith high amounts of cover. The recently acquired magnetics iscurrently being interpreted and will be used to underpin thegeological interpretation of the belt and assist with regionaltargeting. A main focus is delineating themetavolcanic-metasedimentary belts which are known to be the preferredhost rock for LCT pegmatite emplacement. Already with the preliminaryresults the geological understanding has been significantly improved,with the team able to delineate potential repetitions of theprospective mafic horizon throughout the 10km trend which to date hadnot been formally recognised. Mafic volcanic horizons are recognizedas preferred loci for pegmatite emplacement, due to theirbrittleness.
LiDAR and high-resolution imageryhave also provided a comprehensive assessment of the terrane andoutcrop coverage throughout the Pontax Lithium Project. Multiplewalk-up targets have been generated that are similar looking to knownoutcropping 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 hasdemonstrated that the project remains dominantly unexplored, coveredby sparse low-level vegetation and abundant marshy areas. The LiDARgenerated a high-quality digital elevation model (DEM) which hasidentified multiple areas of elevated topography along prospectivetrends that may represent areas of outcrop beneath thin vegetation.These are significant targets for stripping and trenching asexploration advances.
Figure 1 : LiDAR over thePontax Project illustrating interpreted outcrop and prospective area.The map highlights multiple targets along 10km of prospective strikelength, with multiple targets which apprear to be beneath shallowcover. Inset Close up of PontaxCentral, or main occurrence, from the new high resolution imageryshowing white pegmatite dykes, some of which untested outside the main620m occurrence. Historic drill collar are indicated.
Pontax Lithium Project (CY5 Earning Up To 70%): Locatedin one of Canada’s most prolific lithium provinces
The Pontax Lithium Project wasacquired 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 inthe world, even though only minimal modern exploration has been seenover the past 20 years.
Pontax: – Unlocking the Potential
The Pontax Lithium Project is hostto a significant pegmatite occurrences which outcrops over 620m ofstrike and remains open along strike and at depth. There are untestedpegmatite outcrops north of the central outcrop that have never beendrilled and multiple targets for follow up drilling.
To date 25 diamond drill holes for~3,286m have been completed at the project with drilling entirelyfocussed upon the known extent of the outcrop. All holes drilled todate have hit spodumene bearing lithium-cesium-tantalum (LCT)pegmatites with significant drill intersections including (Refer toCygnus Gold ASX announcement 29 July 2022) 1 :
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The mineralisation at CentralPontax is open in all directions with some of the thickest intervalsreturned from the deepest drilling which is still shallow at less than130m vertical depth.
Figure 2 : Arial view of theCentral Pontax lithium pegamtite swarm looking towards the south west.The mineralisation outcrops over 620m and has been the sole focus ofhistoric drilling whilst mineralisation remains open in alldirections. Inset : Example of highgrade mineralisation in drill core with abundant spodume crystals fromjust 20m depth in hole 975-19-020. Interval grading 3.8%Li 2 Owithin a broader intercept of 4.8m at 2.6% Li 2 O from19.4m. 1
About Stria Lithium Inc.
Stria Lithium is a Canadian junior mineral explorationcompany with an expanding technology focus and has a 100% interest inthe Pontax spodumene lithium project in Northern Québec.
Lithium is a critical metal in the universal fightagainst global warming. It is a core component of Lithium-ionbatteries used for powering electric vehicles and for industrial scaleenergy storage.
The technical content disclosed in the currentpress-release was reviewed and approved by Réjean Girard, P.Geo andpresident of IOS Services Geoscientifiques Inc, a qualified person as defined under National Instrument NI-43-101.
For more information about Stria Lithium and the PontaxLithium project, please visit https://strialithium.com .
For more information on Stria LithiumInc., please contact:
Dean Hanisch
CEO Stria Lithium
613 612 6060
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of this release.
Cautionary Note RegardingForward-Looking Information
This news release contains "forward-lookinginformation" within the meaning of the applicable Canadiansecurities 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 theTransaction and the Offering; the approval of the TSXV relating to theTransaction and the Offering; and any other information herein that isnot a historical fact may be "forward-lookinginformation".
Any statement that involves discussions with respect topredictions, 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 statingthat certain actions, events or results "may" or"could", "would", "might" or"will" be taken to occur or be achieved) are not statementsof historical fact and may be forward-looking information and areintended to identify forward-looking information. This forward-lookinginformation is based on reasonable assumptions and estimates ofmanagement of Stria at the time such assumptions and estimates weremade, and involves known and unknown risks, uncertainties and otherfactors which may cause the actual results, performance or achievements of Stria to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-looking information.
Such factors include, but are not limited to, Stria’sability to complete the Transaction and Offering; delays in obtainingor failures to obtain required governmental, shareholder,environmental or other project approvals; uncertainties relating tothe availability and costs of financing needed in the future; changesin equity markets; inflation; fluctuations in commodity prices; delaysin the development of projects; other risks involved in the mineralexploration and development industry; and those risks set out inStria’s public documents filed on SEDAR (www.sedar.com) underStria's issuer profile.
Although Stria believes that the assumptions andfactors used in preparing the forward-looking information in this newsrelease are reasonable, undue reliance should not be placed on suchinformation, which only applies as of the date of this news release,and no assurance can be given that such events will occur in thedisclosed timeframes or at all. Stria disclaims any intention orobligation 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.
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