(TheNewswire)
Initial 10,000m program by partner Cygnus Goldtargeting multiple outcropping spodumene zones with up to 2.6%Li 2 O
OTTAWA, ONTARIO – TheNewswire - November 07, 2022 - Stria Lithium Inc.(TSXV:SRA) (OTC:SRCAF) (“Stria” or the “Company”) in partnership with Cygnus GoldLimited (ASX:CY5) (“Cygnus”) is pleased to announce that it hasinitiated drilling at its Pontax Lithium Project in the James Baylithium region of Quebec, Canada.
Cygnus advised Stria that the initial-stage groundmapping and sampling has been completed around the main outcrop of thePontax Project. Samples are currently pendingfor analysis.
The 10,000m drill program willfocus on both resource definition and step out drilling over the nextsix months. The initial focus of this first stage drill programme isto target down dip and along strike extents of the known high gradePontax Central outcrop with existing known shallow, high gradeintercepts of up to 2.6% Li 2 O from only 19.4m downhole.
Cygnus advised Stria that the initial-stage ground mapping andsampling has been completed around the main outcrop of the PontaxProject. The recently completed mapping and sampling campaign focussed on keyareas identified from recent LiDAR, high definition aeromagnetics andhigh-resolution photomosaic. The initial results of this work havebeen highly encouraging leading to the discovery of new unmappedpegmatites now identified and sampled with assay results expectedmid-December. Landform analysis based on LiDAR has proven effective intargeting area of potential nearly-outcropping occurrences that were entirely covered by vegetation (Figure3) . The team is in the process ofinterpreting the results of the mapping and sampling campaign whileresults from the assays are pending. Once assays are received,additional targets will be finalised for the ongoing drill programinto the Quebec winter.
The 10,000m drill program willfocus on both resource definition and step out drilling over the nextsix months. The initial focus of this first stage drill programme isto target down dip and along strike extents of the known high gradePontax Central outcrop with existing known shallow, high gradeintercepts of up to 2.6% Li 2 O at a depth ofapproximately 12 metres (19.4m downhole). The spodumene-bearing pegmatites at themain Pontax occurrence do outcrop on a hillcrest protrudingsurrounding undercover area, where exploration drilling is limited towinter operation.
“We are extremely pleased with the expedience inwhich the Cygnus team is carrying out our mutual objective ofaggressively advancing the Pontax lithium project. The drilling hasbeen initiated and the first drill s ha s been moved in viahelicopter. Cygnus has $10 million in cash and commitments and iscommitted to executing this aggressive 10 , 000 metre s winter drill program ,” said Dean Hanisch CEO of StriaLithium. “The recently completed LiDAR andmagnetic survey are proving to be extremely effective in uncoveringspodumene pegmatites that were not clearly visible”.
The team is in the process of interpreting the resultsof the mapping and sampling campaign while results from the assays arepending. Once assays are received, additional targets will befinalised for the ongoing drill program into the Quebec winter.
The Pontax Lithium 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 continueto grow the economic potential through exploration.
“Stria Lithium was ahead of the curve when it pickedup this lithium project back in 2013 almost a decade ago, when lithiumwas not the mineral it is today, ” said Dean Hanisch CEO of Stria Lithium. “At that timethere were a plethora of choices for lithium projects and they chosePontax for its academic geology, close proximity to the road (20Km)and electricity (adjacent). This is one of the oldest properties withthe right address and footprint that just never had any realgeological tools applied to it. We are therefore so excited about thisinaugural major drill program and its potential outcome. We would alsolike to thank all the Stria legacy shareholders for their patience andsupport.”
The spodumene-bearing pegmatites atthe main Pontax occurrence do outcrop on a hillcrest protrudingsurrounding undercover area, where exploration drilling is limited towinter operation.
Pontax: – Unlocking the Potential
The Pontax Lithium Project is hostof a spodumene-bearing pegmatites swarm which outcrops and has been drill tested for over 620m of strikeand remains open along strike and at depth. Untested pegmatiteoutcrops were located north of the main occurrence that have neverbeen drilled and multiple new targets for follow up wereidentified.
To date Prior to the onset of the currentprogram , 25 diamond drillholes for ~3,286m have been completed at the project with drilling entirely focussed upon the known extentof the outcrop. All holes drilled to date have hit spodumene bearinglithium-caesium-tantalum (LCT) pegmatites.
Key Points
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10,000m diamond drill program has commenced onschedule, focussing on resource definition and step out explorationdrilling
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Program to includes about 2500 helicopter-supported drilling to beconducted in fall 2021 2022 , andabout 7500 winter land drilling to be conducted in winter2022 /2023
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Historic reconnaissance drilling has already outlinedspodumene over a 620m strike length with grades of up to 2.6%Li
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Cygnus drilling is targeting multiple shallow spodumenebearing pegmatites in the top 150 meters over an initial 1,000 metresstrike.
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Recently completed fieldwork, mapping, airbornemagnetics and LiDAR has delivered numerous additional walk-up drill targets
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Results from rock chip and channel sampling fromnumerous unmapped pegmatites across the project collected in thecourse of recent prospecting program expected next month
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Stria holds a contiguous landholding of highlyprospective tenure across 10 km strike potential
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Historic reconnaissance drilling confirmedspodumene-bearing LCT pegmatites with high-grade shallowintersections
Cygnus Executive Director Michael Naylor said : “We are delighted to be drilling such highlyprospective lithium targets within just three months of acquiring theproject.
“We know fromprevious drilling that there is significant high-grade spodumene overa 620m strike length. This initial phase of drilling is designed toextend that known mineralisation down dip and along strike.
“The bulk ofexisting drilling only scrapes the surface at around 80m verticaldepth. The first few holes will test the potential to increase thesize of the system rapidly.
“The Cygnusteam has also just completed a recent site visit to assist withexecuting the mapping and sampling programs from which we are eagerlyawaiting results. Visits to the main Pontax Central outcrops haveillustrated the quality of the Pontax mineral system with the size andquantity of the spodumene crystals hosted across multiplepegmatites.
“We arealready seeing exciting results across the board with LiDAR proving tobe a highly efficient tool in identifying vegetation covered outcrop,with several new pegmatites now mapped and sampled across the project.
“Withapproximately $10m in cash and commitments, it’s going to be anexciting six months as exploration begins to ramp up, with 10,000m ofdrilling just beginning”.
Figure 1: Unmapped pegmatiteoutcrop covered by vegetation identifed in the recently flownLiDAR.
Figure 2 : Diamond drill from Forage RJLLltd. inplace and drilling the maiden drillhole for Cygnus at Pontax Central.
Targeting downdip of known high grade mineralisation.
Figure 3 : The mapping team from IOS ServicesGéoscientifiques Inc exposing a covered spodumene bearing pegmatitefrom the north
eastern extentof Pontax Central. Illustrating the use of LiDAR and high resolutionphotomosaic
in a n environment wherethick mossy vegatation can completely obscure outcrop.
Figure 4 : Geologists takingchannel samples from pegmatites to the northeast of the main
Pontaxoccurrence.
Figure 5 : Cygnus’ Business Development Manager GarethReynolds, standing on one of
the spodumenebearing pegmatite outcrops at the main Pontax occurrence.
Figure 6 ( Left) : Large spodumenecrystals >15cm in length from outcrop at the main Pontax.
Figure 7 : Aerial view of themain Pontax lithium pegmatite swarm looking towards the south west.The mineralisation, discernible as the white dykes, outcrops over 620mand has been the sole focus of historic drilling whilst mineralisationremains open in all directions. Inset :Example of high grade mineralisation in drill core with abundentspodumene crystals from just 20m depth in hole 975-19-020. Intervalgrading 3.8% Li 2 O within a broader intercept of 4.8m at 2.6%Li 2 O from19.4m.
About Stria Lithium
Stria Lithium is a Canadian junior mineralexploration company with an expanding technology focus and has a 100%interest in the Pontax spodumene lithium project in NorthernQuébec.
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
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For more information on Stria LithiumInc., please contact:
Dean Hanisch
CEO Stria Lithium
+1(613) 612-6060
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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".
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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.
The technical aspects of thecurrent press release have been reviewed by Réjean Girard, P.Geo andqualified person according to NI-43-101 regulations.
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