(TheNewswire)
OTTAWA, ONTARIO – TheNewswire - December 21, 2022 - Stria Lithium Inc.(TSXV:SRA) (“Stria” or the “Company”) is pleased to announcethe completion of its fall 2022, 2,028-metre helicopter-supported coredrilling program at its flagship Pontax lithium spodumene pegmatitedyke (LSPD) prospect located on the Company’s Pontax Lithiumproperty, in west-central Eeyou Istchee Baie-James Territory ofnorthern Québec. The drilling program was designed to test thecontinuity at depth of the spodumene mineralization over the entireknown strike length of the central spodumene-bearing pegmatite dykeswarm zone at the Pontax LSPD prospect.
The fall core drilling program at the Pontax LSPDprospect was designed and operated by partner Cygnus Gold Limited(ASX: CY5) (“ Cygnus ”) and comprised of seven (7) inclinedNQ-diameter holes for a total of 2,028 metres drilled (holes975-22-026 to 975-22-032). Analytical results for the first set ofdrill core samples expedited to SGS Canada Inc. Laboratories inLakefield, Ontario, are expected early in the first quarter of 2023.IOS Services Géoscientifiques Inc. (IOS) of Saguenay, Québec,provided technical and logistical support for the drilling programwhile core drilling was performed by Forage RJLL of Rouyn-Noranda, Québec.
In July, Stria announced a partnership with Cygnus Gold Limited (ASX:CY5) (“ Cygnus ”) by which Cygnus has been grantedthe sole and exclusive option to acquire up to a 70 % undividedinterest in Stria’s Pontax-Lithium property (“ Pontax ”) under atwo-stage option for total cash payments of $6.0 million andexploration expenditure commitments totalling $10.0 million. Cygnushas been exploring the property under the terms of the first of thetwo-stage option, by which Cygnus is required to incur explorationexpenditures on the Property in the amount of $4.0 million over aperiod of 18 months.
“Our partner Cygnus has held true to its strategy ofadvancing the Pontax Lithium project through aggressive drillingregardless of the time of year. They have made it clear they willdrill year-round and have secured the funds to do it through their recent $8 millionfinancing , which puts them at $15million in available funds,” said Dean Hanisch, Chief ExecutiveOfficer of Stria. “With the 2,000-metre fall drilling program nowcomplete, the team at Cygnus will take a break for the holidays andwill resume helicopter-borne drilling in the New Year”. Cygnus iscurrently organizing a winter road to the project to bring in aminimum of three (3) land drill rigs and related equipment andsupplies to carry out its planned 10,000-metre plus drilling program.
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Figure 1: Helicopter-supported drillingat the Pontax Lithium Project, Fall 2022
The exploration team at Pontax has been supported by Relais Routier 381 , a rest stoplocated on the Billy Diamond (James Bay) Highway at KM 381, thatprovided accommodations and meals for the team while in the field. Thefacility is owned and operated by the Société de Développement de laBaie-James (SDBJ), which provides a vital sourceof gas, food and lodging in this remote area of northernQuébec.
“We are grateful to have the Relais Routier 381 as our home base for the Cygnus/Stria Pontax drilling team since it isclose to our Project and saves us from having to make expensive andtime-consuming alternatives in order to complete our work initiatives.We are thankful for the support that the Forage RJLL drillers havereceived from the operations staff at the facility,” Mr. Hanischcontinued. “The Canadian and Quebec governments showed greatforesight in investing in the Relais Routier 381 initiative, and it’sanother example of how Canada, and Quebec in particular, are veryfavourable jurisdictions to explore and develop critical mineralsprojects.”
“We strongly believe thatPontax is a standout opportunity to rapidly define a hard rock lithiumresource in a Tier-1 jurisdiction with world-class infrastructure andseveral large hard rock lithium deposits. It’s going to be anexciting six months as exploration begins to ramp up with 10,000metres of drilling just beginning and results beginning to filterthrough”, said Cygnus Executive Director Michael Naylor in Cygnus’ announcement dated November 29, 2022
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
Kimberly Darlington
Communications, Stria Lithium Inc.
514-771-3398
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Cautionary Note RegardingForward-Looking Information
Except for statements of historical fact, this newsrelease contains certain “forward-looking information” within themeaning of applicable securities law. Forward-looking information isfrequently characterized by words such as “plan”, “expect”,“project”, “intend”, “believe”, “anticipate”,“estimate” and other similar words, or statements that certainevents or conditions “may” or “will” occur. Although webelieve that the expectations reflected in the forward-lookinginformation are reasonable, there can be no assurance that suchexpectations will prove to be correct. We cannot guarantee futureresults, performance or achievements. Consequently, there is norepresentation that the actual results achieved will be the same, inwhole or in part, as those set out in the forward-lookinginformation.
Forward-looking information is based on the opinionsand estimates of management at the date the statements are made andare subject to a variety of risks and uncertainties and other factorsthat could cause actual events or results to differ materially fromthose anticipated in the forward-looking information. Please refer tothe risk factors disclosed under our profile on SEDAR atwww.sedar.com. Readers are cautioned that this list of risk factorsshould not be construed as exhaustive.
The forward-looking information contained in this newsrelease is expressly qualified by this cautionary statement. Weundertake no duty to update any of the forward-looking information toconform such information to actual results or to changes in ourexpectations except as otherwise required by applicable securitieslegislation. Readers are cautioned not to place undue reliance onforward-looking information.
The technical aspects of the currentpress release have been reviewed by Marc-AndréBernier, géo. (QC), P.Geo. (ON), M.Sc., Senior Geoscientist for Table Jamésienne deConcertation Minière , a consultant to theCompany and a Qualified Person as defined under National Instrument(NI) 43 – 101 Standards of Disclosure for Mineral Projects hasreviewed and approved the technical content of this newsrelease.
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