(TheNewswire)
Ottawa, ON – TheNewswire - February 05, 2024 - Stria Lithium Inc.(TSXV:SRA) (“Stria” or the “Company”) is pleased to announcethat it has successfully optioned 12 titlestotalling 683 hectares in the lithium rich Abitibi region. Stria’s successful 100% optioning ofthe property is an exciting opportunity to follow up on a recentlydiscovered spodumene-bearing pegmatite, considered a genuinelithium-cesium-tantalum-bearing (“LCT”) pegmatite, exposed in thecenter of the property, which returned 0.54% Li2O (2500 ppm Li) from agrab sample.
Project Jeremiah titles are strategically located atthe periphery of the Archean-aged La Motte Batholith, straddling itsnorthern contact with the Deguisier mafic volcanic formation and thesediments of the Caste Formation. The La Corne Batholith, believed tobe similar in age to the La Motte Batholith, is considered to be thesource of the lithium pegmatite currently mined by Sayona Mining attheir North American Lithium Complex Mine, 22 km east of Jeremiah, aswell as their Authier project, 11 km to the southwest. All thenumerous lithium occurrences in this area are located at thefringe of this intrusive, where the last differentiated magmas, suchas lithium pegmatite, are injected.
The property acquisition is made up of 12 titles ofwhich 3 titles are between 5-8 km west of the main claims. In totalthe titles make up for 683 hectares that are conveniently located nearthe village of St-Mathieu d'Harricana, and easily accessible throughprivate forestry roads. Fortunately, all the title holders surfacerights are controlled by private landholders and the local AbitibiRegional County Municipality. Stria is planning to excavate theoccurrence and to do channel sampling to evaluate the potential asearly as this March once agreements with landowner are completed andpermits are granted.
Dean Hanisch, CEO of Stria Lithium, said: "We are very pleased to have theopportunity of acquiring this property which is strategically locatedin a prolific area near the first and only lithium producing mine inQuébec. The area is mining-friendly and conveniently located inregard to access and infrastructure. Stria intends toaggressively pursue its evaluation in the near term."
“After rising quickly andexponentially, the world market price of lithium has pulled back as itlooks to find its long-term value. Current market conditions presentus with a good opportunity to evaluate and acquire compelling projectsat reasonable terms in North America. The governments of Canada andthe USA have spent billions of dollars attracting the biggest car andbattery players in the world to set up here on order to gain autonomyand reduce their dependence on foreign owned supply. Thesecompanies receive highly attractive subsidies for using “local”critical minerals like lithium, so naturally there will be greatdemand and thus a decoupling of lithium prices geographically. I thinkthis will become abundantly clear to both investors and the public sowe will push forward as the key is always to buy low and maximizevalue at higher prices.”
The latest mineral property acquisitions named ProjectJeremiah are being financed entirely from Stria’s cashreserves.
Stria has purchased the following claims as follows():
Claims (PrivateStakeholder)
Phase I:
12 mineral claims totalling 683 hectares
Payment of $35,000 on closing
Stria’s investment of at least $250,000 in work onthe property within 14 months of closing.
On or before 14 months, at Stria’soption to proceed…
Phase II:
Payment of$110,000 worth of common shares of Stria
Register a 2%NSR with a 1% buy back of 1 million dollars
About Stria Lithium
Stria Lithium (TSX-V:SRA) is an emerging resource exploration companydeveloping Canadian lithium reserves to meet legislated demand forelectric vehicles and their rechargeable lithium-ion batteries.
Stria’s Central Pontax Lithium Project covers 36 squarekilometres, including 8 km of strike along the prospective ChamboisGreenstone Belt. The region, known as the Canadian “LithiumTriangle,” is one of only a few known sources of lithium availablefor hard rock mining in North America.
Stria’s PontaxCentral Project Joint Venture with Cygnus Metals now has a maidenJORC-compliant inferred mineral resource estimate (MRE) of 10.1Mt at1.04% Li 2 O based on the central area of the knownmineralisation.
This JORC estimate establishes Pontax Central as a significantoccurrence 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 necessarilycompliant with CIM and National Instrument NI 43-101 standards and theCompany is not considering them as such at this time.
Cygnus Metals is committed to fully funding andmanaging the current two-stage exploration and drilling program to amaximum of $10 million at Stria’s Pontax property and will also payStria up to $6 million in cash. In return, Cygnus may acquire up to a70% interest in the property. Cygnus has fulfilled its stage 1requirements within the agreement and has now earned its 51% interestin 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 islocated adjacent to the Billy-Diamond paved highway. Stria has addedto this project by recently acquiring 24 claims,for 1276.5 hectares that are strategically located northeast ofStria’s Pontax II claims.
Stria Lithium previously reported highly anomaloustantalum oxide grain counts in till samples up to 797 grains, thehighest count ever recorded by the laboratory. The Pontax II graincounts stand at the 97.6 centile of the regional population with anaverage of 156 grains per sample as a comparative basis, a regionalsurvey in the same area conducted by the Ministe?re de l’E?nergieet des Ressources Naturelles du Que?bec, processed a total of 5950tantalum oxide grains yielding an average count of 36 grains persamples. The conclusion being the grain counts are suggestive of theproximity of lithium bearing pegmatites.
Pontax II claims are in highly active prospectivezones, situated to the west southwest of Stria/Cygnus lithiumdiscovery 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 toan industrial powerline and a major paved highway, about 310 km northof the North American rail network that leads to the industrialheartland.
Stria’s newest project resides within the Abitibiregion of Quebec and is called Project Jeremiah. The Jeremiah project consists of 12 titles for a total 683hectares.
Stria’s successful 100% optioning of the property wasacquired because of a recently discovered spodumene-bearing pegmatite,considered a genuine LCT pegmatite reported in the outcrop in thecenter of the property, which returned 0.54% Li2O (2500 ppm Li) from agrab sample.
The property is conveniently located near the villageof St-Mathieu d'Harricana, and easily accessible through privateforestry roads. Three more claims, isolated between 5 and 8 km to thewest are also included in the land package.
Project Jeremiah is strategically located at theperiphery of the LaMotte Batholith, straddling its northern contactwith the Deguisier mafic volcanic formation and the sediments of theCaste Formation. The La Corne Batholith is considered as related tothe source of the lithium pegmatite currently mined by Sayona Miningat their North American Lithium Mine, 22 km east of Jeremiah, as wellas their Authier project, 11 km to the southwest. All the numerouslithium occurrences in this area are located at the fringe of thisintrusive, where the last differentiated magmas, such as lithiumpegmatite, are injected.
The Project Jeremiah properties surface rights arefortunately held with private landholders and a municipality.
As momentum builds for the green energy revolution andthe shift to electric vehicles, governments in Canada and the U.S. areaggressively supporting the North American lithium industry,presenting the industry and its investors with a rare, if notunprecedented, opportunity for growth and prosperity well into thenext decade and beyond.
Stria is committed to exceeding the industry’senvironmental, social and governance standards. A critical part ofthat commitment is forging meaningful, enduring and mutuallybeneficial relationships with the James Bay Cree Nation (Eeyouch), andengaging openly and respectfully as neighboursand collaborators in this exciting project that has the potential tocreate lasting jobs and prosperity for Eeyou Istchee and its people.
The scientific and technical content disclosed hereinwas reviewed and approved by Réjean Girard, P.Geo and president ofIOS Services Geoscientifiques Inc, a qualified person as defined underNational Instrument 43-101 Standards of Disclosure for MineralProjects.
For more information about Stria Lithium and the PontaxLithium project, please visit https://strialithium.com
Follow us on:
-
Twitter @StriaLithium
-
Instagram @strialithium
-
Facebook
-
LinkedIn
For more information on Stria LithiumInc., please contact:
Dean Hanisch
CEO Stria Lithium
+1(613) 612-6060
Investors Relations, Stria Lithium Inc.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the accuracyor adequacy of this release.
Cautionary Note RegardingForward-Looking Information
Except for statements of historicalfact, this news release contains certain “forward-lookinginformation” within the meaning of applicable securities law.Forward-looking information is frequently characterized by words suchas “plan”, “expect”, “project”, “intend”,“believe”, “anticipate”, “estimate” and other similarwords, or statements that certain events or conditions “may” or“will” occur. Although we believe that the expectations reflectedin the forward-looking information are reasonable, there can be noassurance that such expectations will prove to be correct. We cannotguarantee future results, performance or achievements. Consequently,there is no representation that the actual results achieved will bethe same, in whole or in part, as those set out in the forward-lookinginformation.
Forward-looking information is basedon the opinions and estimates of management at the date the statementsare made and are subject to a variety of risks and uncertainties andother factors that could cause actual events or results to differmaterially from those anticipated in the forward-looking information.Please refer to the risk factors disclosed under our profile on SEDARat www.sedar.com. Readers are cautioned that this list of risk factorsshould not be construed as exhaustive.
The forward-looking informationcontained in this news release is expressly qualified by thiscautionary statement. We undertake no duty to update any of theforward-looking information to conform such information to actualresults or to changes in our expectations except as otherwise requiredby applicable securities legislation. Readers are cautioned not toplace undue reliance on forward-looking information.
Copyright (c) 2024 TheNewswire - All rights reserved.