(TheNewswire)
Ottawa, ON – TheNewswire - June 06, 2024 - Stria Lithium Inc. (TSXV:SRA) (“Stria” or the “Company”) announces its decision to discontinue itsacquisition of the Pontax II property, located in the James Bay regionof Quebec, pursuant to the two mineral property acquisition agreementsdated April 24, 2023 and May 1, 2023 respectively.
The decision follows a comprehensive evaluation of theproperty, which was aimed at identifying lithium deposits andinvestigating high tantalum till samples previously collected. In thesummer of 2023, Stria conducted an initial exploration program on thePontax II property. The program involved the collection of grabsamples, which were subsequently assayed by ALS Laboratory in ValD’or as well as for their mineralogical content by IOS ServicesGéoscientifiques in Saguenay. Unfortunately, the assay results didnot confirm the presence of spodumene in submitted pegmatites andgranitoids.
Given the current challenging capital markets, theCompany has determined that it is not efficient or economically viableto continue investing in the Pontax II project. Consequently, Striahas opted to discontinue the option and forgo the second tranche ofpayments, referred to as the Transfer Payment in the mineral propertyacquisition agreements, and expenditures required to maintain theproperty. This strategic decision will allow the Company to focus itsresources on other more promising and affordable lithium projectswithin the region.
Dean Hanisch, Stria’s CEO, commented, "While the initial results from thePontax II property were not what we hoped for, our commitment todiscovering and developing high-potential lithium projects remainssteadfast. By reallocating our resources, we can better pursueopportunities that offer a higher likelihood of success and creategreater value for our shareholders."
Stria Lithium remains dedicated to its mission ofadvancing the lithium industry and contributing to the global supplychain for this critical mineral.
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. TheCompany is committed to growth through responsible and efficientexploration and development of its mining assets.
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 Pontax Central Project Joint Venture with Cygnus Metalsnow has a maiden JORC-compliant inferred mineral resource estimate(MRE) of 10.1Mt at 1.04% 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. Pontax II claims arein highly active prospective zones, situated to the west southwest ofStria/Cygnus lithium discovery and situated to the west of the PatriotBattery Metals (PMET.V) Pontax project, and south of BrunswickExploration (BRW.V). Stria’s Pontax propertiesare both situated close to an industrial powerline and a major pavedhighway, about 310 km north of the North American rail network thatleads to the industrial heartland.
Stria’s newest project, Jeremiah, resides within theAbitibi region of Quebec. The Jeremiah projectconsists of 12 titles for a total 683 hectares.Stria’s successful 100% optioning of the property was driven by arecently discovered spodumene-bearing pegmatite, considered a genuineLCT 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 toSayona’s North-American Lithium mine, near the village of St-Mathieud'Harricana, and easily accessible through private forestry roads.Three more claims, isolated between 5 and 8 km to the west are alsoincluded 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 LaMotte Batholith, and its sister intrusion theLaCorne Batholith, are considered to be related to the source of thelithium pegmatite currently mined by Sayona Mining at their NorthAmerican Lithium Mine, 22 km east of Jeremiah, as well as at theirAuthier project, 11 km to the southwest. All the numerous lithiumoccurrences in this area are located at the fringe of theseintrusives, where the last differentiated magmas, such as lithiumpegmatite, are injected. The Project Jeremiah properties surfacerights are fortunately held with private landholders and amunicipality, with who courteous and constructive relations wereestablished.
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 local communities and stake-holders, andengaging openly and respectfully as neighboursand collaborators in this exciting project that has the potential tocreate lasting jobs and prosperity.
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.
Reference:
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JORC Mineral Resource Estimate of Pontax Project, JamesBay Quebec, Brian Wolfe; Duncan Grieve, August 14, 2023.
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
Investors Relations, Stria Lithium Inc.
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