(TheNewswire)
Ottawa, ON May 2, 2023 – StriaLithium Inc. (“Stria” orthe “Company”) (TSXV:SRA)(OTC:SRCAF) (FRANKFURT:S35A) an emerging resource exploration company developing Canadian lithiumreserves to meet legislated demand for electric vehicles and theirrechargeable lithium-ion batteries, is pleased to announce it has successfullyentered a definitive option agreement to acquire 100% ownership of twokey mineral properties close to its Pontax Project in the lithium-richEeyou Istchee James Bay Territory of Québec, Canada.
The two properties more than double the size ofStria’s resource assets in the area, and include more than 104individual claims totalling 5,535 hectares (55 square kilometres) onstrike with Stria’s existing Pontax Project along the prospectiveChambois Greenstone Belt hosting spodumene bearing pegmatites.
The new claims are in highly active prospective zones,situated to the west of the Patriot Battery Metals (PMET.V) Pontaxproject, and south of Brunswick Exploration (BRW.V). The properties are also close to theNémiscau-LaGrande boundary zone in a geologicalenvironment similar to the nearby Allkem James Bay Lithiumproject 0 with apublished Mineral Reserve Estimate of 40.3Mt at 1.4% Li2O.
The region, known as the Canadian “LithiumTriangle,” is one of only a few known sources of lithium availablefor hard rock mining in North America. In addition, the two propertiesrecently acquired by Stria are accessible by the major paved highwayconnecting the James Bay region to Quebec’s industrial and urbanareas to the south. They are also close to an industrial powerline andcommercial accommodation.
A winter drilling program was recently completed on itsPontax 1 property, and early assays include up to 9.27m (true width) at 1.86% Li 2 O . The results to date confirm the potentiality of the depositto host significantly wide and rich spodumene dykes at depth, and thecompletion of the drilling program paves the way for a Maiden Resourcein 2023.
Dean Hanisch, CEO of Stria Lithium, said today:“Stria's successful 100% option of these two key properties andtheir 104 claims represents an exciting leap forward in our strategicplan to expand our reserves in the area, building on the positiveresults of the recent winter drilling program at Stria’s Pontax 1(Central) project. The proximity of all three properties also allowsus to capitalize on our experience, expertise and resources fromPontax 1 (Central), creating economies of scale and opportunities toexpedite exploration and development at all of Stria’s rapidlyexpanding assets in the area.”
The latest mineral property acquisitions named Pontax 2are being financed entirely from Stria’s cash reserves.
Stria has purchased two sets of adjacent claims asfollows ():
Claims 1 (PrivateStakeholder)
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Phase I:
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55 mineral claims totalling 2,927 hectares. o Paymentof $75,000 plus 300,000 common shares of Stria Inc. on closing oStria’s investment of at least $50,000 in work on the propertywithin 14 months of closing, with a minimum $30,000 registered withthe government
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On or before 14 months, at Stria’soption to proceed…
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Phase II: Payment of $187,500 plus 1,125,000 commonshares of Stria
Claims 2 (Vior Inc.)
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Phase I:
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49 mineral claims totalling 2,609 hectares
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Payment of $50,000 plus 200,000 common shares of StriaInc. on closing
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Stria’s investment of at least $42,000 in work on theproperty within 14 months of closing with a minimum $30,000 registeredwith the government
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On or before 14 months, at Stria’soption to proceed…
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Phase II: Payment of $125,000 plus 750,000 commonshares of Stria
Figure1: New Project – Pontax 2property
Stria Lithium (TSX-V:SRA) is an emerging resource exploration companydeveloping Canadian lithium reserves in theEeyou Istchee James Bay Territory of Québec, Canada, to meet legislated demand for electric vehicles and theirrechargeable lithium-ion batteries.
Lithium is a rare metal and an indispensable componentof rechargeable lithium-ion batteries, one of the safest and mostefficient energy storage technologies available today, used ineverything from cell phones and power tools to electric cars andindustrial-scale energy storage for renewable power sources such aswind and solar generation.
Stria’s Pontax 1 Lithium Project covers 36 squarekilometres, including 8 kilometres of strike along the prospectiveChambois Greenstone Belt. Stria has also acquired a 100% interest intwo additional mineral properties close to Pontax for exploration andpossible development.
The Eeyou Istchee James BayTerritory of Québec is one of only a few knownsources of lithium available for hard rock mining in North America.All of Stria’s properties in the region are situated close to anindustrial powerline and a major paved highway that connects thenorthern region with the industrial and urban centres to the south.
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.
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 Metals may acquireup to a 70% interest in the Pontax Property.
Stria can acquire 100% ownership of Pontax 2 at anytime as per details of the agreement above.
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 technical content disclosed in the current pressrelease was reviewed and approved by Réjean Girard, P.Geo andpresident of IOS Services Geoscientifiques Inc, a qualified person asdefined 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 dhanisch@strialithium.com
+1(613) 612-6060
Investors Relations, Stria Lithium Inc.
ir@strialithium.com
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0 Allkem’s James Bay Lithium project:
NI 43-101 compliant Indicatedmineral resources of 40.33 Mt @ 1.40% Li2O dated Nov. 23, 2017. Source: G MiningServices Inc., 2022. NI 43-101 Technical Report Feasibility StudyJames Bay Lithium Project, Québec; Effective date, January 11, 2022(available at: https://www.allkem.co/projects/james - bay ).
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