(TheNewswire)
Ottawa, ON – TheNewswire - August 14, 2023 - Stria Lithium Inc. (TSXV:SRA) (“StriaLithium”, the “Company”) The Pontax Central Project Joint venture (Cygnus Metals 51%/Stria49%) now has a maiden resource estimate produced by Cygnus metals.This JORC estimate establishes Pontax Central as a serious player inthe Canadian Lithium James Bay region. Cygnus Metals being an ASXissuer, they adhered to Australian JORC Code 2012 guidelines, meaningthat such mineral resource estimate is not necessarily current inregard of the Canadian National Instrument 43-101 code. Cygnuspublished a Maiden inferred Resource Estimate (MRE) of 10.1Mt at 1.04%Li 2 O based on the central area of the knownmineralisation.
Below are highlights from CygnusMetals press release dated August 14, 2023
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Substantial maiden resource establishes Pontax as asignificant James Bay lithium project with scope for ongoing growth
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Diamond drilling scheduled to resume this quarter andwill be focused on resource growth through step out drilling anddiscovery drilling across the wider belt
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The mineralisation is reported as open in alldirections
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Spodumene mineralisation has been confirmed by surfacemapping up to 9km from the Pontax Central resource, highlighting thehuge upside potential at Pontax
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The Resource has been defined in just 12 months sinceacquisition at an exceptionally low discovery cost of A$0.55 per tonneof Resource, based on only 11,328m of drilling
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Cygnus is only the fourth ASX-listed company in theQuebec region with a lithium resource after Allkem (ASX:AKE), Sayona(ASX:SYA) and Patriot Battery Metals (ASX:PMT)
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First pass metallurgical test work delivered excellentrecoveries, generating a 6% spodumene concentrate using conventionalprocessing techniques
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Pontax Central is located in central James Bay close toa major paved road and Hydro Quebec power infrastructure and only 30kmsouth of Allkem’s James Bay Deposit (40.3Mt @ 1.40% Li O), which is progressing towardsdevelopment.
CYGNUS/ STRIA
Joint venture
Pontax Central
10.1Mt@1.04%Li2O
Click Image To View Full Size
Figure 1: Pontax is located incentral James Bay, close to major infrastructure and power, andsurrounded by significant developing lithium projects includingAllkem’s (AKE) 40.3Mt James Bay deposit located just 30km to thenorth of Pontax. 1
“We are extremely impressed withthe speed and efficiency in which Cygnus Metals established this JORCmaiden resource estimate. With only 11328 metres of drilling and acost of $0.49 CDN per tonne of resource we can conclude that thisstrategy is extremely beneficial to investors in creating real valuein the ground per dollar of investment.” Dean Hanisch CEO of StriaLithium.
Please see link to Cygnus Metals’full press release dated August 14 th ,2023
https://www.cygnusmetals.com/investors
Stria Lithium (TSXV.SRA, OTCQB.SRCAF,FRANKFURT.S35A.F) is an emerging resourceexploration company developing Canadian lithium reserves in the EeyouIstchee James Bay Territory of Québec, Canada, to meet legislateddemand for electric vehicles and their rechargeable lithium-ionbatteries.
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 as wind and solar generation.
Stria’s Central Pontax Lithium Project covers 36 square kilometres,including 8 kilometres 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 has entered into a JV agreement with CygnusMetals (ASX:CY5) on its Pontax Central project. Cygnus Metals iscommitted to fully funding and managing the current two-stageexploration and drilling program to a maximum of $10 million atStria’s Pontax property, and will also pay Stria up to $6 million incash. In return, Cygnus may acquire up to a 70% interest in theproperty. Cygnus has fulfilled its stage 1 requirements within theagreement and has now earned its 51% interest in the property as perabove share issuance.
Stria’s other significant project, Pontax II is due southeast to PontaxCentral. These 128 individual claims totalling 6811 hectares (68square kilometres) are on strike with stria’s existing PontaxCentral project along the prospective Chambois Greenstone belt hostingspodumene bearing pegmatites. Stria Lithiumpreviously reported highly anomalous tantalum oxide grain counts intill samples up to 797 grains, the highest countever recorded by the laboratory. The Pontax II grain counts stand at the 97.6 centileof the regional population with an average of 156 grains per sample asa comparative basis, a regional survey in the same area conducted bythe Ministe?re de l’E?nergie et des Ressources Naturelles duQue?bec, processed a total of 5950 tantalum oxide grains yielding anaverage count of 36 grains per samples. Theconclusion being the grain counts are suggestive of the proximity oflithium bearing pegmatites. Chip sampling andmapping is underway summer 2023 (currently) in preparation for afollow up winter drill program.
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.
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.
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.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange)accepts responsibility for the accuracy or adequacy of thisrelease.
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.
Competent Persons Statements - Australia
The information in thisannouncement that relates to Exploration Results is based on andfairly represents information and supporting documentation compiled byMr Duncan Grieve, a Competent Person who is a member of TheAustralasian Institute of Geoscientists. Mr Grieve is the ChiefGeologist and a full-time employee of Cygnus Metals and holds sharesin the Company. Mr Grieve has sufficient experience relevant to thestyle of mineralisation under consideration and to the activity whichhe is undertaking to qualify as a Competent Person as defined in the2012 edition of the “Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves” (“JORC Code"). Mr Grieve consents to the inclusion in this announcement of thematters based on this information in the form and context in which itappears.
The information in thisannouncement that relates to Mineral Resources at the Pontax LithiumProject is based on and fairly represents information and supportingdocumentation compiled by Mr Brian Wolfe. Mr Wolfe is a CompetentPerson who is an independent consultant specialising in MineralResource estimation, evaluation and exploration. Mr Wolfe is aMember of the Australian Institute of Geoscientists and is an employeeof International Resource Solutions Pty Ltd, a company engaged byCygnus. Mr Wolfe does not hold securities in Cygnus. Mr Wolfe hassufficient experience which is relevant to the style of mineralisationand type of deposit under consideration and to the activity beingundertaken to qualify as a Competent Person as defined in the JORCCode. Mr Wolfe consents to the inclusion in this announcement of alltechnical statements based on his information in the form and contextin which they appear.
End Note
1. For the information in this announcement thatrelates to Mineral Resources, refer to the following: James Bay(40.3Mt @ 1.40% Li 2 O),refer to Allkem Ltd’s ASX release dated 21 December 2021; Whabouchi(55.7Mt @ 1.40% Li 2 O),refer to Nemaska Lithium Inc’s NI 43-101 dated 31 May 2019; Rose(34.2Mt @ 0.90% Li 2 O),refer for Critical Elements Lithium Corp’s TSX-V announcement dated13 June 2022; Abitibi Lithium Hub (119.1Mt @ 1.1% Li 2 O) operated by Sayona MiningLimited/Piedmont Lithium Inc, refer to Sayona Mining Limited’s ASXrelease dated 1 March 2022; Moblan (70.9Mt @ 1.15% Li 2 O) operated by Sayona MiningLimited/SOQUEM Inc, refer to Sayona Mining Limited’s ASX releasedated 17 April 2023; and Corvette (109.2Mt @ 1.42% Li 2 O), refer to Patriot Battery MetalsLtd’s ASX release dated July 31, 2023.
2. Please refer to Cygnus Metal’s ASX announcementdated July 29, 2022.
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