02:14:10 EDT Tue 30 Apr 2024
Enter Symbol
or Name
USA
CA



Stria Lithium Inc (2)
Symbol SRA
Shares Issued 25,921,036
Close 2023-11-21 C$ 0.13
Market Cap C$ 3,369,735
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Stria Lithium's Pontax Central drilling restarts

2023-11-21 16:27 ET - News Release

Mr. Dean Hanisch reports

STRIA LITHIUM IS PLEASED TO ANNOUNCE THAT DRILLING HAS RECOMMENCED AT ITS PONTAX CENTRAL JOINT VENTURE PROJECT IN QUEBEC

Drilling has recommenced at Stria lithium Inc.'s Pontax Central joint venture project.

Stria Lithium's joint venture partner Cygnus Metals has recommenced drilling at Pontax Central. The drill program aims to test the extent of known mineralization through stepout drilling. Stria Lithium's joint venture partner Cygnus Metals has a maiden Joint Ore Reserves Committee inferred resource estimate (MRE) of 10.1 million tonnes at 1.04 per cent Li2O based on the central area of the known mineralization.

This JORC estimate establishes Pontax Central as a serious player in the Canadian lithium James Bay region. Cygnus Metals being an Australian Securities Exchange issuer, it adhered to Australian JORC Code 2012 guidelines, meaning that such mineral resource estimate is not necessarily current in regard of the Canadian National Instrument 43-101 code.

About Stria Lithium Inc.

Stria Lithium (TSX Venture Exchange: SRA) is an emerging resource exploration company developing Canadian lithium reserves to meet legislated demand for electric vehicles and their rechargeable lithium-ion batteries.

Stria Lithium's Central Pontax lithium project covers 36 square kilometres, including eight kilometres of strike along the prospective Chambois greenstone belt. The region, known as the Canadian Lithium Triangle, is one of only a few known sources of lithium available for hardrock mining in North America.

Stria Lithium's Pontax Central project joint venture with Cygnus Metals has a maiden JORC inferred resource estimate of 10.1 million tonnes at 1.04 per cent Li2O based on the central area of the known mineralization.

This JORC estimate establishes Pontax Central as a serious player in the Canadian lithium James Bay region. Cygnus Metals being an Australian Securities Exchange issuer, it adhered to Australian JORC Code 2012 guidelines, meaning that such mineral resource estimate is not necessarily current in regard of the Canadian National Instrument 43-101 code.

Cygnus Metals is committed to fully financing and managing the current two-stage exploration and drilling program to a maximum of $10-million at Stria Lithium's Pontax property, and will also pay Stria Lithium up to $6-million in cash. In return, Cygnus may acquire an up-to-70-per-cent interest in the property. Cygnus has fulfilled its Stage 1 requirements within the agreement and has earned its 51-per-cent interest in the property.

Stria Lithium's other significant project, Pontax II, covers 55 square kilometres, approximately 25 kilometres to the west-southwest of Pontax Central and is located adjacent to the Billy-Diamond paved highway. Stria Lithium has added to this project by recently acquiring 24 claims for 1,276.5 hectares that are strategically located northeast of Stria Lithium's Pontax II claims.

Stria Lithium previously reported highly anomalous tantalum oxide grain counts in till samples up to 797 grains, the highest count ever recorded by the laboratory. The Pontax II grain counts stand at the 97.6 centile of the regional population with an average of 156 grains per sample as a comparative basis. A regional survey in the same area conducted by the Ministere de l'Energie et des Ressources Naturelles du Quebec processed a total of 5,950 tantalum oxide grains, yielding an average count of 36 grains per samples. The conclusion being the grain counts are suggestive of the proximity of lithium-bearing pegmatites.

Pontax II claims are in highly active prospective zones, situated to the west-southwest of the Stria Lithium/Cygnus lithium discovery and situated to the west of Patriot Battery Metals' Pontax project and south of Brunswick Exploration.

Stria Lithium's Pontax properties are both situated close to an industrial power line and a major paved highway, about 310 kilometres north of the North American rail network that leads to the industrial heartland.

As momentum builds for the green energy revolution and the shift to electric vehicles, governments in Canada and the United States are aggressively supporting the North American lithium industry, presenting the industry and its investors with a rare, if not unprecedented, opportunity for growth and prosperity well into the next decade and beyond.

Stria Lithium is committed to exceeding the industry's environmental, social and governance standards. A critical part of that commitment is forging meaningful, enduring and mutually beneficial relationships with the James Bay Cree Nation (Eeyouch), and engaging openly and respectfully as neighbours and collaborators in this exciting project that has the potential to create lasting jobs and prosperity for Eeyou Istchee and its people.

The technical content disclosed in the current press release was reviewed and approved by Rejean Girard, PGeo, president of IOS Services Geoscientifiques Inc., a qualified person as defined under National Instrument NI 43-101.

We seek Safe Harbor.

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