2023-08-14 12:10 ET - News Release
Mr. Dean Hanisch reports
STRIA'S JOINT VENTURE PARTNER CYGNUS METALS HAS COMPLETED A MAIDEN RESOURCE OF 10.1MT AT 1.04% LI2O STATING MINERALISATION IS OPEN IN ALL DIRECTIONS ON THE PONTAX CENTRAL PROPERTY
The Pontax Central project joint venture (Cygnus Metals 51 per cent/Stria Lithium Inc. 49 per cent) now has a maiden resource estimate produced by Cygnus Metals. 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 published a maiden inferred resource estimate (MRE) of 10.1 million tonnes at 1.04 per cent Li2O (lithium oxide) based on the central area of the known mineralization.
Below are highlights from Cygnus Metals' press release dated Aug. 14, 2023:
- Substantial maiden resource establishes Pontax as a significant James Bay lithium project with scope for ongoing growth;
- Diamond drilling scheduled to resume this quarter and will be focused on resource growth through stepout drilling and discovery drilling across the wider belt;
- The mineralization is reported as open in all directions;
- Spodumene mineralization has been confirmed by surface mapping up to nine kilometres from the Pontax Central resource, highlighting the huge upside potential at Pontax;
- The resource has been defined in just 12 months since acquisition at an exceptionally low discovery cost of 55 Australian cents per tonne of resource, based on only 11,328 metres of drilling;
- Cygnus is only the fourth ASX-listed company in the Quebec region with a lithium resource after Allkem, Sayona and Patriot Battery Metals;
- First-pass metallurgical test work delivered excellent recoveries, generating a 6 per cent spodumene concentrate using conventional processing techniques;
- Pontax Central is located in central James Bay close to a major paved road and Hydro Quebec power infrastructure and only 30 km south of Allkem's James Bay deposit (40.3 million tonnes at 1.40 per cent Li2O), which is progressing toward development.
"We are extremely impressed with the speed and efficiency in which Cygnus Metals established this JORC maiden resource estimate. With only 11,328 metres of drilling and a cost of 49 cents per tonne of resource we can conclude that this strategy is extremely beneficial to investors in creating real value in the ground per dollar of investment," said Dean Hanisch, chief executive officer of Stria Lithium.
Please see Cygnus Metals's full press release dated Aug. 14, 2023.
About Stria Lithium Inc.
Stria Lithium is an emerging resource exploration company developing Canadian lithium reserves in the Eeyou Istchee James Bay territory of Quebec, Canada, to meet legislated demand for electric vehicles and their rechargeable lithium-ion batteries.