Stria Lithium Inc. (TSXV:SRA) (OTC:SRCAF) an emerging resource exploration company developing Canadian lithium reserves, announced promising assay results from the first two drill holes at depth on the Pontax Lithium Project in the James Bay region of Québec. Assays include 10.2 m true width at 1.34% Li2O doubling the depth of known mineralization to 230 metres.
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Stria Lithium Inc. (TSXV:SRA) (OTC:SRCAF) an emerging resource exploration company developing Canadian lithium reserves, announced promising assay results from the first two drill holes at depth on the Pontax Lithium Project in the James Bay region of Québec.
Assays include 10.2 m true width at 1.34% Li2O doubling the depth of known mineralization to 230m.
These results further confirm previous exploration activities on the site and are only the first results of 14 holes drilled to date, totalling 3,858 metres, as part of an aggressive 15,000-metre definition and exploration drilling program now under way on the Pontax property in the west-central Eeyou Istchee James Bay Territory.
The project covers 36 square kilometres, including 8 kilometres of strike along the prospective Chambois Greenstone Belt and is situated close to an industrial powerline and a major paved highway, about 310 km north of the North American rail network leading to industrial heartland.
This table shows highlights from the two holes reported today.
A winter road has been opened from the main highway to the Pontax site, and multiple drill rigs are now on site with the aim of establishing a maiden resource by mid - 2023.
Drilling was conducted with a single heliportable rig by RJLL Drilling Co. from Rouyn-Noranda.
The drilling program is being financed and conducted by Stria’s project partner, Cygnus Gold of Australia, who is committed to fully funding and managing the current two-stage exploration and drilling program up to $10 million and will also pay Stria up to $6 million in cash.
In return, Cygnus may acquire up to a 70% interest in the property.
It has been designed to systematically step out from known mineralisation at Pontax Central - an extensive spodumene-bearing pegmatite swarm which outcrops over 700m of strike.
This plan view shows the location of all drilling to date.
Assays from the remaining 12 holes are currently pending.
The latest drilling has stepped out 50m to 100m below existing mineralisation to a vertical depth of 230m, effectively doubling the depth of known mineralisation which remains open in all directions.
This is a cross section though Pontax Central looking towards the NE, showing both historic drillholes and the recent deeper drillholes completed by Cygnus with results received to date, including 4.3m @ 1.8% Li2O and 16.5m @ 1.1% Li2O.
The recent drilling is the deepest drilling on the project to date stepping out over 100m from existing drilling with mineralisation remaining open in all directions.
Dean Hanisch, CEO, stated: “We are excited to be finally getting an aggressive drilling program at depth under way and are very encouraged by the promising results of the first two holes of 14 drilled to date. The winter road is open and providing economical access to several additional heavy drill rigs. We look forward to reporting more assay results as they become available.”
The shares are trading at $0.31.
For more information on the company and its other properties, please visit the company’s website www.StriaLithium.com, contact Dean Hanisch, CEO, at 613-612-6060 or by email at dhanisch@StriaLithium.com.
For Communications, contact Kimberley Darlington 514-771-3398 by email at kdarlington@StriaLithium.com.
