Stria Lithium acquires additional Mineral Properties

By
Duane Hope
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Stria Lithium Inc. (TSXV:SRA) (OTC:SRCAF) announced it has successfully entered a definitive option agreement to acquire 100% ownership of two key mineral properties close to its Pontax Project in the lithium-rich Eeyou Istchee James Bay Territory of Québec, Canada.

The two properties more than double the size of Stria’s resource assets in the area, and include more than 104 individual claims totalling 5,535 hectares (55 square kilometres) on strike with Stria’s existing Pontax Project along the prospective Chambois 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) Pontax project, and south of Brunswick Exploration (BRW.V). The properties are also close to the Némiscau-LaGrande boundary zone in a geological environment similar to the nearby Allkem James Bay Lithium project0 with a published Mineral Reserve Estimate of 40.3Mt at 1.4% Li2O.

The region, known as the Canadian “Lithium Triangle,” is one of only a few known sources of lithium available for hard rock mining in North America. In addition, the two properties recently acquired by Stria are accessible by the major paved highway connecting the James Bay region to Quebec’s industrial and urban areas to the south. They are also close to an industrial powerline and commercial accommodation.

A winter drilling program was recently completed on its Pontax 1 property, and early assays include up to 9.27m (true width) at 1.86% Li2O. The results to date confirm the potentiality of the deposit to host significantly wide and rich spodumene dykes at depth, and the completion of the drilling program paves the way for a Maiden Resource in 2023.

Stria’s successful 100% option of these two key properties and their 104 claims represents an exciting leap forward in our strategic plan to expand our reserves in the area, building on the positive results of the recent winter drilling program at Stria’s Pontax 1 (Central) project. The proximity of all three properties also allows us to capitalize on our experience, expertise and resources from Pontax 1 (Central), creating economies of scale and opportunities to expedite exploration and development at all of Stria’s rapidly expanding assets in the area.Dean Hanisch, CEO, Stria Lithium

Transaction Details

The latest mineral property acquisitions named Pontax 2 are being financed entirely from Stria’s cash reserves.

Stria has purchased two sets of adjacent claims as follows ($CAD):

 CLAIMS 1 (Private Stakeholder) 

Phase I:

  • 55 mineral claims totalling 2,927 hectares. o Payment of $75,000 plus 300,000 common shares of Stria Inc. on closing o Stria’s investment of at least $50,000 in work on the property within 14 months of closing, with a minimum $30,000 registered with the government
  • On or before 14 months, at Stria’s option to proceed…

Phase II:

  • Payment of $187,500 plus 1,125,000 common shares of Stria
 CLAIMS 2 (Vior Inc.) 

Phase I:

  • 49 mineral claims totalling 2,609 hectares
  • Payment of $50,000 plus 200,000 common shares of Stria Inc. on closing
  • Stria’s investment of at least $42,000 in work on the property within 14 months of closing with a minimum $30,000 registered with the government
  • On or before 14 months, at Stria’s option to proceed…

Phase II:

  • Payment of $125,000 plus 750,000 common shares of Stria

Figure 1: New Project – Pontax 2 property

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