Stria Lithium Inc. (TSXV:SRA) reports positive results from initial mapping and outcrop sampling conducted by partner Cygnus Gold Ltd. (“Cygnus”) in October 2022 at the Company’s flagship Pontax Lithium property, located in west-central Eeyou Istchee James Bay (EIJB) Territory of northern Québec.
Definition drilling will continue over a regular grid on the main Pontax Central target with the objective of establishing a maiden mineral resource estimate by mid-2023. Activity in 2023 will be ramping up with three rigs headed to the site to replace the one rig that was drilling previously.
Highlights:
- During the fall (between October 20-31, 2022) mapping and prospecting programs conducted on the Pontax Lithium project revealed a series of pegmatite dykes located outside of the main Pontax spodumene pegmatite dyke prospect (“Pontax Central Target”). Ten (10) channels totalling 28 metres in length were cut across these dykes with a diamond saw and 19 samples, one metre in length each, were collected and submitted for assaying.
- Outcrop channel sampling* of a spodumene bearing pegmatite outcrop found 80 metres southwest and along strike of the Pontax Central target has returned 1.89% Li2O over an apparent width of 4.0 metres. This pegmatite extends to the edge of the local cover of fluvioglacial sediments suggesting potential for lateral continuity under cover (Figure 1). Cygnus plans to test the southwest extension of the spodumene pegmatite dyke swarm at the Pontax Central target as part of the ongoing 14,000 m drilling program.
- At the adjacent Pontax North target, mapping has revealed the presence of new spodumene-bearing pegmatites up to 5 metres wide at surface. Initial channel sampling* of three dykes from three outcrops returned anomalous Li2O grades of 0.53% Li2O over 3.0 apparent metres, 2.05% Li2O over 2.0 apparent metres and 0.41% Li2O over 1.0 apparent metre, respectively. These new pegmatites are parallel to those of the Pontax Central target, located approximately 100 metres to the northwest and are distributed over a northeast strike length of 160 metres (Figure 1). These occurrences will be tested by the ongoing drilling program.
- Anomalous tantalum results of up to 517 ppm Ta2O5 over 2.0 apparent metres were obtained in channel samples in a non-spodumene bearing pegmatite dyke, south-east of Pontax Central target. A total of nine (9) grab or chip samples from different outcrops also graded more than 100 ppm, and up to 531 ppm Ta2O5, most of which are from non-spodumene bearing pegmatite dykes, outside the Pontax Central target. Tantalum is the second metal of interest in lithium bearing (LCT) pegmatite, and is typically present in the 20-100 ppm range in Pontax Central lithium-bearing dykes. Its presence in non-lithium bearing dykes was unexpected, and it opens new exploration possibilities. Collectively, anomalous tantalum values were obtained in outcrops within a minimum 2.5 km long, northeast trending corridor near the Pontax Central target.
* Cautionary note: Channel samples are continuous segments cut with a diamond saw at the surface of outcrops. The measured lengths slightly overestimate the true thickness of the dykes.
Currently a winter road is under construction in anticipation to mobilize three land-based drill rigs and replace the current heli portable rig onsite at the Pontax lithium project.
As the drilling program in Pontax project aims to complete another 3 holes; our winter road construction is ongoing towards completion by end of January to mobilize 3 land-based drill rigs to the site. #TSXV $SRA#lithium #tesla #ASX #stock #investment #miningstocks #miningnews pic.twitter.com/HyX3GfINuP
— Stria Lithium Inc. (@StriaLithium) January 21, 2023
Definition drilling will continue over a regular grid on the main Pontax Central target with the objective of establishing a maiden mineral resource estimate by mid-2023. The drilling program also aims to step out from Pontax Central and test regional targets along strike and into Pontax North. Results from the drilling completed late last year are expected in late January.
Stria Lithium Pontax Asset Map
Lithium Pricing Remains at Decade Highs
According to Bloomberg, Lithium futures are gathering momentum as demand for EV battery metals surge. CME Group Inc.’s lithium contract is showing rising popularity since its 2021 inception as global stakeholders identified battery metals as key to the transition away from fossil fuels.
Even know lithium prices are up 10x from 2020, the fact they are still making new highs speaks to just how strong lithium demand remains vs available supply.
CME Lithium Price
Open interest in the lithium contract hit a record high of 473 contracts, and extends out to February 2024, according to data from the Chicago-based exchange.
Lithium prices have outperformed since 2021, with rapidly increasing EV sales causing consumption to double over the past two years. Suppliers were unable to keep up, causing a significant spike in the spot price of this essential battery metal.
Lithium prices are extremely attractive at these levels for producers, and sustained demand should make exploration projects all the more interesting.
Stria Sampling, analytical methods and QA\QC protocols
The fall 2022 mapping and prospecting program at the Pontax Lithium property was conducted jointly by Cygnus Gold Ltd. and IOS Services Géoscientifiques Inc. (IOS) geologists.
Grab samples were collected by a geologist directly on exposed outcrop with the use of a sledgehammer and chisel. Channel samples, one (1) metre in length each and approximately three (3) centimetres wide and three (3) centimetres deep, were collected across pegmatite dykes directly at the outcrop surface. Outcrop, channel, and sample positions were recorded with a sub-metre precision GPS device. Samples were shipped for assaying by road-carrier to SGS Canada Inc. facilities in Rouyn-Noranda. The samples were analyzed by ICP-AES (code GE-ICP91A50) or ICP-MS (code GE-IMS91A50) after sodium peroxide fusion.
Quality assurance and quality control procedures include insertion of approximately 20% of control materials, either blank, certified reference material (Oreas 147, Oreas 148, Oreas 149 and Oreas 236) and digestion duplicate, either by contractor or by the laboratory.
Stria Lithium is a market awareness client of Capital 10X.
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