Ottawa, ON – TheNewswire - March 27, 2023 – Stria Lithium Inc. (TSXV:SRA) (OTC:SRCAF) (“Stria” or the “Company”) an emerging resource exploration company developing Canadian lithium reserves, is pleased to announce the latest assay results from its Pontax lithium property in Quebec, indicating the deposit extends at depth over the known strike length.

Assays include up to 3.99 m (true width) at 1.62% Li2O, extending the deposit at depth over most of the strike length of the surface exposure of the dyke swarm. The assay results are from four holes drilled in December, 2022. Since then, an aggressive drill program with three fulltime rigs has completed another 23 holes totalling 7177.45 metres, and for which assays are pending with more planned in the coming weeks.

The latest results confirm the continuation of the spodumene-bearing dykes swarm to a minimum vertical depth of 200 metres over a 500 metres confirmed strike length. Assays include up to 3.99m (true width) at 1.62% Li2O, extending the deposit at depth over the known strike length. 

The drilling program at Stria’s Pontax property in the Eeyou Istchee James Bay (EIJB) Territory of Québec, Canada, is being financed and conducted by Stria’s project partner, Cygnus Gold Ltd. of Australia, and 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.

Dean Hanisch, CEO of Stria Lithium, said today: “We are extremely pleased with these results from the fall drill program at our Pontax property as they clearly demonstrate the continuity of mineralization at depth. The results are consistent with commercial pegmatite dyke swarms in the region, and we look forward to announcing the many more assay results currently being processed.”

The most significant intersection results from each of latest drill holes include:

• DDH975-22-026: 2.23m (true width*) @ 2.8% LiO** from 107.0m to 110.3m. core length 

• DDH975-22-029: 3.99m (true width*) @ 1.6% LiO** from 150.9m to 157.4m. core length 

• DDH975-22-031: 1.72m (true width*) @ 1.37% LiO** from 132.2m to 134.8m core length 

• DDH975-22-032: 6.62m (true width*) @ 1.65% LiO** from 264.0 m to 267.9m core length 

* True thickness, according to the dyke dip and drill hole plunge at the loci of the intersection.

** Weighted average using a cut-off grade of 0.5% Li2O, excluding lithium bearing wallrock (FeO > 5%), a minimum true thickness of 1.0 metre, no external dilution, and wallrock internal dilution set at 0% Li2O.

*** Interval calculations consistent with criteria in previous Stria communications, and may show minor deviations in interval lengths and grades from those reported by Cygnus Metals on March 20th, 2023, based on slightly different parameters.

Drilling was conducted by RJLL Drilling Inc. from Rouyn-Noranda, and supervised by IOS Services Geoscientifiques Inc., using a single heliportable rig last fall until the construction of a 37-km winter road was completed and two more rigs were put into service. Collar locations were measured with a sub-metre precision GPS device, while downhole deviation was measured with the use of a Reflex device. Core, NQ in diameter, has been logged on site and expedited by road carrier to IOS facilities in Saguenay for sampling and storage. Core samples were cut in half with a diamond saw, tagged and bagged to be shipped to the SGS Lakefield laboratory by road carrier for preparation. A total of 300 core samples were crushed (75% <2mm) and pulverized (85% <75μm). Assaying has been conducted by SGS Burnaby with the use of ICP-OES and ICP-MS after sodium peroxide fusion (GE_ICM91A50). SGS-Canada is an ISO/IEC 17025 accredited laboratory. Quality control has been monitored by an IOS certified chemist through the insertion of 12 sample blanks, 11 preparation blanks, 8 certified reference material Oreas-147, 10 certified reference material Oreas-148, and 8 certified reference material Orea-149, for a total of 49 insertions (16%).

Figure 1: Plan view of Pontax Central with the location of all drilling to date, highlighting recent results with section locations.

About Stria Lithium

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

Lithium is a rare metal and an indispensable component of rechargeable lithium-ion batteries, one of the safest and most efficient energy storage technologies available today, used in everything from cell phones and power tools to electric cars and industrial-scale energy storage for renewable power sources such as wind and solar generation.

Stria’s Pontax Lithium Project covers 36 square kilometres, including 8 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 from hardrock mining in North America. 

Stria’s Pontax property is situated close to an industrial powerline and a major paved highway connecting to Quebec’s industrial heartland.    

As momentum builds for the green energy revolution and the shift to electric vehicles, governments in Canada and the U.S. 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.

Cygnus Gold is committed to fully funding and managing the current two-stage exploration and drilling program up to $10 million at Stria’s Pontax property, and will also pay Stria up to $6 million in cash. In return, Cygnus may acquire up to a 70% interest in the property.

Stria is committed to exceeding 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 an exciting project with 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 Réjean Girard, P.Geo and president of IOS Services Geoscientifiques Inc, a qualified person as defined under National Instrument NI-43-101.

For more information about Stria Lithium and the Pontax Lithium project, please visit https://strialithium.com

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For more information on Stria Lithium Inc., please contact:

Dean Hanisch

CEO Stria Lithium

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Investors Relations, Stria Lithium Inc.

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Cautionary Note Regarding Forward-Looking Information 

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. 

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Please refer to the risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. 

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.  

APPENDIX A – Drillholes with Results

Coordinates given in UTM NAD83 (Zone 18)

APPENDIX B – Significant Intercepts

Significant intersections use a cut-off grade of 0.5% Li2O in pegmatite, no external dilution and internal dilution from wallrock accounted as 0%. Intercept lengths may not add up due to rounding to the appropriate reporting precision.  

 APPENDIX C – Cross-sections 

Cross sections E, G, H and J, though Pontax Central looking towards the NE, showing the currently released drillholes completed by Cygnus with intervals plus historic or pending drillholes with spodumene dyke locations. Interval length expressed as true dyke thickness.