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Stria Lithium Terminates Option Agreement on the Pontax II Property
(TheNewswire) Ottawa, ON – TheNewswire - June 06, 2024 - Stria Lithi...
About this update from Stria Lithium Inc.
[{"type":"text","content":"Stria Lithium Terminates Option Agreement on the Pontax II Property\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Ottawa, ON –\n \n \n TheNewswire -\n \n \n June 06, 2024 - Stria Lithium Inc. (TSXV:\nSRA) (“Stria” or the “Company”)\n \n \n \n \n \n \n announces its decision to discontinue its\nacquisition of the Pontax II property, located in the James Bay region\nof Quebec, pursuant to the two mineral property acquisition agreements\ndated April 24, 2023 and May 1, 2023 respectively.\n \n \n \n \n The decision follows a comprehensive evaluation of the\nproperty, which was aimed at identifying lithium deposits and\ninvestigating high tantalum till samples previously collected. In the\nsummer of 2023, Stria conducted an initial exploration program on the\nPontax II property. The program involved the collection of grab\nsamples, which were subsequently assayed by ALS Laboratory in Val\nD’or as well as for their mineralogical content by IOS Services\nGéoscientifiques in Saguenay. Unfortunately, the assay results did\nnot confirm the presence of spodumene in submitted pegmatites and\ngranitoids.\n \n \n \n \n Given the current challenging capital markets, the\nCompany has determined that it is not efficient or economically viable\nto continue investing in the Pontax II project. Consequently, Stria\nhas opted to discontinue the option and forgo the second tranche of\npayments, referred to as the Transfer Payment in the mineral property\nacquisition agreements, and expenditures required to maintain the\nproperty. This strategic decision will allow the Company to focus its\nresources on other more promising and affordable lithium projects\nwithin the region.\n \n \n \n \n Dean Hanisch, Stria’s CEO, commented,\n \n \n \"While the initial results from the\nPontax II property were not what we hoped for, our commitment to\ndiscovering and developing high-potential lithium projects remains\nsteadfast. By reallocating our resources, we can better pursue\nopportunities that offer a higher likelihood of success and create\ngreater value for our shareholders.\"\n \n \n \n \n Stria Lithium remains dedicated to its mission of\nadvancing the lithium industry and contributing to the global supply\nc...