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Cygnus Metals Limited has achieved the first payment milestone under its earn-in agreement for the Pontax Lithium Project with Stria Lithium Inc., earning 51% of the project.
The C$2 million due for this milestone will be paid in Cygnus ordinary shares, contributing to a positive cross-ownership agreement between the two entities.
With this payment settled in shares and $5.4m cash at bank, Cygnus is well funded for their upcoming summer exploration program at their lithium projects in James Bay, Quebec, with a maiden Mineral Resource for Pontax expected late July / early August.
First desktop studies of the Sakami Lithium Project, located 44km from Patriot Battery Metals’ Corvette Project, have identified multiple pegmatite targets. Exploration with airborne magnetics, LiDAR, and high-resolution orthophotography is set to start in August.
The project, which has had no previous lithium exploration, has major potential for discovery. Highly experienced consultants Dahrouge Geological are engaged for initial mapping and prospecting, supported by senior Cygnus personnel.
Infrastructure-wise, Sakami is conveniently located close to Hydro Quebec powerlines and the Tran-Taiga highway. Other developments include a maiden JORC Resource release for the Pontax Project and resuming drilling for the Auclair Project in August.
Rock chip results of up to 3.3% Li2O, 80m south-west of Pontax Central, expand the known strike length to 700m, remaining open in all directions.
At the adjacent Pontax North target, rock chips over a large surface area revealed spodumene-bearing pegmatites with high grade results of 2.5% Li2O, 1.4% Li2O and 1.3% Li2O, confirming the potential for a replication of Pontax Central to the north.
Previously announced drilling by Cygnus has already doubled the known depth of the mineralisation at Pontax Central to 230m.