Stria Lithium reports promising assays from first at-depth drilling on Quebec Pontax property; depth of known mineralization doubles

Hole ID

Easting

Northing

RL

Azimuth

Dip

Depth

975-22-027

362939

5754676

250

325

-50

309

975-22-028

363023

5754731

248

325

-50

333

Hole ID

From (m)

To (m)

Length (m)

Depth (m)

True width (m)

Li2O %

975-22-027

143.00

143.75

1.50

101.12

0.96

0.87

155.96

156.75

1.47

110.28

0.94

1.16

180.54

181.35

2.30

125.41

1.51

1.79

197.64

198.50

2.59

137.29

1.70

0.60

204.42

205.12

1.38

142.00

0.91

1.01

227.59

228.59

4.30

158.10

2.82

1.08

239.84

240.84

3.00

166.61

1.97

2.38

247.11

248.11

9.21

171.66

6.04

0.94

268.19

268.91

3.00

182.91

2.02

0.79

279.70

280.32

1.24

190.75

0.83

0.68

976-22-028

173.82

174.55

1.48

129.17

0.89

2.07

180.60

181.44

2.58

134.21

1.55

0.93

188.70

189.50

1.60

140.23

0.96

1.54

194.32

195.00

5.72

144.41

3.44

0.96

242.10

243.00

1.80

179.92

1.08

1.04

267.45

268.20

2.25

195.60

1.39

1.08

300.15

301.00

13.30

212.24

8.55

2.51

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Diamond holes were completed by NQ-diameter diamond core drilling.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• QAQC samples were inserted in the sample runs, comprising lithium standards (CRM's or Certified Reference Materials) and sourced blank material

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

• Sampling was nominally at 1 m intervals however over narrow zones of mineralisation it was as short as 0.3m.

• Sampling practice is appropriate to the geology and mineralisation of the deposit and complies with industry best practice.

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

• Diamond core was drilled using surface diamond rigs with industry recognised contractors RJLL Drilling

• Drilling was conducted using NQ core size

• Directional surveys have been taken at 50m intervals

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval. Overall, the core recoveries are excellent with fresh rock from near surface

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

• Geological logging of core is qualitative and descriptive in nature.

The total length and percentage of the relevant intersections logged.

• 642 metres (100%) has been logged

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

• Core was cut in half, one half retained as a reference and the other sent for assay

• Samples were submitted to SGS preparation lab in Lakefield, Ontario.

• At Lakefield the samples are dried at 105°C, crushed to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns.

• Laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates.

• The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

• The samples were analysed at SGS Canada laboratory in Burnaby, BC.

• Industry standard assay quality control techniques were used for lithium related elements.

• The samples were homogenized and subsequently analysed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• None used

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

• Laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates.

• The company also submitted certified reference material and blanks with one in every 10 samples.

• Results for both met QAQC tolerances

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

• Verification was made by Cygnus Metals other professional consultant geologists.

The use of twinned holes.

• No drillholes were twinned

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• All data was received in electronic format has been reviewed, documented by IOS Services Geoscientifiques Inc, a professional exploration services company based out of Saguenay, Québec. The data has then been validated by Cygnus Metals and stored by the company

Discuss any adjustment to assay data.

• There were no adjustments to the assay data

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• The location of the drillholes and the aiming points for the orientation of the drillholes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model "GPSmap 62s" (4m accuracy)

Specification of the grid system used.

• The grid system used is UTM NAD83 (Zone 18)

Quality and adequacy of topographic control.

• Located with a Garmin hand held GPS model "GPSmap 62s"

Data spacing and distribution

Data spacing for reporting of Exploration Results.

• Reported drill holes are on 100m spaced sections and approximately 50m centres

• The spacing is considered appropriate for this type of exploration

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• No resource estimation is made.

Whether sample compositing has been applied.

• No sample compositing has been applied

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

• Drill lines are orientated approximately at right angles to the currently interpreted strike of the known outcropping mineralisation.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• No bias is considered to have been introduced by the existing sampling orientation. The drill holes are angled as close as possible to perpendicular to the mineralised structures. Mineralised intervals are reported as downhole lengths not true widths, with more drilling required to fully understand the structural complexity of the orebody

Sample security

The measures taken to ensure sample security.

• Core samples are logged at the 381 Roadhouse in James Bay before being trucked to the IOS Services Geoscientifiques laboratory in Saguenay, Québec

• Samples are then secured in poly weave sacks for delivery to the SGS in Lakefield, Ontario

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

• No sampling has been undertaken, therefore information on audits or reviews is not yet available

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The drillhole data reported within this announcement is from the Pontax Property with Cygnus Metals entering into a binding term sheet to acquire up to 70% of the Pontax Lithium Project from Stria Lithium Inc. Cygnus is currently earning into 51% of the property.

• The Pontax Property consists of 68 mining titles or cells designated on maps (CDC) for a total area of 3612.65 ha (36.13 km2). Cells or mining titles are duly registered in the name of Stria Lithium Inc. (GESTIM Plus identifier no. 96388) to 100%.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• There are no known issues affecting the security of title or impediments to operating in the area

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

• Limited exploration outside of the results reported by Cygnus Metals in this announcement and previous announcements has been conducted.

• What exploration that has been conducted includes mapping dating back to the 1970s

Geology

Deposit type, geological setting and style of mineralisation.

• The Pontax Project is hosted within the La Grande Subprovince of the world class Archean Superior Province of the Canadian Shield. The Project is located in the Chambois Greenstone which sits on the southern margin of a large granitic basement block with the Eastmain Greenstone Belt to the north. Like the other major greenstone belt hosted deposits in the region, the Chambois Greenstone Belt has been metamorphosed to upper greenschist to amphibolite facies with pegmatite hosted in a combination of metamorphosed basalts and metasediments bound to the north and south by the granitic basement

• Lithium within the area is hosted in spodumene bearing LCT pegmatite dykes hosted in amphibolite often forming multiple parallel dykes which individually are up to 15m thick. These dykes are vertically and laterally extensive

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

• easting and northing of the drill hole collar

• elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

• dip and azimuth of the hole

• down hole length and interception depth

• hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• All requisite drillhole information is tabulated elsewhere in this release. Refer Appendix A and B of the body text

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

• Drillhole intersections are reported above a lower cut-off grade of 0.8% Li2O and no upper cut-off grade has been applied.

Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• A minimum intercept length of 0.7m applies to the sampling in the tabulated results presented in the main body of this release. Up to 2m of internal dilution have been included.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

• No metal equivalent reporting has been applied.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

• The geometry of the pegmatite dykes appears to be vertical with intersections around 70% of true width when drilled from surface

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• Included elsewhere in this release. Refer figures 1 and 2 in the body text.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• All results greater than 0.8% LiO lower cut off have been reported

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• Mineralised intervals reported above can include up to 1.3m internal waste. This waste rock included within reported intervals sits between closely spaced pegmatite dykes.

• Two series of preliminary metallurgical test work have been conducted on the property. These tests aimed at demonstrating the amenability of the Pontax pegmatite ore to standard beneficiation techniques, was carried out in 2015/2016 at SGS laboratories in Lakefield, Ontario. Samples for variability and bulk testing were largely obtained from channel sampling of near surface and outcrop pegmatites from within the identified spodumene-bearing zones.

Further work

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• Cygnus Metals intends to drill test the depth and lateral extensions of the Pontax pegmatite swarm

• Diagrams in the main body of this document show the areas of possible extensions of the pegmatites

• All requisite diagrams are contained elsewhere in this release