Cygnus strikes binding agreement under which it can earn up to 70% of the Pontax Lithium Project in Quebec, Canada
Advancing the Pontax Lithium Project. (Credit: Анатолий Стафичук from Pixabay)
Cygnus Gold (ASX: CY5) is pleased to announce that it has entered into a binding agreement which gives it an exclusive option to acquire up to 70 per cent of the Pontax Lithium Project in Quebec, Canada.
Pontax is an outstanding opportunity for Cygnus to create value for its shareholders because high-grade lithium spodumene has already been established through drilling and there is immense scope to continue growing the mineralisation through exploration.
Pontax has spodumene-hosted LCT pegmatites with limited diamond drilling returning numerous high-grade lithium intersections from outcropping mineralisation. Mineralisation at Pontax remains open along strike and at depth with multiple walk-up drill targets.
Through an earn-in agreement with Stria Lithium Inc. (”Stria”), the Company is planning a systematic exploration program on the property with diamond drilling to start in Q4. The Company plans to complete resource definition and step out drilling over the next six months.
This agreement represents a unique opportunity for Cygnus to unlock potential in a world-class lithium province, underpinning its transition to a diversified global battery metals explorer.
The Pontax Lithium Project has been acquired due to the potential to host a substantial lithium Resource. The Project covers 36km2 located in the prolific Superior Province of Quebec, with the James Bay region one of the most endowed lithium terranes in the world, even though only minimal modern exploration has been seen over the past 20 years.
Source: Company Press Release