Pontax River Lithium

Eastmain, Quebec

The Property consists of 104 mineral claims covering four blocks, totalling approximately 5,536 hectares (13,681 acres) near Eastmain, Quebec.

The Pontax River Lithium Property encompasses the southwestern portions of an approximately 100 km long belt of meta- volcanics, which may be considered part of the Eastmain River Volcanic Belt. The Eastmain belt is host to numerous gold occurrences, while the region is centrally located to a number of high profile lithium deposits (Galaxy Resources James Bay Deposit, Nemaska’s Whabouchi Deposit, and Critical Element’s Rose Deposit).

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The Property lies between 5 and 30 kilometres southwest of, and on trend, from Stria Lithium’s Pontax Lithium   Showing   (spodumene-bearing   pegmatite),   which  was  discovered   in  2007.  Stria  Lithium subsequently advanced the discovery with seven drill holes, returning a best intercept of 0.97% Li2O over21.0 m, including 1.43% Li2O over 13.0 m, from drill hole 09-555-05. The Company’s Pontax Property is  also  about  30  kilometres  south  of  the  James  Bay  Deposit,  which  is  reported  to  contain  indicated resources of 11.8 million tonnes (Mt) at 1.30% Li2O, and inferred resources of 10.5 Mt at 1.20% Li2O at a 0.75% Li2O cut-off (Galaxy Resources; Technical Report dated December 30, 2010).

The Property was acquired to follow up on several outcrops of white pegmatite that were identified during a gold and base metal exploration campaign along the Pontax Greenstone Belt in 1975. A review of high- resolution satellite imagery has identified the locations of historically defined pegmatite outcrops as well as indicating numerous other potential pegmatite occurrences not previously mapped.

In addition, the northernmost  part of the Property  covers pegmatite  outcrops identified  as tourmaline- bearing  pegmatite   during  a  1999  government   mapping   campaign.   These  pegmatite   outcrops   are approximately 1 kilometre away from a spodumene- and tourmaline- bearing pegmatite outcrop that was identified in the same regional mapping survey.

 

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In general, historic exploration of the Property for gold, lithium, and other commodities is considered minimal. Moreover, the Property has not been explored for lithium by any reported historic exploration campaigns.

Management  cautions  that past  results  or discoveries  on adjacent  properties  may  not necessarily be indicative to the presence of mineralization on the Company’s properties.

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