Discovery Lithium to Acquire Private Lithium Explorer Midex Resources
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Canadian exploration company Discovery Lithium has signed a letter of intent (LOI) to acquire a 100 percent interest in Midex Resources, a Canadian lithium exploration company.
“This acquisition will bolster the project portfolio with an outstanding set of spodumene lithium projects in one of the best mining jurisdictions in Canada” said Discovery Lithium President and CEO, Michael Gheyle.
“Both the Berens and Crescent Lake targets are on strike and adjacent to known lithium deposits and in highly prospective ground. A combination of historical drilling and early-stage exploration indicates the presence of spodumene pegmatites at surface and we are excited to get to work,” added Gheyle.
HIGHLIGHTS
• Discovery Lithium to acquire 43,000-hectare land position in known li-bearing pegmatite fields with resources within northwestern Ontario.
• Crescent Lake Project is on-strike with Green Technology Metals’ flagship Seymour project.
• Berens Project is situated along the same geological strike as Frontier Lithium’s Pak project. Frontier Lithium has recently signed a joint venture agreement with Mitsubishi Corporation to advance the first fully integrated lithium operation in Ontario, Canada.
• Berens Project encompasses the highly prospective Bearhead Lake Fault, which serves as a controlling structure for two lithium deposits and several additional spodumene-bearing pegmatites.
• The Bearhead Lake Fault is the controlling structure for two lithium deposits (PAK and Spark) and several additional spodumene-bearing pegmatites, with the PAK deposit boasting probable reserves of 22Mt grading 1.55 percent Li2.
Midex is led by CEO David Jamieson, who has established a team of experts to build Midex into a leading private exploration company. Discovery Lithium and Midex expect additional synergies to be created through the proposed transaction by strengthening both the team and property portfolio of Discovery Lithium. Following the completion of the transaction, key members of Midex are expected to join the company adding further technical expertise and first-hand knowledge of these geological ecosystems in Ontario.
The LOI is non-binding, and completion of the transaction is subject to the receipt of all necessary approvals and the satisfaction of a number of conditions, including the entering into of a definitive agreement and other customary conditions for a transaction of this nature.
Discovery Lithium is a Canadian exploration company focused on advancing mineral resource projects in North America. The company holds a 100 percent interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake located in the Nunavik region of Northern Quebec, and with a further total of 303 mineral claims comprising approximately dentified as the Route De Nord, Lac Belanger, Lac Ferland, and Lac Roberston properties located across the northern and eastern regions of Québec including the prolific lithium district of the James Bay region. Additionally, the company is actively advancing its ESN Project for gold exploration in Nevada and evaluating the Koster Dam Project in Central British Columbia through a joint venture with Cariboo Rose Resources.
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