Discovery Lithium, a Canadian exploration company, signed a letter of intent (LOI) to acquire a 100% interest in Midex Resources, another Canadian lithium exploration company.
Discovery Lithium would acquire a 43,000-hectare land position in known lithium-bearing pegmatite fields with resources within northwestern Ontario, including the Crescent Lake Project. The Crescent Lake property is located in the Seymour-Crescent-Falcon lithium belt, an area which is seeing recent exploration successes by Green Technology Metals (GT1) and Battery Age Minerals (BM8).
The Midex Berens Project is situated along the same geological strike as Frontier Lithium Inc’s Pak project. Frontier Lithium 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 and several additional spodumene-bearing pegmatites.
“This acquisition will bolster the project portfolio with an outstanding set of spodumene lithium projects in one of the best mining jurisdictions in Canada” stated Company President and CEO, Mr. 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. Discovery Lithium remains well positioned to build value for its shareholders on its lithium projects in Ontario and Quebec.”
