Discovery Lithium Announces LOI for Midex Resources Acquisition
Discovery Lithium Announces LOI for Midex Resources Acquisition

Discovery Lithium Announces LOI for Midex Resources Acquisition

  • 22-Mar-2024 2:30 PM
  • Journalist: Jung Hoon

On March 21, Discovery Lithium Inc. made public its intention to pursue the acquisition of Midex Resources, a Canadian lithium exploration company, through the signing of a letter of intent (LOI). This strategic move marks a significant step forward for Discovery Lithium, aiming to expand its foothold in the burgeoning lithium sector.

The proposed acquisition encompasses a comprehensive portfolio of projects owned by Midex Resources, namely Crescent Lake, Berens, Allison Lake, Case Lake, and Onion Lake. Together, these projects cover a vast expanse of 43,000 hectares nestled within established lithium-rich territories in Ontario, Canada.

Crescent Lake, nestled within the Seymour-Crescent-Falcon lithium belt, stands out as a promising prospect within an 8 km segment of the region that has yet to be thoroughly explored. Meanwhile, the Berens project holds considerable potential, situated along the Bearhead Lake Fault, a prominent geological structure known to host two significant lithium deposits. Additionally, the Allison Lake, Case Lake, and Onion Lake projects offer enticing opportunities as royalty-free grassroots prospects, awaiting further exploration and development.

It is crucial to emphasize that while the LOI represents a significant stride towards the acquisition, it remains non-binding at this stage. The finalization of the transaction is contingent upon the successful procurement of all requisite approvals from relevant regulatory bodies and stakeholders.

This initiative underscores Discovery Lithium's strategic vision to bolster its presence and capabilities within the lithium exploration and development landscape. Through the potential acquisition of Midex Resources and its diverse project portfolio, Discovery Lithium aims to strengthen its position as a key player in Ontario's burgeoning lithium sector.

Discovery Lithium Inc. is a Canadian exploration enterprise dedicated to the progression of mineral resource projects throughout North America. With a comprehensive portfolio, the company maintains full ownership of 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake, spanning approximately 164,283 hectares (equivalent to around 405,952 acres). These holdings are strategically situated in the Nunavik region of Northern Quebec. Additionally, Discovery Lithium Inc. possesses 303 mineral claims encompassing approximately 16,392 hectares (approximately 40,505.5 acres) across properties such as Route De Nord, Lac Belanger, Lac Ferland, and Lac Robertson, distributed across the northern and eastern regions of Québec. Notably, these properties include sites within the prolific lithium district of the James Bay region.

Moreover, the company is actively engaged in advancing its ESN Project, focusing on gold exploration in Nevada. Furthermore, it is currently evaluating the potential of the Koster Dam Project in Central British Columbia through a joint venture partnership with Cariboo Rose Resources. These endeavors underscore Discovery Lithium Inc.'s commitment to exploring and developing mineral resources across diverse geological terrains in pursuit of sustainable growth and value creation.

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