Category

Countries

Midas Secures Ownership of Two Lithium Ventures in Ontario, Canada
Midas Secures Ownership of Two Lithium Ventures in Ontario, Canada

Midas Secures Ownership of Two Lithium Ventures in Ontario, Canada

  • 06-Feb-2024 4:48 PM
  • Journalist: Robert Hume

Midas Minerals has broadened its investment portfolio with the acquisition of the Greenbush and Barbara Lake lithium projects in Ontario, Canada. This strategic move, facilitated through an option deal dated 12 February 2023, signifies a pivotal advancement for Midas in securing valuable lithium reserves amidst the escalating demand for this critical mineral.

Finalizing this acquisition required Midas to pay C$65,000 ($48,198) in cash and provide a 1% net smelter return (NSR) royalty to the private vendor, 2060014 Ontario. Importantly, Midas retains the option to repurchase half of this NSR royalty for C$500,000 at any given time. Notably, the royalty agreement encompasses an area of interest clause that extends to 429 claims at Greenbush South, which Midas staked in 2023.

Moreover, should Midas declare a mineral resource estimate on the projects, indicating a minimum of five million tonnes grading 1% Li2O or equivalent, an additional C$200,000 in cash will be payable to the vendor.

The Greenbush Project is strategically located a mere 12 kilometers east of Highway 599, approximately 95 kilometers north of Savant Lake, and 70 kilometers south of Pickle Lake in the Thunder Bay district. Its proximity to Green Technology Metals’ Root Lithium Project, positioned 80 kilometers to the west, places it in close proximity to the boundary between the English River and Uchi sub-provinces, renowned for their lithium potential.

On the other hand, the Barbara Lake Project is situated 35 kilometers northeast of Nipigon and nearly 130 kilometers northeast of Thunder Bay. Nestled within an active lithium province and surrounded by Imagine Lithium’s Jackpot Project, this location underscores the region's significance in lithium exploration and development endeavors.

Looking ahead, Midas Minerals plans to conduct additional low-cost mapping and sampling activities during the forthcoming field season. These efforts aim to refine targets for drilling initiatives scheduled for later in 2024.

Midas Minerals is a junior mineral exploration firm primarily concentrated on lithium and gold ventures. Midas Minerals is an exploration company focusing on precious metals and critical minerals, boasting projects in both Western Australia and Canada.The board of Midas has a commendable history of creating value for shareholders by uncovering mineral deposits, advancing mine development projects, and elevating microcap explorers into thriving ASX 100 – ASX 300 enterprises. The company possesses numerous advanced exploration ventures in Western Australia and Ontario, Canada. Leveraging their vast expertise in lithium, the team is actively seeking to expand the portfolio by acquiring additional lithium projects.

Related News

Lithium South Enhances Production Well Drilling Program
  • 19-Apr-2024 2:31 PM
  • Journalist: Emilia Jackson
Vulcan Achieves Milestone: Europe's First Green Lithium Chloride Production
  • 15-Apr-2024 5:02 PM
  • Journalist: Rene Swann
Strategic Review Backs Expansion of Production at North American Lithium
  • 10-Apr-2024 2:27 PM
  • Journalist: Peter Schmidt
Dynamic Metals Secures AU$20M Joint Venture Agreement with MinRes
  • 06-Mar-2024 6:14 PM
  • Journalist: Patrick Knight