Discovery Lithium, a Canadian exploration company, has signed a letter of intent to acquire a 100% interest in Midex Resources, a Canadian lithium exploration company.

Discovery Lithium will acquire a 43,000-hectare land position in known lithium-bearing pegmatite fields in northwestern Ontario.

The Midex portfolio comprises five projects. The Crescent Lake Project is on-strike with Green Technology Metals’ flagship Seymour project, which hosts resources of 9.9 Mt grading 1.04% Li₂. The 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 to advance the fully integrated lithium operation in Ontario, Canada. The Allison Lake, Case Lake and Onion Lake Projects provide development opportunities in highly prospective regions of Ontario.

The Berens Project encompasses the Bearhead Lake Fault, which serves as a controlling structure for two lithium deposits and several additional spodumene-bearing pegmatites.

“This acquisition will bolster the project portfolio with a set of spodumene lithium projects in one of the best mining jurisdictions in Canada,” said Michael Gheyle, CEO of Discovery Lithium. “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.”

Source: Discovery Lithium