Midland Amends Its Lithium Option Agreement With Rio Tinto With the Addition of the Wookie Project
23 Aprile 2024 - 1:30PM
Midland Exploration Inc. (
“Midland”)
(
TSX-V: MD), is pleased to announce the execution
of an amended option agreement on April 22, 2024 (the
“
Option Agreement”) with Rio Tinto Exploration
Canada Inc. (“
RTEC”) and the addition of the
Wookie project to the option agreement signed with RTEC in June
2023 (see press release by Midland dated June 14, 2023). The Wookie
project is located in Eeyou Istchee James Bay area. The amended
option agreement now consists of eleven (11) projects totalling
2,208 claims covering a surface of about 1,139 square kilometres.
These projects include Galinée, Corvette, Mythril East, Chisaayuu,
Moria, Shire, Komo, Warp, Sulu, Picard and Wookie (the
“
Properties”).
Highlights:
- Addition of the Wookie
project to the option agreement with RTEC;
- Additional $1,5M of
expenditures for the initial 50% and $4,0M for 70% interest, with
additional $100,000 cash payment upon execution and another
$250,000 over a 4-year period.
Under the amended Option Agreement, RTEC may
acquire an initial 50% interest (the “First
Option”) in the Properties over a period of five (5)
years, subject to the following conditions:
- Additional cash payment of $100,000
within 45 days of the amendment execution and additional cash
payment of $250,000 over a 4-year period.
- Additional exploration expenditures
of $1,500,000 for a new total of $16,000,000, including a firm
commitment to spend not less than $2,000,000 in the first 18 months
following the lifting of the wildfire restrictions in Quebec last
August 2023.
After acquiring an initial 50% interest, RTEC
will have the option to increase its interest in the Properties to
70% (the “Second Option”) over a period of five
(5) years following the exercise of the First Option, subject to
the following conditions:
- Additional exploration expenditures of $4,000,000 for a new
total of $54,000,000.
The Properties are wholly-owned by Midland and
all located within he Eeyou Istchee James Bay region, Quebec. RTEC
will act as project operator under the Option Agreement during the
First Option period and the Second Option period.
The signing of the amended option agreement
follows a new evaluation of the lithium potential of the Wookie
project and its favorable geological context. The Wookie project is
located within the La Grande geological subprovince of the
lithium-rich Eeyou Istchee James Bay region, which hosts most of
the lithium deposits, including deposits such as Corvette (Patriot
Battery Metals Inc.), James Bay Lithium (Arcadium Lithium),
Whabouchi (Nemaska Lithium), and Adina (Winsome Resources), among
others.
The Wookie project consists of 188 claims and is
located about 40 kilometres north-northwest of the James Bay
Lithium deposit. The Wookie project is underlain by a lower
Amphibolite facies metamorphosed bedrock, recognized to be the most
favorable metamorphic facies for lithium pegmatites worldwide.
Furthermore, most of the lithium deposits in the Eeyou Istchee
James Bay area are found in pegmatites emplaced within mafic
volcanic or intrusive rocks units. The Wookie project covers more
than twenty (20) square kilometers of mafic volcanic rocks that
have not been extensively explored for lithium. Finally, several
historical Quebec government rock samples of pegmatites collected
close to the project have returned anomalous tantalum, cesium and
rubidium values. While these samples were not analyzed for lithium,
this element suite is strongly suggestive of favorable LCT
(lithium-cesium-tantalum) pegmatites. The favorable environment is
strengthened by the discovery of a spodumene pegmatite that
returned up to 3.9% Li2O (selected grab sample) by Quebec Precious
Metals Corporation near the Wookie project (see press release by
Quebec Precious Metals Corporation dated January 18, 2024).
An initial summer exploration program is
currently being planned and will include prospecting and geological
mapping combined with a LiDAR survey.
An initial drill program targeting some new
lithium showings is also currently in progress on the Galinée
project.
All amounts are in Canadian Dollars, unless
otherwise advised.
Cautionary statements
Grab samples are selective by nature and may not
be representative of mineralized zones.
Lithium mineralization occurring at deposits
mentioned in this press release is not necessarily indicative of
mineralization that may be intersected on projects held by Midland
and mentioned in this press release.
About Midland
Midland targets the excellent mineral potential
of Quebec to make the discovery of new world-class deposits of gold
and critical metals. Midland is proud to count on reputable
partners such as RTEC, BHP Canada Inc., Barrick Gold Corp.,
Wallbridge Mining Company Ltd, Probe Gold Inc., Agnico Eagle Mines
Limited, Electric Element Mining Corp., SOQUEM Inc., Brunswick
Exploration Inc., Nunavik Mineral Exploration Fund, Cosmos
Exploration Limited and Abcourt Mines Inc. Midland prefers to work
in partnership and intends to quickly conclude additional
agreements in regard to newly acquired properties. Management is
currently reviewing other opportunities and projects to build up
Midland’s portfolio and generate shareholder value.
Qualified Person and Chief Geologist
Jean-François Larivière, P. Geo, Ph. D, prepared this press release
and verified the Galinée project data as Midland’s qualified person
(QP) within the meaning of National Instrument 43-101.
For further information, please consult
Midland’s website or contact:
Gino Roger, President and Chief Executive OfficerTel.:
450 420-5977Fax: 450 420-5978Email:
info@midlandexploration.comWebsite:
https://www.midlandexploration.com/
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release may contain forward-looking
statements that are subject to known and unknown risks and
uncertainties that could cause actual results to vary materially
from targeted results. Such risks and uncertainties include those
described in Midland’s periodic reports including the annual report
or in the filings made by Midland from time to time with securities
regulatory authorities.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/bd1fc6db-bd22-48a2-9ce4-070bd90c6bb3
https://www.globenewswire.com/NewsRoom/AttachmentNg/c97c97c3-88d7-415b-bb1b-305df69d06c7
Grafico Azioni Midland Exploration (TSXV:MD)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Midland Exploration (TSXV:MD)
Storico
Da Dic 2023 a Dic 2024