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At closing, Medaro’s total portfolio in Quebec will contain 234 claims covering approximately 13,087 hectares.
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VANCOUVER, British Columbia, May 17, 2023 (Globe Newswire) — Medaro Mining Corp. (CSE: MEDA OTC: MEDAF FWB: 1ZY) (“Madero“or the”a companyannounce that it has entered into a share purchase agreement (“Spa”) to acquire 100% of the issued and outstanding shares of 1411409 BC Ltd. (“Goal”), a company with a 100% interest in the mining claims comprising the James Bay Pontax Project (“project) in Quebec, Canada (“acquisitionThe project consists of 101 mineral claims covering approximately 5,800 hectares (58 square kilometers) located in the heart of the lithium-rich Eau Estche-James Bay region of Quebec.
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The project is located in a highly active futures area in the James Bay area, 30 km south of Allkem Limited’s James Bay Lithium Project which has a published mineral reserve estimate of 40.3 Mt at 1.4% Li2O.1. About 1 km west of the project is Stria Lithium Inc. (“linesThe Pontax Project, which hosts the Pontax Lithium Show drilled in the winter of 2022/2023. The Pontax Show consists of a series of spodumene pegmatites. These pegmatite dikes are aligned along tectonic grains (NE-SW) and are hosted in the Chambois Greenstone Belt. The project is also (i) less than 6 kilometers east of Patriot Battery Metals Inc.’s Pontex of LiFT Power Ltd.’s Moyenne project, and (iii) borders Brunswick Exploration Inc. and the southern boundary of the Anatacau West project for 10 kilometers. The mineralization found in the neighboring properties is not necessarily an indication of the mineralization present in the project.
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Figure 1: James Bay Pontax 1 area map
Figure 2: Medaro James Bay Pontax Lithium claims
The project is located in the LaGrande sub-region near the border with the Némiscau sub-province. Both sub-provinces are separated from the Cozapisco-Cherzon region. Beneath it is a project of granites of various compositions within which there are dismembered volcanic units that may represent remnants of the Champois Greenstone belt.
While the project has not yet mined for lithium, anomalous Li values (up to 17.7 ppm Li) from a regional lake bottom sediment survey (Beaumier 1996)2 It is reported in the project. For comparison purposes, the highest Li value reported for Stria’s Pontax Property is 16.6 ppm Li. Most of these anomalous Li values are located in or near Lake Chambois. In addition, high-resolution satellite imaging shows an abundance of outcrops flanking the NE-SW and most notably in the surrounding Lake Chambois. The Hydro-Quebec power line runs through the center of the project where much of these outcrops were found, which could make them easier to access.
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Figure 3: Map of the James Bay Pontax area
Terms of the deal
In accordance with the SPA, Medaro has agreed to acquire 100% of the issued and outstanding shares of Target for (1) 1,200,000 ordinary shares in the share capital of the Company at a compelling issue price of $0.10 per share (“Shares vs(ii) a cash payment of $7,500 and (iii) a commitment to incur $150,000 in exploration expenses over twelve (12) months after closing.
The corresponding shares will be subject to resale restrictions, subject to being released in three equal tranches every four (4) months after the closing date of the acquisition.
The company will also pay out a $150,000 bonus to Target sellers (“Conditional cashIf, during the execution of the Exploration on the Project, the Company intersects five (5) interceptions of spodumene-bearing pegmatite blocks, with a grade of at least 1.20% Li2O over 1.5m minimum.
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Medaro CEO Michael Mulberry stated, “We are very excited to add such an important project to our portfolio of stable Medaro projects. The James Bay area of Quebec has proven to be an important area for spodumene exploration in pegmatites, as it has classified significant values of lithium carbonate and lithium. We believe that The discovery potential in the Pontax area is huge, as evidenced by the interest of many other serious exploration companies in the area. This will be an important asset for Midaro.”
qualified person
Isabelle Robillard, BG, “Qualified Person” for National Instrument Purposes 43-101 Standards for disclosure of mineral projectsHas reviewed and approved the scientific and technical information contained in this press release.
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References
1. ALLKEM LIMITED – NI 43-101 Technical Report Feasibility Study, James Bay Lithium Project, Quebec, Canada, January 11, 2022, by G. Mining Services Inc.
2. BEAUMIER, M. and KIROUAC, F. (1996). Color geochemical map series. Lake sediment sampling. Lake Nemiscau District, Quebec Ministry of Natural Resources, Quebec, MB 96-22, 33 p.
3. Figure 1 and 3 Source: https://strialithium.com/stria-lithium-reports-best-result-to-date-from-winter-drilling-at-pontax-property-9-27m-at-1-86-li2o-paves-way- -virgin-supplier-in-2023 /
On behalf of the Board of Directors
Michael Mulberry
CEO and Director
About company
The Company is a lithium exploration company headquartered in Vancouver, British Columbia, with options in the Darlene, Rapid, Lac Lamotte and CYR South lithium properties in Quebec and the Eurichson Uranium property in the Athabasca Basin in Saskatchewan. The Company is party to a joint venture agreement that engages the Company in the development and commercialization of a new process to extract lithium from spodumene concentrate.
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For more information, investors should review company filings available at www.sedar.com.
Forward-looking statements
This press release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including but not limited to, statements regarding future estimates, plans, programs, forecasts, expectations, goals, assumptions, expectations, or beliefs about future performance, including statements regarding the closing of an acquisition, exploration in a project, and the company’s hopes for the project These are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of the Company’s management based on the information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings the Company makes with securities regulatory authorities, that could cause actual results to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this release and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. unless required by applicable securities laws.
contact information
info@medaromining.com
778-837-7191
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