MONTREAL, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the execution of a new option agreement with Brunswick Exploration Inc. (“Brunswick”) for lithium exploration on two properties wholly owned by Midland and located in the Eeyou Istchee James Bay region, Quebec. The two claim blocks, including Mythril and Elrond, total 513 claims covering a surface area of approximately 263 square kilometres.
Midland has granted to Brunswick the option to acquire exploration rights for critical minerals including lithium (excluding copper, nickel, zinc, lead, gold, silver, platinum and palladium) on these two properties.
Under this new agreement, Brunswick may acquire an initial 50% interest ("Option 1") in the Mythril property over a three-year period, at the following conditions:
Overall consideration of $500,000 payable according to the following schedule:
At closing: $25,000 in cash and $25,000 in shares;
1st anniversary: $50,000 in cash and $50,000 in shares;
2nd anniversary: $70,000 in cash and $70,000 in shares; and
3rd anniversary: $210,000 in shares;
Requirement to spend an amount of $1,500,000 in exploration expenditures according to the following schedule:
1st anniversary: amount of $300,000 firm, in exploration expenses;
2nd anniversary: additional amount of $300,000 in exploration expenses; and
3rd anniversary: additional amount of $900,000 in exploration expenses;
Option to earn an additional 35% undivided interest in the claims (the "Option 2") in the Mythril property over an additional two-year period, at the following conditions:
Aggregate consideration of $200,000 payable according to the following schedule:
1st Anniversary: $100,000 in cash or stock, at BRW's option;
2nd anniversary: $100,000 in cash or stock, at BRW's option;
Requirement to spend an additional amount of $2,000,000 in exploration expenditures, in cash or in shares, at BRW's option, according to the following schedule:
1st anniversary after exercising Option 1: amount of $1,000,000; and
2nd anniversary after exercising Option 1: additional amount of $1,000,000.
Brunswick would hold a right of first refusal on the 15% remaining interest held by Midland and Midland would not be required to participate in exploration and development expenditures until a mine is constructed to extract all metals or minerals except precious metals (gold, platinum, palladium and silver) and base metals (copper, zinc, nickel and lead).
The Eeyou Istchee James Bay region is currently the focus of an exploration rush for lithium pegmatites. One of the targeted properties is located 1.5 kilometres north of lithium pegmatites discovered on Corvette as reported by Patriot Battery Metals Inc. in a press release dated August 31, 2022, with drill intercepts including 1.65% Li2O and 193 ppm Ta2O5 over 159.7 metres.
Mineralization occurring on the Corvette project held by Patriot Battery Metals Inc. is not necessarily indicative of mineralization that may be identified on properties held by Midland discussed in this press release.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as Brunswick Exploration, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Probe Metals Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Development Corp.., SOQUEM Inc., Nunavik Mineral Exploration Fund, 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 the Corporation portfolio and generate shareholder value.
This press release was prepared by Mario Masson. P.Geo., VP Exploration for Midland and Qualified Person as defined by NI 43-101.
For further information, please consult Midland’s website or contact:
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.