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Medaro Mining Adds to Quebec Portfolio with Option to Acquire 100% of Rapide Li-Be Property in Quebec
VANCOUVER, British Columbia, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY) (“Medaro” or the “Company”), a multi-face
About this update from Medaro Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY) (“Medaro” or the “Company”), a multi-faceted venture aimed at developing innovative spodumene processing technology concurrent with its lithium focused exploration in Canada, is pleased to announce that it has entered into an option agreement (the “Agreement”) to acquire a 100% interest in and to the Rapide Li-Be property (the “Option”) in northwestern Quebec, Canada (the “Rapide Property”). The Rapide Property is composed of 32 mineral claims covering approximately 1,800 hectares located in a very active hard rock lithium pegmatite area in the prolific mining area of Abitibi, Quebec, 80 kilometers southwest of the city of Val-d’Or. With the addition of the Rapide Property’s 32 mining claims, the Company is substantially increasing its footprint in the province of Quebec. These additional claims are complementary to the Company’s existing mineral assets in Quebec. There are several historical and currently active lithium and molybdenum prospects/mines in the Abitibi region, in close proximity to the Rapide Property. Some of the important prospects/mines are: North American Lithium; Authier Lithium owned by Sayona Mining of Australia; Valor Lithium; and Tansim Lithium project. All of these projects are in various stages of exploration and development. The Rapide Property’s exploration work program will include ground truthing of historical work, further prospecting to explore lithium bearing pegmatites and other type of mineralization, geological and structural mapping to understand control of mineralization, trenching and sampling. Pursuant to the Agreement, the Company will acquire a 100% interest in and to the Rapide Property by (i) making aggregate cash payments of $160,000 over the first three years of the Agreement; (ii) issuing an aggregate of 350,000 common shares of the Company over the first three years of the Agreement; and (iii) incurring an aggregate of $800,000 in exploration expenditures on the Rapide Property over the first three years of the Agreement. The share issuances, cash payments and exploration commitments gradually increase over the term of the Agreement. Upon exercise of the Option by the Company, the optionor will retain a 2.0% net smelter returns royalty on the Rapide Property, 1.0% ...