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Medaro Mining Enters Into Agreement to Acquire James Bay Pontax Lithium Project
VANCOUVER, British Columbia, May 17, 2023 (GLOBE NEWSWIRE) -- Medaro Mining Corp. (CSE: MEDA OTC:MEDAF FWB:1ZY) (“Medaro” or the “Company”) is pleased to announ
About this update from Medaro Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 17, 2023 (GLOBE NEWSWIRE) -- Medaro Mining Corp. (CSE: MEDA OTC:MEDAF FWB:1ZY) (“Medaro” or the “Company”) is pleased to announce that it has entered into a share purchase agreement (the “SPA”) to acquire 100% of the issued and outstanding shares of 1411409 B.C. Ltd. (the “Target”), a company holding a 100% interest in the mining claims comprising the James Bay Pontax Project (the “Project”) in Quebec, Canada (the “Acquisition”). The Project is comprised of 101 mineral claims covering approximately 5,800 hectares (58 square kilometers) located in the heart of the Lithium-rich Eeyou Istchee James Bay Territory of Quebec. The Project is in a highly active prospective zone of James Bay Area, being situated 30 km south of Allkem Limited’s James Bay Lithium Project which has a published Mineral Reserve Estimate of 40.3Mt at 1.4% Li2O1. About 1 km west of the Project lies Stria Lithium Inc.’s (“Stria”) Pontax Project, which hosts the Pontax Lithium Showing that was drilled in Winter 2022/2023. The Pontax showing is made of a series of spodumene pegmatites. These pegmatitic dykes are aligned along the tectonic grain (NE-SW) and are hosted in the Chambois Greenstone Belt. The Project is also (i) located less than 6 km to the East of Patriot Battery Metals Inc.’s Pontax showing, on which sampling in 2018 returned an assay of 0.94% Li2O and Ta205 of 520ppm, (ii) located 6.5 km North of LiFT Power Ltd.’s Moyenne Project, and (iii) borders Brunswick Exploration Inc.’s, Anatacau West Project’s southern boundary for 10 km. Mineralization hosted on the adjacent properties is not necessarily indicative of the mineralization hosted on the Project. Figure 1: James Bay Pontax Region Map 1 Figure 2: Medaro James Bay Pontax Lithium Claims The Project is located in LaGrande Subprovince, close to the boundary with the Némiscau Subprovince. Both Subprovinces are separated by the Causabiscau Shearzone. The Project is underlain with granitoids of diverse composition within which are found dismembered volcanic units that could represent remnants of the Chambois Greenstone Belt. While the Project has not yet been prospected for lithium, anomalous Li values (up to 17.7 ppm Li) from a regional lake bottom sediment survey (Beaumier 1996)2 are reported on the Project. For comparative purposes, the highest...