The acquisition encompasses a 43,000-hectare (ha) land position across several projects in north-western Ontario. Credit: RHJPhtotos via Shutterstock.com.

Discovery Lithium, a Canadian exploration company, has signed an LOI to acquire a 100% interest in Midex Resources.

The LOI is non-binding, and the completion of the transaction is contingent upon the fulfilment of several conditions including the receipt of all necessary approvals, the execution of a definitive agreement and other standard conditions for a transaction of this nature.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The acquisition encompasses a 43,000ha land position across several projects in north-western Ontario, including Crescent Lake, Berens, Allison Lake, Case Lake and Onion Lake.

Notably, the Crescent Lake Project is located on-strike with Green Technology Metals’ flagship Seymour project, which contains resources of 9.9 million tonnes (mt) at a grade of 1.04% lithium oxide (Li₂O).

This transaction also includes the Berens Project, which lies along the same geological strike as Frontier Lithium’s Pak project.

See Also:

The Berens Project area includes the Bearhead Lake Fault, a significant geological feature that is the controlling structure for two lithium deposits – PAK and Spark – and several spodumene-bearing pegmatites.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The PAK deposit alone has probable reserves of 22mt at a grade of 1.55% Li₂O.

Frontier Lithium recently entered a joint venture with Mitsubishi Corporation aiming to develop the first fully integrated lithium operation in Ontario. This partnership underscores the region’s growing importance in the lithium market.

The remainder of Midex’s portfolio includes three grassroots opportunities in Ontario’s highly prospective regions. These projects, acquired through staking, are free from any royalties, offering additional value to the acquisition.