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.

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.

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.

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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.