Midas Minerals has expanded its portfolio by acquiring the Greenbush and Barbara Lake lithium projects in Ontario, Canada.

This move was facilitated through the exercise of an option deal dated 12 February 2023.

It marks a significant step for Midas in securing valuable lithium resources amid growing demand for the critical mineral.

The company completed the acquisition by paying C$65,000 ($48,198) in cash and granting a 1% net smelter return (NSR) royalty to the private vendor, 2060014 Ontario. Notably, Midas retains the right to buy back half of this NSR royalty for C$500,000 at any time.

The royalty agreement includes an area of interest clause that extends to 429 claims at Greenbush South, which Midas staked in 2023.

If Midas declares a mineral resource estimate on the projects with at least five million tonnes grading 1% Li2O or equivalent, an additional C$200,000 in cash will be payable to the vendor.

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By GlobalData

The Greenbush Project is situated just 12km east of Highway 599, about 95km north of Savant Lake and 70km south of Pickle Lake in the Thunder Bay district.

This project’s proximity to Green Technology Metals’ Root Lithium Project, 80km to the west, places it near the boundary between the English River and Uchi sub-provinces, an area known for its lithium potential.

Meanwhile, the Barbara Lake Project is positioned 35km north-east of Nipigon and nearly 130km north-east of Thunder Bay.

It is located within an active lithium province and surrounded by Imagine Lithium’s Jackpot Project, further highlighting the region’s significance in lithium exploration and development.

Midas managing director Mark Calderwood said: “Given the encouraging initial results we have received from these projects, including confirmation of the significant spodumene-bearing pegmatite at Greenbush, we have made the strategic move to acquire 100% of these projects for relatively modest consideration.

“The company will undertake further low-cost mapping and sampling in the upcoming field season with the aim of refining targets for drilling later in 2024.”