Discovery Lithium to Acquire Private Lithium Explorer Midex Resources

Company targets acquisition which includes prospective lithium project in another prominent Canadian mining landscape

VANCOUVER, British Columbia, March 21, 2024 (GLOBE NEWSWIRE) -- Discovery Lithium Inc. (CSE: DCLI) (OTCQB: DCLIF) (FRA: Q3Q0) (WKN: A3EFKA) (the “Company,” or “Discovery Lithium”), a Canadian exploration company focused on advancing domestic energy freedom through regional lithium discovery, is pleased to announce that the Company has signed a letter of intent (“LOI”) to acquire a 100% interest in Midex Resources, a Canadian lithium exploration company.

Highlights

• LOI to acquire 100% ownership of Midex Resources.
• Discovery Lithium to acquire 43,000-hectare land position in known li-bearing pegmatite fields with resources within northwestern Ontario.
• Crescent Lake Project is on-strike with ASX-listed Green Technology Metals flagship Seymour project which host resources of 9.9 Mt grading 1.04% Li₂O. ^1,2
• Berens Project is situated along the same geological strike as TSX-listed Frontier Lithium Inc’s Pak project. Frontier Lithium has recently signed a joint venture agreement with Mitsubishi Corporation to advance the first fully integrated lithium operation in Ontario, Canada.
• Berens Project encompasses the highly prospective Bearhead Lake Fault, which serves as a controlling structure for two lithium deposits and several additional spodumene-bearing pegmatites. ³
• The Bearhead Lake Fault is the controlling structure for two lithium deposits (PAK and Spark) and several additional spodumene-bearing pegmatites, with the PAK deposit boasting probable reserves of 22Mt grading 1.55% Li₂O. ^1,3

“This acquisition will bolster the project portfolio with an outstanding set of spodumene lithium projects in one of the best mining jurisdictions in Canada,” stated Company President and CEO, Mr. Michael Gheyle. “Both the Berens and Crescent Lake targets are on strike and adjacent to known lithium deposits and in highly prospective ground. A combination of historical drilling and early-stage exploration indicates the presence of spodumene pegmatites at surface and we are excited to get to work. Discovery Lithium remains well positioned to build value for its shareholders on its lithium projects in Ontario and Quebec.”