Discovery Lithium to Acquire Private Lithium Explorer Midex Resources - Seite 2

The LOI is non-binding, and completion of the Transaction is subject to the receipt of all necessary approvals and the satisfaction of a number of conditions, including the entering into of a definitive agreement and other customary conditions for a transaction of this nature.

Crescent Lake:

The Crescent Lake property is located in the Seymour-Crescent-Falcon lithium belt, an area which is currently being developed by GT1 and successfully explored by Battery Age Minerals. The Seymour-Crescent-Falcon lithium trend is currently known to host thirteen spodumene-bearing pegmatites along a 26 km structural trend.^4,5

The Crescent Lake property covers an underexplored 8 km section of this Seymour-Crescent-Falcon trend, which is proximal to the English River-East Wabigoon Subprovince boundary, a deep-seated structure along a granite/volcanic contact.  A limited channel sampling and diamond drilling program (totaling 849 metres) in 2016 tested four spodumene pegmatite bodies at the northeast end of this trend, generally at depths less than 35 metres vertical.^4,5

The highest recorded drilling intercept to date, was a weighted average intercept of 1.17% Li2O along a 49 metre core length drilled down dip on the L61W areas East Pegmatite.^6,5   Surface channels from the 2016 program returned up to 3.14% Li2O over 1.2 metres in the Chappais Pegmatite.^4,5  Previous personnel reported spodumene crystals in the Chappais Pegmatite measuring up to 50 cm in length.^4,5 A 4.0 metre channel section of the L61W areas East Pegmatite assayed 1.64% Li2O, 0.078% Ta2O5, 2270 ppm rubidium, 418 ppm caesium, and 256 ppm beryllium.^4,5

Berens: 

The Berens Project is the largest land position in the Favourable Lake Greenstone belt, located 200 km north of Red Lake, Ontario. Renowned for its diverse mineral endowment, the belt is rapidly emerging as a district that will play an important role in supplying critical minerals to enable the electrification revolution and Canada’s ranking as a dominant lithium producer globally. 

The Berens Project consists of 25,430 hectares of royalty free mineral tenure, along strike of the Frontier Lithium PAK and Spark lithium deposits. The Berens North Project and Frontier Lithium’s deposits are located along the same lithium-bearing geological and structural zone, that is controlled by a deep crustal fault known as the Bearhead Lake Fault system. On March 4^th, 2024, Mitsubishi Corporation and Frontier established a joint venture partnership for the PAK lithium project mine and planned lithium chemicals conversion facility.