- Medaro Mining Corp. (MEDA) has entered into an option agreement with Afzaal Pirzada and Geomap Exploration to acquire the Darlin Li-Be Property in northwestern Quebec
- The Darlin Property contains 37 mineral claims covering about 2,133 hectares
- The agreement stipulates that the company may acquire a 100-per-cent interest in and to the Darlin Property by making aggregate cash payments of $160,000
- The company can also acquire the property by issuing an aggregate of 350,000 common shares of the company
- Medaro Mining is a lithium exploration company based in Vancouver, BC
- Medaro Mining Corp. was up 7.14 per cent, trading at $0.30 at 10:13 ET
Medaro Mining Corp. (MEDA) has signed an option agreement to acquire the Darlin Li-Be Property in northwestern Quebec.
The agreement is with Afzaal Pirzada and Geomap Exploration.
The Darlin Property contains 37 mineral claims covering about 2,133 hectares located in a very active hard rock lithium pegmatite area in the prolific mining area of Abitibi, Quebec, 80 kilometers southwest of the city of Val-d’Or.
The agreement stipulates that the company may acquire a 100-per-cent interest in and to the Darlin Property by (i) making aggregate cash payments of $160,000; (ii) issuing an aggregate of 350,000 common shares of the company; and (iii) incurring an aggregate of $800,000 in exploration expenditures on the Darlin Property.
The share issuances, cash payments and exploration commitments gradually increase over the term of the agreement.
“Medaro is excited to be adding to our portfolio of projects in Northwest Quebec, as well as expanding our working relationship with Geomap Explorations.” noted Michael Mulberry, CEO of Medaro.
Medaro Mining is a lithium exploration company based in Vancouver, BC, which holds options on the Superb Lake lithium property located in Thunder Bay, Ontario, the Cyr South lithium property located in James Bay, Quebec and the Yurchison uranium property in Northern Saskatchewan.
Medaro Mining Corp. was up 7.14 per cent, trading at $0.30 at 10:13 ET.
