MIDEX RESOURCES SIGNS LETTER OF INTENT WITH DISCOVERY LITHIUM INC. AND RECEIVES FINAL TRANCHE OF OJEP GRANT
TORONTO, CANADA – March 22, 2024 – MIDEX RESOURCES LTD. (“Midex” or the “Company”) is pleased to announce that the Company has signed a non-binding letter of intent (“LOI”) with Discovery Lithium Inc. (CSE:DCLI) “Discovery” to acquire 100% of the Company.
David Jamieson, Midex’s President and CEO stated, “Discovery has a strong cash position which will help unlock the value of our large Ontario land packages, benefiting Midex shareholders going forward. Midex’s two main lithium projects, Berens and Crescent, are adjacent and on strike with the Frontier Lithium PAK Project and Green Technology Metals Seymour Project, respectively. Midex has also had early-stage exploration success at our Allison Lake project, with high spodumene-in-till counts recovered from till samples taken on the property this past fall.”
Midex has also received notice that the Company has been approved for the final tranche of a $91,873.50 grant from the Ontario Junior Exploration Program (OJEP). The OJEP program is designed to promote early-stage exploration in Ontario. Exploration work under the program was completed in February of 2024, on an innovative biogeochemistry program focused on a new lithium target on the powerline/winter road corridor at the Berens project.
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 transaction conditions.
Qualified Person
The technical elements of this release have been approved by David Jamieson, P.Geo. (PGO), who is a qualified person under National Instrument 43-101.
About Midex Resources Ltd.
Midex is a private junior exploration company focusing on the exploration and development of pegmatite hosted spodumene deposits in Ontario, Canada. Midex is positioned for the coming decades of demand for metals needed for infrastructure development around electrification and electricity storage. Midex believes that Ontario spodumene projects can feed into some of the shortest, most geopolitically stable electric vehicle supply chains in the world and will have a monetary, environmental and technical advantage.
To obtain more information on Midex please contact:
Scott Young David Jamieson, President and CEO
+1 705-888-2756 +1 705-750-5568
syoung@midexresources.com djamieson@midexresources.com
Forward-looking statements
This release contains certain information that may constitute "forward-looking information" under applicable securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of Lithium or other resources and currency exchange rates, timing of geological reports and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including, but not limited to, the risks inherent to the mining industry, adverse economic and market developments. This press release details some important factors that could cause Midex’s actual results to differ materially from the forward-looking statements made in this release. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Midex disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.