Quebec is showing strong support for the exploration, production and processing of important strategic minerals and is emerging as a major lithium supplier to North American markets.
Madero Metals Corporation has entered into an option agreement to acquire 100% interest in the 213, 12,325 hectare claim of the first green lithium project, located in the rapidly emerging Cadillac-Pontiac lithium camp in the Abitibi Temiscamingue area, which It is about 75 kilometers to the south-west. Val-d’Or, Quebec (Fig. 1).
Madero President and CEO Dusan Berca states that “adding the first green lithium project to Madero’s pipeline is a low-risk, potentially high-reward opportunity for our shareholders.”
He commented that “there is unprecedented interest in domestic sources of lithium due to record prices and strong demand from the battery storage and electric vehicle markets.”
In addition, “Quebec is showing strong support for the exploration, production and processing of important strategic minerals and is emerging as a major lithium supplier to North American markets.”
,The acquisition of First Green Properties is an important step by our company towards a highly sought-after product in a stable jurisdiction.”I entered
Companies already exploring lithium-cesium-tantalum (“LCT”) pegmatites in the Cadillac-Pontiac Camp include Siona Mining, Vision Lithium, Brunswick Exploration, Winsome Resources and High Tide Resources. First Green is located to the west and north of Sayona Mining’s Tanseem project.
Several pegmatite outcrops have been identified by historical government mapping, but there is no record of pre-mining exploration on the property or any LCT analysis.
A network of logging roads and proximity to the Malartic and Val-d’Or mining centers would allow for low-cost exploration work.
Madero intends to complete a high-definition airborne radiometric and magnetic survey along with an interpretive survey using high-definition lidar data to identify potential LCT pegmatite targets.
contract details
Pursuant to the agreement, the Company may acquire a 100% interest in the property for an aggregate cash payment of $165,000 and the issuance of an aggregate of 5,400,000 common shares of the Company over a period of three years.
In addition, the Company must spend a total of $1,000,000 in exploration expenses on or before the third anniversary date of the Agreement.
Independent Suppliers will retain 2.0% of net smelter royalties, of which the Company may purchase 0.5% for $1,000,000.
In addition, the company has agreed to make milestone payments of $500,000 and $1,000,000, respectively, upon the submission of a feasibility study and the commencement of commercial production.
Milestone payments may be made in cash or by issuing shares at the discretion of the Company, and will be considered an advance to the vendors that will be deducted from future royalty payments.
A discovery fee of $17,500 is paid to an independent party in connection with the settlement. The arrangement is subject to approval by the TSX Venture Exchange.
About Madero
Madero Metals Corporation is an emerging resources company engaged in the appraisal, acquisition and exploration of mineral properties in Mexico and Canada.
The Company is engaged in exploration of three gold and silver projects in the state of Oaxaca, Mexico. The Yautepec, Magdalena and Rama de Oro projects each contain large epithermal systems that are highly potential for precious metals in structural and geological settings such as nearby productive mines.
Madero also owns a 50% stake in the Rallo mineral property in the Labelle-sur-Quévillon region of Barrie Urban District, Quebec.
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