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Midland Option, Canadian Business Journal, two properties near Patriot Battery’s Corvette project, to Brunswick for lithium exploration in the James Bay area

MONTREAL, November 10, 2022 (GLOBE NEWSWIRE) — Midland Exploration Co., Ltd. (“Midland”) (TSX-V: MD) Brunswick Exploration Inc. (“Brunswick”) Lithium exploration at two facilities wholly owned by Midland and located in the Eyu-Istochy-James Bay area of ​​Quebec. The two claim blocks, including Mithril and Elrond, total 513 claims covering a surface area of ​​approximately 263 square kilometers.

Midland has granted Brunswick the option to acquire exploration rights for important minerals, including lithium (excluding copper, nickel, zinc, lead, gold, silver, platinum and palladium), at these two properties.

Under this new agreement, Brunswick will acquire an initial 50% interest in Mithril’s assets (“Option 1”) over a three-year period, subject to the following conditions:

  • Overall consideration of $500,000 will be paid according to the schedule below.
  • At closing: $25,000 in cash, $25,000 in stock.
  • 1st Anniversary: ​​$50,000 in cash, $50,000 in stock.
  • 2nd Anniversary: ​​$70,000 in cash, $70,000 in stock.When
  • 3rd Anniversary: ​​$210,000 in stock.
  • You will have to spend $1,500,000 in exploration costs according to the following schedule.
  • 1st Anniversary: ​​$300,000 corporate value in Exploration Expenses.
  • 2nd Anniversary: ​​$300,000 additional exploration cost.When
  • 3rd Anniversary: ​​$900,000 additional Exploration Expenses.

An option to earn an additional 35% undivided interest on your Mithril ownership interest for an additional two years (“Option 2”), subject to the following conditions:

  • Total consideration of $200,000 to be paid according to the following schedule:
  • 1st Anniversary: ​​$100,000 in cash or stock (at BRW’s option).
  • 2nd Anniversary: ​​$100,000 in cash or stock, at BRW’s option.
  • According to the following schedule, at BRW’s option, an additional $2,000,000 must be spent on exploration spending in cash or stock.
  • 1st Anniversary After Exercise Option 1: Amount $1,000,000; and
  • 2nd Option 1: Additional $1,000,000.

Brunswick will retain a first veto on the remaining 15% interest held by Midland, and Midland will hold the mine until the mine is built to extract all metals or minerals except precious metals (gold, platinum, palladium). , does not need to participate in exploration and development expenditures. and silver) and base metals (copper, zinc, nickel and lead).

The Eeyou Istchee James Bay area is currently the focus of an exploration rush for lithium pegmatites. As reported by Patriot Battery Metals Inc. in a press release dated August 31, 2022, one of the covered properties is located 1.5 kilometers north of the lithium pegmatite discovered on the Corvette, and the Drill Intercept has he It contains 1.65% Li.2O and 193 ppm Ta2Five Over 159.7 meters.

Note:

Mineralization occurring at the Corvette Project owned by Patriot Battery Metals Inc. is not necessarily indicative of mineralization that may be identified at Midland-owned assets described in this press release .

About Midland

Midland targets Quebec’s outstanding mineral potential to discover new world-class deposits of gold, platinum group elements and base metals. Midland is owned by Brunswick Exploration, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Probe Metals Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM Inc., Nunavik Mineral Exploration Fund and Abcourt Mines Inc. Midland is keen to collaborate and expects to quickly enter into additional agreements on newly acquired assets. Management is currently evaluating other opportunities and projects to build our portfolio and create shareholder value.

This press release was written by Mario Masson. P.Geo., Midland and Qualified Person VP Exploration as defined in NI 43-101.

For more information, please visit Midland’s website or contact:

Gino Roger, President and CEO
Phone: 450 420-5977
Fax: 450 420-5978
Email: [email protected]
Website: https://www.midlandexploration.com/

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that involve known and unknown risks and uncertainties that could cause actual results to differ materially from desired results. Such risks and uncertainties include those described in Midland’s periodic reports, including its annual reports, or in its filings with securities regulators from time to time.


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Midland Option, Canadian Business Journal, two properties near Patriot Battery’s Corvette project, to Brunswick for lithium exploration in the James Bay area

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