Midas to hunt for lithium at Canadian gold project
PERTH (miningweekly.com) – Junior Midas Minerals has struck an agreement with TSX-V-listed Gold Terra Resources Corporation to hunt for lithium at Gold Terra’s Yellowknife gold project, in Canada.
Under the Stage 1 earn-in agreement, Midas has the option of earning a 51% interest in the critical mineral rights at the Yellowknife project by paying Gold Terra C$1.15-million over five stages, issuing the company with 2.2-million shares within ten days and spending C$5-million on exploration and development out to the end of September 2026.
Midas could earn a further 29% interest in the project by spending a further C$5-million on exploration or development, and making a C$500 000 payment to Gold Terra before the end of September 2028.
On the satisfaction of the Stage 2 earn-in, Midas would hold an 80% interest in the critical mineral rights as well as an interest in the mining claims.
Gold Terra would be free carried until the completion of a critical minerals feasibility study at Yellowknife, and Midas would grant Gold Terra a 1.5% gross revenue royalty on critical minerals produced from the Quyta-Bell and Quyta-Bell East blocks. The company would have the right to purchase half of this royalty for C$5-million.
“Having executed formal documentation with Gold Terra, we’re excited to commence exploration at Yellowknife, a large project prospective for lithium/cesium/tantalum pegmatites in a region known to contain numerous spodumene pegmatites. Using Gold Terra’s data to guide us, we believe we can quickly advance exploration targets and will provide further updates on our progress over the coming Northern summer months,” said Midas MD Mark Calderwood.
Midas’ technical team has started field exploration at the project with 100 samples collected and awaiting analysis, with further mapping and sampling planned.
Comments
Research Reports
Projects
Latest News
Showroom
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
