Medaro Mining Corp. (OTCMKTS:MEDAF) has entered into an option agreement to acquire a 100% interest in the Rapide Li-Be property in northwestern Quebec, Canada. The Rapide property consists of 32 mineral claims covering approximately 1,800 hectares situated 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.
On Wednesday, MEDAF stock surged 4.15% to $0.1429 with more than 106.31K shares, compared to its average volume of 72.47K shares. The stock moved within a range of $0.1429 – 0.1500 after opening trading at $0.1500.
Medaro Adds to Quebec Portfolio with Option to Acquire 100% of Rapide Li-Be Property in Quebec
The addition of these 32 mining claims will greatly increase the company’s footprint in the province of Quebec. They are complementary to its existing mineral assets in Quebec. There are several historical and currently active lithium and molybdenum prospects/mines in the Abitibi region, in close proximity to the Rapide Property. Some of the important prospects/mines are North American Lithium, Authier Lithium owned by Sayona Mining of Australia, Valor Lithium and Tansim Lithium project. All of these projects are in various stages of exploration and development.
Some of the terms of the agreement are as follows – i) the company will make aggregate cash payments of $160,000 over the first three years, ii) an aggregate of 350,000 common shares will be issued over the first three years, and iii) an aggregate of $800,000 in exploration expenditures on the Rapide Property will be incurred over the first three years.
The exploration work program consists of ground truthing of historical work, further prospecting to explore lithium bearing pegmatites and other type of mineralization, geological and structural mapping to understand control of mineralization, trenching and sampling.
Michael Mulberry, CEO of Medaro, stated “Here we grow again! We are excited to add Rapide to our stable of properties in Quebec, specifically the James Bay region of northwest Quebec. The property is located 25 km to the east of our Darlin property that is currently hosting our team of exploration personnel. We are including the Rapide Property in our current exploration program, which, in the case of Darlin and Rapide, will include prospecting, mapping, sampling, ground geophysics and diamond core drilling.”
MEDAF stock is trading below the 20-Day and 50-Day Moving averages of $0.15 and $0.19 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.40.