MSTXF - Madoro Amends Option Agreement to Acquire 100% of the First Green Lithium Project in Quebec
(TheNewswire)
VANCOUVER, British Columbia – TheNewswire -- JANUARY 23, 2024 -- Madoro Metals Corp. (“Madoro” or the “Company”) (TSXV:MDM) (OTC:MSTXF) (WKN:A2QQ1X) is pleased to report that it has amended the optionagreement dated January 31, 2023 (the “Option Agreement”), wherebythe Company was granted the option to acquire a 100% interest in the213 claim, 12,325 hectare First Green Lithium Project (the“Property”) located in the emerging Cadillac-Pontiac lithium campin the Abitibi Témiscamingue region, approximately 75 kilometressouthwest of Val-d’Or, Québec (the “Property”).
Under the terms of the amendment agreement (the“Amendment Agreement”), the parties have agreed to amend certainterms of the Option Agreement as follows:
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Half of the cash payment, being $18,000, due on January31, 2024 is extended to July 31, 2024.
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$150,000 of the exploration expenditures due on theProperty by January 31, 2024, is extended to : $75,000 by January 31,2025 and $75,000 by January 31, 2026. The$1,000,000 staged work expenditure is now as follows:
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$50,000 on or before Januray 31, 2024(completed);
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$375,000 on or before Januray 31, 2025; and
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$575,000 on or before Januray 31,2026.
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In consideration of the Optionors agreeing to theamendments, the Company shall issue the Optionors 600,000 commonshares of the Company.
The Amendment Agreement remains subject to the approvalof the TSX Venture Exchange. All shares issued pursuant to theAmendment Agreement shall be subject to a statutory hold period offour months and one day from issuance.
As reported by the Company in the news release datedSeptember 26, 2023, the initial prospecting and sampling program onits 213-claim, 12,325-ha First Green Lithium property (the“Property”) has resulted in the discovery of a potential swarm oflithium-bearing pegmatite dykes. A dyke swarm was discovered on thelast day of the fall exploration work program in an area of dense mossand tree cover, so only five (5) grab samples were collected over a1,500m by 250m area in the central part of the Property. Furthersurface work is required to better expose bedrock in this area.Geochemical analysis of the five grab samples showed elevated levelsof lithium, as well as rubidium, cesium, beryllium and tantalum - allgood pathfinder elements.
The Property is located within an emerging lithium beltwhere large mineral claim holdings have been assembled by BrunswickExploration Inc., Narrow River Resources Pty. Ltd., Sayona QuébecInc., Renforth Resources Inc., Vison Lithium Inc. and WinsomeResources Inc. Madoro’s First Green Property lies west and north ofthe Tansim project held by Sayona Mining (see Figure 1).
Figure 1 : First Green LithiumProperty Location within Cadillac-Pontiac Lithium Camp
Companies already exploring for lithium-cesium-tantalum(“LCT”) pegmatites in the Cadillac-Pontiac camp include SayonaMining, Vision Lithium, Brunswick Exploration, Winsome Resources andHigh Tide Resources.
Corporate Update
As reported previously, in 2018 the Company enteredinto option agreements for three Mexican properties - Rama de Oro,Yautepec and Magdalena (the "Option Agreements''). As reported inthe news release dated January 26, 2023, the Company filed a Noticeof Civil Claim in the Supreme Court of British Columbia (the“Claim”) against the optionors (the "Defendants"),seeking to enforce the Company’s rights under the Option Agreements,including specific performance of the Option Agreements, damages,costs, and other relief. The Company has incurred substantialacquisition and exploration expenses, for which it did not receive thebenefits to which it was entitled under theOption Agreements. Subsequently, the Company filed a Notice ofApplication in the Supreme Court of British Columbia (the“Application”), seeking an order for damages for breach ofcontract and misrepresentation rather than for specific performanceof the option agreements, as well as for the cost ofthe Application and pre-judgment interest.
The Company is pleased to announce that it has receiveda favorable Court Order, issuing a judgment against the Defendants,as requested in the Application. The OptionAgreements having been terminated and, as a result, t he Company is now taking steps to act on the judgment.Further information will be provided in due course.
About Madoro
Madoro Metals Corp. (MDM | TSXVenture Exchange; MSTXF | OTC) is an emerging resource company engaged in the evaluation,acquisition, and exploration of mineral properties in Mexico andCanada. Madoro also owns a100% interest in the Cerro Minas Property in Oaxaca, Mexico and a 50%interest in the Ralleau mineral property in the Urban Barry District,Lebel-sur-Quévillon area of Quebec. For further information,investors and shareholdersare invited to visit the Company’s website at www.madorometals.com , call the office at 1-604-681-1568, tollfree at 1-877-377-6222, or send an email to info@madorometals.com
QAQC and Qualified Person
The scientific and technical information that forms thebasis for parts of this press release were reviewed and approved byJohn Langton (P.Geo.), who is a Qualified Person (QP) as defined byNational Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
“DUŠAN BERKA”
Dušan Berka, P. Eng., President & CEO
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
This news release contains certain"forward-looking statements" within the meaning of Canadiansecurities legislation. Forward-looking statements are statements thatare not historical facts, and by their nature, refer to future events.The Company cautions that forward-looking statements are based on thebeliefs, estimates and opinions of the Company's management on thedate the statements are made, and they involve a number of risks anduncertainties, including the possibility the Company may not besuccessful in its legal action to enforce the performance of theoption agreements.
There can be no assurance that suchstatements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking statements. The Company disclaims any intention orobligation to update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, except asrequired by law or the policies of the TSX Venture Exchange. Readersare encouraged to review the Company’s complete public disclosurerecord on SEDAR at www.sedar.com.
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