MDM:CC - Madoro Begins Exploration Program on First Green Lithium Property Quebec
(TheNewswire)
Vancouver, British Columbia - TheNewswire - July 25, 2023 - Madoro Metals Corp.(“ Madoro ” or the “ Company ”) ( TSXV:MDM ) ( OTC:MSTXF ) ( WKN:A2QQ1X ) ispleased to announce that a prospecting and sampling program has begunon its 213-claim, 12,325-ha First Green Lithium property locatedapproximately 75km southwest of Val-d’Or in the Abitibi-Témiscamingue region of Québec. Good access to the property is provided by a network of loggingroads and logging operations have exposed multiple outcrops for theexploration crew to examine and sample.
“This first-pass field program will give us a good sense of thegeology underlying the property and allow us to configure a potentialairborne geophysical survey in the fall,” stated Brian Ostroff,Madoro’s Executive Chairman. “The region is heating up as apotential major source of hard rock lithium and the First GreenProject is strategically situated to join the growing ranks ofexploration success stories.”
The First Green Lithium Property lies within a rapidly emerginglithium belt where large mineral claim holdings have been assembled byBrunswick Exploration Inc., Narrow River Resources Pty. Ltd., SayonaQuébec Inc., Renforth Resources Inc., Vison Lithium Inc. and WinsomeResources Inc. Numerous pegmatite outcrops reportedly mapped bygovernment geologists are the most significant features of the FirstGreen Lithium property, yet there are no records of the pegmatiteshaving been sampled or analysed for lithium.
The First Green Lithium Project’s proximity to the mining centers ofMalartic and Val-d’Or allows for low-cost exploration work. Québec is a strong supporter of exploration, production, andprocessing of critical strategic minerals (CSM), including lithium,and developing value-added industries such as battery and electricvehicle manufacturing. In 2021, a special program to support CSMexploration was set up. This is in addition to existing refundabletax credits up to 38.8% for junior mineral exploration companies, and69.4% flow-through tax savings for investors in Quebec and 38.4% forinvestors from the rest of Canada.
About Madoro
Madoro (MDM | TSX Venture Exchange; MSTXF | OTC) is an emergingresource company engaged in the evaluation, acquisition, andexploration of mineral properties in Mexico and Canada. The Company isengaged in the exploration of three gold-silver projects in the stateof Oaxaca, Mexico. The Yautepec, Magdalena and Rama de Oro projectseach consist of large epithermal systems that are highly prospectivefor precious metals in a structural and geologic setting like those ofnearby producing mines. Madoro also owns a 50% interest in the Ralleaumineral property in the Urban Barry District, Lebel-sur-Quévillonarea of Québec and has an option to earn a 100% interest in the FirstGreen Lithium Project southwest of Val-d’Or, Quebec.
For further information, investors and shareholders are invited tovisit the Company’s website at www.madorometals.com, call the officeat 1-604-681-1568, toll free at 1-877-377-6222, or send an email toinfo@madorometals.com
QA/QC and Qualified Person
The scientific and technical information that forms the basis forparts of this press release were reviewed and approved by JohnLangton, P.Geo., who is a Qualified Person (QP) as defined by NationalInstrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
“BRIAN OSTROFF ”
Brian Ostroff, Executive Chairman
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, including statements relating to a breach ofthe option agreements and the Company’s legal action to enforce itsentitlement to the Rama de Oro and Magdalena projects. Although theCompany believes that such statements are reasonable based on currentcircumstances, it can give no assurance that such expectations willprove to be correct. 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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