Medaro Acquires Additional Claims at Lac La Motte in Quebec and Discovers High Grade Lithium Samples

Rhea-AI Summary

Medaro Mining Corp. expands Lac La Motte property in Quebec through acquisition of 15 additional claims.

Positive

• Medaro Mining Corp. has acquired 15 additional claims contiguous to its Lac La Motte property, adding over 1000 hectares to the territory.
• During initial exploration, Medaro's team discovered substantial pegmatite outcroppings and collected 24 samples.
• The company also found a boulder float with 5380 ppm Li (1.15% lithium oxide).

Negative

• None.

VANCOUVER, British Columbia, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Medaro Mining Corp. (CSE:MEDA; OTC:MEDAF; FWB:1ZY) (“Medaro” or the “Company”) is pleased to announce a significant expansion of its Lac La Motte property in Quebec (the “Property”) through the acquisition of 15 additional claims (the “New Claims”) contiguous to its original western and northern boundaries, adding over 1000 hectares of prime territory to the Property.

During the initial exploration of the New Claims, Medaro’s team uncovered substantial pegmatite outcroppings, from which the Company collected 24 samples. Further, Medaro sampled a substantial boulder float (Figure 1) with an astonishing 5380 ppm Li (1.15% lithium oxide).

Figure 1: Floating Boulder on New Claims

At this time, the Company intends to conduct further exploration activity on the Property, including satellite imaging, prospecting, and a diamond drilling initiative. In addition, the Company is performing a comprehensive analysis comparing the Company’s 2022 drill results (as described in the Company’s news release dated February 15, 2023) with the results of the aforementioned satellite imaging.

Michael Mulberry, CEO of Medaro, stated, “It's exhilarating to witness yet another triumph for our Quebec-based lithium ventures. These results invigorate us, setting the stage for an extensive exploration agenda for Medaro's Lac La Motte property in the future.”

Qualified Person
Afzaal Pirzada, P.Geo., a “Qualified Person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

About the Lac La Motte Lithium Property
Situated in the prolific mining region of Abitibi, Quebec, merely 40 kilometers Northwest of Val-d’Or, the Lac La Motte Property is strategically located. Several active lithium prospects/mines, positioned 5 km to 20 km from our property, underscore the lithium exploration potential of the area. Historical diamond drilling in the 1950s at the Property has yielded promising results, with drill holes returning over 1% lithium oxide values.

On Behalf of the Board of Directors
Michael Mulberry
CEO and Director

About the Company
Medaro Mining Corp. is a lithium exploration company based in Vancouver, BC, which holds options on the Superb Lake lithium property located in Thunder Bay, Ontario, the Lac La Motte, Darlin, Rapide, Pontax and Cyr lithium properties in Quebec and the Yurchison uranium property in Northern Saskatchewan. The Company is also involved in the development and commercialization of a new process to extract lithium from spodumene concentrate through its Global Lithium Extraction Technologies joint venture.

For more detailed information, please consult the Company’s filings, available at www.sedarplus.com.

Contact Information
Investor Relations
Email: info@medaromining.com
Phone: 604-602-0001

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements respecting the Company’s plans for future exploration on the Property, the Company’s analysis of exploration data from the Property, and the results of such exploration activities are "forward-looking statements." These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f2deb92d-700d-45f5-bf53-a75f018d36aa

FAQ

What is the significance of the acquisition?

The acquisition of 15 additional claims adds over 1000 hectares to Medaro Mining Corp.'s Lac La Motte property in Quebec.

What did Medaro's team discover during exploration?

During initial exploration, Medaro's team found substantial pegmatite outcroppings and collected 24 samples.

What was the lithium content in the boulder float?

The boulder float had an astonishing 5380 ppm Li (1.15% lithium oxide).

What are the next steps for Medaro?

Medaro intends to conduct further exploration activity on the property, including satellite imaging, prospecting, and a diamond drilling initiative.

Who reviewed and approved the scientific information in the news release?

Afzaal Pirzada, P.Geo., a Qualified Person, reviewed and approved the scientific and technical information in the news release.