Discovery Lithium Inc. has signed a letter of intent (LOI) to acquire Canada-based lithium exploration company Midex Resources, the company announced March 21.

As part of the acquisition, Discovery Lithium will acquire Midex’s Crescent Lake, Berens, Allison Lake, Case Lake and Onion Lake projects. The projects make up a 43,000-hectare land position in known lithium-bearing fields in Ontario, Canada.

Crescent Lake is located in the Seymour-Crescent-Falcon lithium belt and covers an underexplored 8 km section of the area. Berens encompasses the highly prospective Bearhead Lake Fault, which serves as a controlling structure for two lithium deposits. The Allison Lake, Case Lake and Onion Lake projects are three royalty-free grassroots opportunities.

The LOI is non-binding and completion of the transaction is subject to receiving the necessary approvals.

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