Medaro Mining completes phase 1 exploration on Cyr Sud
VANCOUVER, British Columbia, Oct 07, 2021 (GLOBE NEWSWIRE) – Medaro mining company. (CSE: MEDA) (OTC: CAPM) (FWB: 1ZY) (“Medaro“or the”Society), A multi-faceted company aiming to develop innovative spodumene processing technology alongside its lithium-focused exploration at its two properties in Canada, is pleased to announce the completion of an exploration program previously announced phase 1 (August 12, 2021) at its Cyr Sud Lithium property located in James Bay, Quebec, Canada (the “Goods“).
The work program is a fundamental first step in an effort designed to continue regional exploration for pegmatite (lithium-containing spodumene host) mineralization as part of Medaro’s continued efforts to develop and commercialize the innovative process. extraction of lithium from its partner JV (see update: August 20, 2021). As the Company advances this industrial technology, the need for future locations to study and eventually construct secure facilities offering readily available target mineralization at proven grades and under controlled conditions is paramount. Currently, Medaro is undertaking initial exploratory progress at locations in Ontario and Quebec as part of its ongoing strategic planning.
Highlights of the program
- Soil and rock sampling as well as geological mapping were undertaken and aimed to identify a group of pegmatites for their potential to harbor lithium mineralization. A total of 190 samples were taken, of which 150 were cut rock samples and 40 soil samples. Rock samples were taken from various pegmatites exposed along their lateral extension. Soil samples were taken from Quaternary deposits in the claim blocks and were aimed at identifying lithium targets for further exploration work.
- A 46 linear kilometer ground magnetic geophysical survey was also carried out at a spacing of 100 m covering the southwestern part of the claim blocks. The data from the geophysical survey are being interpreted and will be released as soon as they become available.
- Geological mapping indicated that the region rests on dykes of tourmaline and muscovite pegmatite and coarse-grained granodiorite intersecting the sedimentary volcanic rocks of the Eastmain River, mainly biotite schists, metavolcanics and gneisses. The Cyr Lithium dyke swarm is located in the northern parts of the Property.
- Each channel sample in this book represents sections 30 cm long, 5 cm wide and 3-5 cm deep in bedrock.
The 2021 samples are being prepared and analyzed at ACTLABS Ancaster. Ontario uses the Ultratrace 7 laboratory code. ACTLABS is an independent, accredited ISO certified commercial laboratory.
The area of the Property is regionally surrounded by various historical and recent discoveries of lithium-containing pegmatite which were instrumental in the Medaro site selection process. These discoveries include Galaxy Resources Limited (“Galaxy”) The Cyr lithium project, the Critical Elements Rose and Pivert discoveries, the Pontax Exploration Dios / Sirios showing and the Wabouchi showing of Nemaska (See Figure 1 below).
The Galaxy-owned Cyr lithium deposit is located approximately 3 kilometers north of the Property. The deposit has an indicated mineral resource estimate of 40.3 Mt @ 1.40% Li2O, (dated December 4, 2017, according to the JORC classification). A preliminary economic valuation study announced by Galaxy in March 2021 showed a pre-tax net present value (NPV) of US $ 560 million with an 8% discount.
Figure 1. Location of the Cyr Sud property and regional activity (Medaro Mining / 2021) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/084d88c5-f3f7-4690-8aec-ca74add6d7b4
Faizaan Lalani, President of Medaro, said: “We are delighted to have successfully completed the initial work program on our Cyr South Lithium property, which will pave the way for us to define the scope of work for our phase exploration efforts. 2. The next phase will include follow-up with additional trenches, mapping and sampling, with the resulting data helping to guide our ongoing activities in the region. All of our efforts in Quebec and Ontario are currently part of what we hope to develop into an integrated strategy to develop our technical processes and strengthen our ability to create significant value for our stakeholders, partners and shareholders.
Caveat: Investors are cautioned that information regarding Galaxy’s Cyr lithium deposit and other projects in the region has come from publicly available sources. The Company has not verified the information and the information is not necessarily indicative of the mineralization on the Company’s property which is the subject of this press release.
Afzaal Pirzada, P.Geo., A “qualified person” for the purposes of National Instrument 43-101 – Disclosure Standards for Mining Projects, has reviewed and approved the scientific and technical information contained in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
About Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY)
Medaro Mining is a lithium exploration company based in Vancouver, British Columbia. which holds options on the Superb Lake lithium property located in Thunder Bay, Ontario and the Cyr South lithium property located in James Bay, Quebec. The Company is party to a joint venture agreement in the development and commercialization of a new process to extract lithium from spodumene concentrate. For more information: https://medaromining.com/.
For detailed information, investors are invited to consult the documents filed by the Company available on www.sedar.com.
FOR MORE INFORMATION, CONTACT:
Email: [email protected]
This press 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, goals, assumptions, expectations or beliefs regarding future performance, including statements regarding the Company’s efforts to further explore pegmatite mineralization as part of the Company’s efforts to develop and commercialize its partner JV’s lithium mining process, future goals of The Company’s exploration of the Property and the Company’s hope that its exploration efforts will turn into an integrated strategy to help develop its technical processes and strengthen its ability to create significant value for its stakeholders, partners and shareholders are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of the management of the Company based on the 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 documents filed by the Company with securities regulatory authorities, which may cause results to differ materially. actual and those discussed in forward-looking statements. These factors should be carefully considered and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and information contained in this press release are made as of the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. , unless required by applicable securities laws.