Rio Tinto Exploration Canada has started a lithium exploration program on Midland Exploration’s (TSXV: MD) Mythril area and Galinée projects in the Eeyou Itschee James Bay region of Quebec.
The exploration unit, a subsidiary of Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) is among several companies working in the region that is experiencing a rush of exploration targeting lithium pegmatites.
In June, Midland signed a $65.5-million option deal with the major on a package of 10 of its projects totalling 1,000 sq. km. Rio Tinto can earn up to a 70% stake in the properties, over the two-stage deal. The first stage would see it earn 50% of the projects by spending $50 million over five years.
The Mythril regional projects consist of 730 mining claims covering 370.1 sq. km and are located 12 to 50 km away from Patriot Battery Metals‘ (TSXV: PMET; ASX: PMT) Corvette lithium project.
Patriot released in late July an initial resource for the CV5 pegmatite at Corvette, which estimated the site hosts inferred resources of 109.2 million tonnes grading 1.42% lithium oxide (Li2O) and 160 parts per million tantalum, for 1.6 million tonnes of Li2O, or 3.8 million tonnes of lithium carbonate equivalent, using a 0.4% lithium cut-off grade.
Galinée is located approximately 4 km east of Winsome Resources‘ (ASX: WR1) Adina lithium pegmatite project, which covers 54 mining claims across 27.7 sq. km.
Winsome reported results on July 31, with intersections as high as 1.37% Li2O over 61.2 metres from 8.9 metres depth at Adina. The junior has completed 76 holes for 22,500 metres to date.
Shares of Midland were up 5.2% to 50¢ on Friday afternoon in Toronto, valuing the company at $41.2 million. Its shares traded in a 52-week window of 32¢ and 74¢.
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