Medaro Mining Corp (OTCMKTS:MEDAF) Stock Soars After Acquisition News
Medaro Mining Corp (OTCMKTS:MEDAF) on May 17, 2023, announced entering into a share purchase agreement for the acquisition of 100% of the issued and outstanding shares of 1411409 B.C. Ltd.
Trading Data
On Wednesday, MEDAF stock moved up 27.09% to $0.0699 with 252.61K shares, compared to volume of 96.13K shares. The stock moved within a range of $0.0523 – 0.0760 after opening trade at $0.0557.
Medaro Mining Enters Into Agreement to Acquire James Bay Pontax Lithium Project
The company, 1411409 B.C. Ltd, is holding 100% interest in mining claims comprising James Bay Pontax Project in Quebec, Canada. Comprising of 101 mineral claims covering about 5,800 hectares, it is located in the heart of the Lithium-rich Eeyou Istchee James Bay Territory of Quebec.
A highly prospective zone of the James Bay Area, it is situated 30 km south of Allkem Limited’s James Bay Lithium Project, having a Mineral Reserve Estimate of 40.3Mt at 1.4% Li2O1. Further, there is Stria Lithium Inc.’s Pontax Project, just 1 km west of the Project, which is made of a series of spodumene pegmatites. These dykes are aligned along the tectonic grain and hosted in Chambois Greenstone Belt. Located in LaGrande Subprovince, the project is close to the boundary with Némiscau Subprovince. Both Subprovinces are separated by the Causabiscau Shearzone.
Michael Mulberry, CEO of Medaro expressed excitement about adding a significant project to existing projects in Medaro. Mulberry added that the James Bay area of Quebec is a major area for exploration of spodumene in pegmatites grading significant values of lithium and lithium carbonate. The CEO believes that the potential for discovery in the Pontax area is significant.
