Medaro Mining Completes Phase 1 Exploration on Cyr South Lithium Property

The work program is a fundamental first step of an effort designed to further regional exploration for pegmatite mineralization (host to lithium-bearing spodumene) as a significant part of Medaro’s ongoing efforts towards the development and commercialization of its JV partner’s innovative lithium extraction process (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.

Program Highlights

• Soil and rock sampling alongside geological mapping were undertaken and aimed at identifying a group of pegmatites for their potential to host lithium mineralization. A total of 190 samples were collected, of which 150 were channel cut rock samples and 40 soil samples. The rock samples were collected from various pegmatites exposed along their strike extension. The soil samples were collected from quaternary deposits in the claim blocks and were aimed at identifying lithium targets for further exploration work.
• A 46-line kilometers of ground magnetic geophysical survey was also completed at 100 m line spacing covering the southwestern part of the claim blocks. The geophysical survey data is being interpreted and will be released once available.
• Geological mapping indicated the area is underlain by tourmaline and muscovite bearing pegmatite dykes and coarse grained granodiorite intruding the host Eastmain River volcano sedimentary rocks, mainly biotite schists, metavolcanics and gneisses. The Cyr Lithium dyke swarm is located in the northern parts of the Property.
• Each channel sample from this work represents 30 cm long, 5 cm wide and 3-5 cm deep cuts in bedrock.

The 2021 samples are being prepared and analyzed at ACTLABS Ancaster. Ontario using laboratories code Ultratrace 7. ACTLABS is an independent commercial, accredited ISO Certified Laboratory.

Regional Activity

The Property area is surrounded regionally by various historical and recent lithium bearing pegmatite discoveries which proved instrumental in Medaro’s site selection process. These discoveries include the Galaxy Resources Limited (“Galaxy”) Cyr lithium project, the Critical Elements Rose and Pivert discoveries, Dios / Sirios Exploration’s Pontax showing, and Nemaska’s Wabouchi showing (See Figure 1 below).

The Cyr lithium deposit owned by Galaxy is located approximately 3 kilometers to the north of the Property. The deposit has an indicated Mineral Resource Estimate of 40.3 Mt @1.40% Li2O, (dated December 4, 2017, as per JORC classification). A Preliminary Economic Assessment study announced by Galaxy in March 2021 showed a pre-tax net present value (NPV) of US$560 million at an 8% discount.