10:55 AM EDT, 03/21/2024 (MT Newswires) -- Discovery Lithium Inc. ( DCLIF ) said Thursday that it has signed a letter of intent to acquire private lithium explorer Midex Resources.

Discovery Lithium ( DCLIF ) said the transaction allows the company to own a 43,000-hectare land position in known li-bearing pegmatite fields.

Midex owns the Berens and Crescent Lake lithium projects in Ontario, as well as the Allison Lake, Case Lake and Onion Lake properties.

"This acquisition will bolster the project portfolio with an outstanding set of spodumene lithium projects in one of the best mining jurisdictions in Canada," Discovery Lithium ( DCLIF ) President and CEO Michael Gheyle said. "Discovery Lithium ( DCLIF ) remains well positioned to build value for its shareholders on its lithium projects in Ontario and Quebec."

The company was down 4.8% at last look.

Price: 0.30, Change: -0.02, Percent Change: -4.84