09:08 AM EDT, 04/23/2024 (MT Newswires) -- Midland Exploration ( MIDLF ) on Tuesday said it and Rio TInto (RIO) amended the option agreement covering its northern Quebec lithium projects to add its Wookie project to the deal.

Midland said the Rio TInto option agreement now covers 11 properties totaling 1,139 square kilometers and adding the Wookie prospect gives Rio the right to acquire up to a 50% stake in the project for $1.5 million in exploration spending over the next four years, rising to 70% for spending $4 million on exploration and $350,000 million of cash payments.

The option deal, first signed in June, now covers the Galinee, Corvette, Mythril East, Chisaayuu, Moria, Shire, Komo, Warp, Sulu, Picard and Wookie projects and calls for a total C$16 million in exploration costs over five years to allow Rio Tinto to acquire a half share in the sites. It can take a 70% stake by spending a combined $350,000 on exploration, along with cash payments, over five years.

"The signing of the amended option agreement follows a new evaluation of the lithium potential of the Wookie project and its favorable geological context. The Wookie project is located within the La Grande geological subprovince of the lithium-rich Eeyou Istchee James Bay region," the company said.

Midland shares closed down $0.03 to $0.36 Monday on the TSX Venture Exchange.