Midas (ASX:MM1) show the lithium touch at Yellowknife
August 2, 2023Early sampling at Yellowknife has yielded high-grade lithium up to 4.65 per cent for Midas Minerals, with around two thirds of reported samples showing a strong fractionation of pegmatites at the emerging project in Canada’s Northwest Territories.
High end assays from the batch include results of 4.65, 4.12, 3.02, 2.97,1.8 and 1.6 per cent lithium oxide, and the reconnaissance campaign has now raised the number of known spodumene-bearing pegmatites to ten.
Midas Managing Director Mark Calderwood said that of the 320 samples assayed to date, 185 had shown strong fractionation, with 142 containing anomalous to high levels of lithium, caesium and tantalum.
“These results are highly encouraging given the widespread nature of the sampling and represent excellent progress from our first deployment of exploration at Yellowknife, which has resulted in the discovery of at least 10 spodumene-bearing pegmatites, with remaining assays pending,” Mr Calderwood said.
Forward plan
Midas has three target areas totalling 40 kilometres of strike and hundreds of contained pegmatites as its immediate focus of exploration, and results are expected this quarter for 79 more samples.
Formerly a gold-focused region of exploration, Midas secured Yellowknife to tap into the asset’s lofty lithium potential and holds the right to earn up to 80 percent of the project’s critical mineral rights as Canada’s ASX-driven lithium land rush continues unabated.
Critical Canada
The Perth-based explorer has established its Canadian lithium territory at both Yellowknife and at Greenbushes in Ontario, with territory next to some of the region’s eminent exploration efforts, including Patriot Battery Metals, who have just established its maiden resource as the largest of its kind in North America.
And the majors, previously leery of lithium assets, are buying in hard after a price downturn from the immense market growth which shattered previous price highs.
Lithium titan Albermarle swooped on a 6.4 per cent stake in Patriot and Rio Tinto has made its intentions clear on Canadian mining and potential entries into the region, with major attention elevating an already-firing frontier of exploration.
Yellowknife Lithium Project with Prospective Areas
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