Midas Minerals (ASX:MM1) up its stake in Canadian lithium
October 27, 2023Midas Minerals is feeling its touch for Canadian lithium and has staked 15 claims for 157 square kilometres of new land in the Northwest Territories.
A regional review found numerous lithium-prospective pegmatite swarms within the new boundaries of the Reid-Aylmer Lithium Project, now established 180 kilometres from the borders of its own Yellowknife Lithium Project and proximal to two large diamonds mines.
“The Reid-Aylmer Project represents Midas’ second lithium project in the NWT, expanding our lithium portfolio in the region. The Project is representative of our in-house ability to secure new properties through geological vectors and good science,” Midas Managing Director Mark Calderwood said.
“The Company will provide an update for the project following receipt of sampling results expected in first quarter of 2024. We expect to receive further assay results from sampling on the Yellowknife Lithium Project within a month.”
The region is known for its lithium occurrences and is geologically similar to the pegmatite field host to Midas’ Yellowknife Project.
Nine of the claims are already granted with six more expected to come through and provide the Perth-based company with a wholly owned interest over the full Reid-Aylmer tenue.
Exploration is just beginning at Yellowknife and its more advanced project remains untouched by the drill, but high-end sampling returns of 4.65, 4.12, 3.02, 2.97,1.8 and 1.6 per cent lithium oxide have provided an early lustre.
And Midas has more assays coming in soon from a recent sampling campaign which yielded key targets across a project with several known lithium and tantalum occurrences and some high-profile neighbours.
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