Midas Minerals’ March 2024 Quarterly Activities Report

29 April 2024

(April 29, 2024) Midas Minerals Limited (“Midas”, or the “Company”) (ASX: MM1) is pleased to provide an update on its activities during the March 2024 Quarter, including exploration activities at its portfolio of lithium, gold and base metal projects in Canada and WA’s Goldfields region.

Highlights

  • Exploration planned for Reid-Aylmer Lithium Project, Northwest Territories, Canada o Field teams to recommence activity in June 2024
    • Exploration will focus on outcrop mapping and sampling of spodumene-bearing pegmatites on and around the Argus discovery, where sampling in late 2023 returned results up to 7.25% Li2O1
    • Drilling permits anticipated during June quarter
  • Extensive review highlights strong gold targets and pegmatite swarms at Newington Project, Western Australia o Exploration recommenced to follow-up strong gold and copper surface anomalism and fractionated pegmatite swarms
    • Midas will focus on two high priority areas at Newfield and Kawana
    • Further geological modelling, mapping and auger sampling planned to define targets for drill testing
  • Midas acquired 100% of the Greenbush and Barbara Lake Lithium Projects, Canada
    • Exploration plan for 2024 being developed

Corporate

  • Post quarter-end, Midas announced a Share Placement to raise $1.13 million to advance gold and lithium exploration in WA and Canada
  • Cash at bank of $0.55m at 31 March 2024.

REID-AYLMER LITHIUM PROJECT, CANADA

Exploration planning is well underway on the Company’s 100%-owned Reid-Aylmer Project northeast of Yellowknife (Figure 2). Field teams are expected to recommence activities in June 2024, after the snow melt.

In December 2023, Midas announced the discovery of the Argus pegmatite on Reid-Aylmer project, with samples including confirming high levels of spodumene, with assays of 7.25% Li2O, 5.55% Li2O, 5.12% Li2O and 3.97% Li2O, including exceptionally coarse crystal clusters.1 The Argus pegmatite is interpreted from satellite imagery to form part of a 3km x 1.5km swarm of pegmatites (Figure 1). This significant greenfield discovery was uncovered towards the conclusion of the 2023 field season, limiting the remaining time for further exploration efforts.

View Details