9 April 2024
Highlights
(9 April 2024) Midas Minerals Ltd (“Midas”, or “the Company”) (ASX: MM1) is pleased to announce its exploration planning is well underway on the Reid-Aylmer project in Northwest Territories, Canada, with field teams expected to recommence activities in June 2024 after the snow melt.
In December 2023,1 Midas announced the discovery of the Argus pegmatite on the Company’s 100%-owned Reid-Aylmer project east of Yellowknife. This significant greenfield discovery was made at the very end of the 2023 field season, restricting days available to advance exploration at the time.
The abundance of spodumene within the large Argus pegmatite and numerous other surrounding pegmatite targets indicates significant lithium exploration potential across the 31km2 Aylmer South claims.
Midas’ 2024 exploration program is expected to focus on outcrop mapping and sampling with the aim of understanding distribution of spodumene-bearing pegmatites, in order to prioritise potential drill targets. Midas plans to carry out first-pass reconnaissance mapping and sampling over at least 50% of the 157km2 total project area.
This month, Midas will submit an application for MIP funding for the initial 2024 field season exploration activities, which offers to cover up to 60% of costs to a maximum of C$240,000. There is no guarantee that all or part of a compliant application will be approved, however the Company is pleased such co-funding opportunities are available to encourage exploration and mining activities in the NWT.
Midas has applied for drilling permits for the project, with approval expected in the June Quarter 2024. If successful, drill permits will be valid for five years and can be extended to seven years. The Company expects to have a better understanding of the priority drill targets after its June 2024 mapping and sampling field program.