Midas identifies 17 new spodumene pegmatites over 4km trend at Aylmer Project, Canada

10 July 2024

(July 10, 2024) Midas Minerals Ltd (“Midas”, or “the Company”) (ASX: MM1) is pleased to announce completion of first-pass mapping and sampling on the Aylmer project in Northwest Territories (NWT), Canada.

Highlights

  • First-pass mapping and sampling has been completed over portion of the Aylmer Project, NWT, Canada
  • 17 new spodumene pegmatites* up to 30m wide (typically between 10-30m) identified in 4km trend, and remains open to northwest
  • Assay results from 88 rock chip samples collected indicate extensive lithium endowment (up to 7.76% Li2O)
  • Shallow till cover in the northwest offers potential for additional blind discoveries
  • Assays pending for channel sample completed on large Argus pegmatite (discovered 2023)
  • Drill permit received for all 15 Reid-Aylmer licences, valid for five years
  • Focusing on low-cost exploration, fieldwork is expected to define and refine targets for drilling at a later date
  • Results from gold and copper sampling at Newington Project in Western Australia expected in coming weeks
  • Project generation activities in precious and base metals ongoing.

In December 2023, Midas announced the discovery of the Argus pegmatite swarm on the Company’s 100%- owned Aylmer claims 330km east of Yellowknife (refer ASX release dated 12 December 2023).

Recent first-pass ground mapping and sampling led to the discovery of 17 new spodumene bearing pegmatite outcrops over 4km of strike within the South Aylmer claims, which also includes the large Argus pegmatite(s). Based on accessible outcrop, the newly discovered pegmatites are up to 30m wide and contain exceptionally high quantities of spodumene.*

A single 26m channel sample (assumed true width) on the Argus pegmatite confirmed the abundance and distribution of spodumene throughout the pegmatite with 90% of samples containing moderate to very high levels of coarse spodumene.* Midas is awaiting assay results for this sampling, which are expected within a month.

Midas has been granted a drilling/exploration camp permit for the project which is valid for five years. The Company has a better understanding of the priority drill targets after the recent work, with further mapping and other low-cost exploration work expected to locate additional spodumene pegmatites along this fertile trend.

In relation to the disclosure of visual occurrences of pegmatites and spodumene, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company expects to receive the laboratory analytical results of sampling within a month.

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