Midas Minerals (ASX:MM1) has identified 17 new spodumene pegmatites via first-pass mapping and sampling on the Aylmer Project in the Northwest Territories, Canada.
The spodumene pegmatites are up to 30m wide and were uncovered in a 4km trend, which remains open to the northwest.
Assays from 88 rock chip samples collected indicate extensive lithium endowment up to 7.76% lithium oxide.
Midas, which has a market capitalisation of $8.88 million, has been granted a drilling and exploration camp permit for Aylmer, which is valid for five years.
After the recent work conducted, the company has a better understanding of the priority drill targets, with further mapping and other low-cost exploration work expected to locate further spodumene pegmatites along this fertile trend.
Managing Director Mark Calderwood says “the Aylmer Project potentially represents a significant discovery.”
“Field observations, including the abundance of spodumene-bearing pegmatite outcrops and occurrences of visible coarse spodumene at Aylmer are highly encouraging.
“Based on these results from our initial work at the Argus pegmatite and the future spodumene targets identified over an open 4km of strike, we are buoyed by the early potential evolving from this internally generated project.”
The company says further low-cost fieldwork is planned, which is expected to define and refine targets for drilling at a later date.
The Reid-Aylmer Project covers 157km2 and lies 330km northwest of Yellowknife, Northwest Territories, Canada.
Midas Minerals is a critical and precious metals explorer focused on its portfolio of projects in Western Australia and Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Midas Minerals
