Midas Minerals (ASX:MM1) is planning an extensive mapping and sampling campaign within its Greenbush Lithium Project in Ontario, Canada.
Following assay results from 17 pegmatite surface samples collected and returned, the $12.57 million market capitalisation company is aiming to evaluate several prospective pegmatite swarms that sit in the southern part of the tenement group.
Midas Minerals Managing Director Mark Calderwood says: “Additional sampling at Greenbush South was constrained to small areas, however we have now confirmed there are numerous pegmatites accessible for sampling next season.”
Midas is also moving forward with the drill permitting process, focused on a known spodumene-rich pegmatite zone to the north of the project.
At the company’s Barbara Lake Project — also in Ontario, Canada — Midas received ‘excellent’ results from 23 surface samples from in situ and detrital pegmatites, returning up to 2.24% lithium oxide (Li2O).
Calderwood says the company is encouraged by the discovery of highly fractionated in-situ pegmatite and several spodumene-bearing pegmatite boulders at Barbara Lake.
The Barbara Lake project lies 130km northeast of Thunder Bay, whilst Greenbush lies 70km south of Pickle Lake in Thunder Bay and covers a 102km-square area.
Midas Minerals is a junior explorer focused on lithium and gold. The company has assets in Western Australia and Canada.
As of 30 September 2023, the company had $1.719 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Midas Minerals
