Junior explorer Midas Minerals (ASX:MM1) is planning further mapping and sampling campaigns in parallel to seeking drill permits at its Greenbush and Barbara Lake Lithium projects in Ontario, Canada.
This announcement comes after Midas, which has a $25.72 million market capitalisation, received the latest rock chip assay results from its initial mapping and sampling programs at both projects.
At the Greenbush Lithium Project, results returned ‘high’ lithium values from the known 15m-wide spodumene pegmatite at the main outcrop of up to 3.82% Li2O and from a detrital pegmatite sample collected 150m to the east of up to 2.21% Li2O.
Further samples from sparse pegmatite outcrop located 1.7km south-southwest of the main pegmatite outcrop returned anomalous tantalum, tin, caesium, beryllium, and rubidium.
Meanwhile, at Barbara Lake, Midas reports 2 spodumene-bearing detrital pegmatites were identified and sampled, returning results of up to 2.26% and 1.49% Li2O.
The company says this is the first time spodumene has been uncovered at the Barbara Lake Project, which has not previously been the focus of lithium exploration.
Commenting on the rock chip results, Midas Minerals Managing Director Mark Calderwood says: “From the limited outcrop and now results of our reconnaissance sampling, we believe we have identified a prospective corridor for LCT pegmatites at Greenbush extending for at least 1.7km.
Further mapping is planned south of the Greenbush Lake fault in an area with a similar geological setting to GT1’s Root Lithium Project. This is happening in parallel to Midas seeking drill permits.
“we believe we have identified a prospective corridor for LCT pegmatites at Greenbush extending for at least 1.7km”
The Barbara Lake Project is located in a known spodumene province, and given we have now confirmed the presence of spodumene and identified widespread favourable fractionation within detrital pegmatite samples, it is considered highly encouraging for the project to be an extension to the Jackpot pegmatite swarm north of Barbara Lake, which is being explored by Imagine Lithium.”
The Greenbush Lithium Project covers 102km-square and is located 70km south of Pickle Lake in the Thunder Bay district. Meanwhile, Barbara Lake covers 2.1km-square and is located 130km northeast of Thunder Bay.
Midas Minerals is a junior mineral explorer with a primary focus on lithium and gold. The company has 3 projects in Western Australia and 4 projects in Canada.
As of 31 March 2023, the company had $1.5 million cash at hand, according to its latest quarterly report published on 28 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Midas Minerals Ltd