Gold Terra Resource Corp V.YGT

Midas working away …

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Midas defines pegmatite targets over 70km² at
Yellowknife, Canada

 

Highlights

• Midas has received a further 164 assay results from its Yellowknife Lithium Project, Northwest Territories, Canada
• Total of 567 reconnaissance pegmatite samples collected over 300km² to September 2023
• Ten spodumene-bearing pegmatites confirmed to date
• Midas has successfully defined fertile pegmatite swarms with combined 58km of strike and an area of 70km²
• Midas is planning further infill sampling and mapping on the fertile swarms to define additional drill targets after the Northern Winter.

Midas Minerals Ltd (“Midas”, or “the Company”) (ASX: MM1) is pleased to provide an update on its first season of exploration at the Yellowknife Lithium Project (“YLP”) in Northwest Territories, Canada.

Further to its ASX announcement on 5 September 2023, Midas has received assay results for an additional 164 rock chip samples, which have continued to confirm highly encouraging fractionation patterns in the pegmatite swarms.

During the Company’s first exploration campaign at YLP, from May to late August 2023, Midas collected a total of 567 rock chip samples in broad-spaced regional sampling programs over approximately 300km². Midas has defined prospective areas containing fractioned pegmatite swarms extending for more than 58km of strike and covering an area of approximately 70km² based on results so far.

To date, Midas has identified 10 spodumene-bearing pegmatites returning maximum grades of up to 4.65% LiO (refer ASX release dated 2 August 2023). Midas will undertake more detailed mapping in its 2024 field season to locate and define additional spodumene-bearing pegmatites within the fractionated pegmatite swarms located so far and prioritise targets for potential drill testing.

Midas Managing Director Mark Calderwood commented: 

“Midas was successful in rapidly evaluating a large area containing thousands of pegmatites at Yellowknife, despite wildfires interrupting the 2023 field season. The technical team was able to define the most prospective areas and importantly, has confirmed the presence of an initial 10 spodumene-bearing pegmatites.

“We are excited that the next phase of mapping will focus on these prospective areas with the aim of prioritising drill targets within the 20-60% of available basement outcrop in the area. Spodumene present within outcrop is typically visible during detailed mapping and this enables drill targets to be refined without assays. Detailed mapping will re-commence in the 2024 field season. Importantly, once targets are defined, drilling is possible year-round.”