Midas Minerals Ltd MDMLF

RE:Welcome mat is out

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  MIDAS CONFIRMS MULTIPLE SPODUMENE TARGETS AT YELLOWKNIFE LITHIUM PROJECT, CANADA

Highlights

• Early exploration success at Midas’s Yellowknife Lithium Project (“YLP”), Northwest Territories, Canada
• Wide-spaced mapping and sampling has confirmed at least eight spodumene-bearing pegmatites so far 178 rock chip samples submitted for analysis to date; results expected in Q3 2023
• More detailed follow-up exploration has commenced over initial target areas totalling
  70km²
• Project totals 718km² covering pegmatites associated with fertile granite intrusions
• Midas has the right to earn into up to 80% of the project’s critical mineral rights, currently held by Gold Terra Resource Corp.

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

Midas has the right to earn up to an 80% interest in the critical mineral rights (including lithium and associated pegmatite minerals and rare earths deposits) over an area of 718km² at Gold Terra Resource Corp.’s (TSXV:YGT) (“Gold Terra”) Yellowknife Gold Project in Northwest Territories, Canada (refer ASX announcement dated 1 June 2023).

 Initial work by Midas personnel has included very wide-spaced pegmatite mapping and sampling over several hundred square kilometres with the aim to gain an understanding of the variability of pegmatite fractionation in this large prospective pegmatite field. As at 6 June 2023, Midas had submitted 178 rock chip samples for analysis with results expected in Q3 2023.

At least 8 pegmatites have so far been confirmed to exhibit high levels of fractionation and to contain visible spodumene and/or apparent tantalum minerals. Midas has engaged locally experienced Canadian consultant, GeoVector Management Inc, to commence more detailed follow-up mapping over the initial target areas, totalling 70km².

The Yellowknife region is well known for pegmatites containing tantalum and lithium minerals related to multiple fertile stocks of the Prosperous Granite Complex. Several other explorers are active in the area including Li-FT Power Ltd (CSE: LIFT) (“Li-FT”) and Patriot Battery Metals Inc (TSXV: PMET, ASX: PMT) / Loyal Lithium Limited (ASX: LLI).

Midas Managing Director Mark Calderwood commented: “I am pleased that we have been able to hit the ground running at the YLP, with the identification of at least eight pegmatites so far containing visual spodumene, and delineating initial areas totalling 70km² for detailed follow-up exploration. This is all prior to receiving our first assay results, which we are expecting in the next quarter of CY2023.”