Identifies significant potential with new pegmatite discoveries at Reid-Aylmer.

Midas Minerals Ltd. July 10 announced the discovery of 17 new spodumene-bearing pegmatites across a four-kilometer (2.5 miles) trend at its recently staked Reid-Aylmer lithium project in Northwest Territories, Canada.

Acquired in October 2023, the Reid-Aylmer project covers a 157-square-kilometer (60 square miles) land package roughly 330 kilometers (205 miles) northeast of the capital of NWT, Yellowknife.

Accessible via sealed and winter roads that service major diamond mines in the territory, the project lies within an area known for lithium occurrences and is geologically similar to the Yellowknife Pegmatite Province.

Midas Minerals is an Australian-based junior mineral exploration company focused primarily on lithium and gold. It holds several advanced exploration projects in Western Australia, Ontario, and Northwest Territories.

In addition to the Reid-Aylmer project, the company's portfolio includes the Newington gold-lithium and Challa gold-nickel-copper-platinum group metals (PGM) project in Western Australia, and the Greenbush lithium project in Ontario.

Shortly after staking 15 claims at Reid-Aylmer in late 2023, Midas conducted preliminary exploration work that involved field mapping and the collection of 39 rock chip samples from pegmatite outcrops.

Midas Minerals Ltd.

Argus pegmatite outcrop with sample locations.

The highlight of this exploration was the discovery of the Argus pegmatite, which sampling confirmed to contain high levels of spodumene with coarse crystal clusters. Assay results from the samples collected indicated significant lithium concentrations, with grades up to 7.25% lithium oxide (Li2O), 5.55% Li2O, 5.12% Li2O, and 3.97% Li2O.

Midas' technical team interpreted the Argus pegmatite to form part of a 3,000-meter by 1,500-meter swarm of pegmatites. The exploration work continued with systematic ground mapping and till sampling of sub-crop areas to identify further lithium-rich pegmatites within the project area.

Announcing plans to recommence exploration in April, this year the focus has been on outcrop mapping and sampling with the aim of understanding distribution of spodumene-bearing pegmatites, in order to prioritize potential drill targets.

Additionally, the company has been carrying out a first-pass reconnaissance mapping and sampling program over at least 50% of the property. This has resulted in the latest announcement of the discovery of 17 new spodumene pegmatites over a four-kilometer (2.5 miles) trend at Reid-Alymer.

The newly discovered pegmatites are reportedly up to 30 meters wide and contain exceptionally high quantities of spodumene. A single 26-meter channel sample on the Argus pegmatite confirmed the abundance and distribution of spodumene throughout the pegmatite with 90% of samples containing moderate to very high levels of coarse spodumene.

Midas is currently awaiting assay results for this sampling, which it expects in the coming month. Further, the company applied for drilling permits toward the end of its initial program in 2023 and has been granted a drilling and exploration camp permit for the project, valid for five years.

That said, the company says that it now has better understanding of priority drill targets after its most recent work, with further mapping and other low-cost exploration work expected to locate additional spodumene pegmatites along this fertile trend.

"The Aylmer project potentially represents a significant lithium discovery," said Midas Minerals Managing Director Mark Calderwood. "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 further spodumene targets identified over an open four kilometers of strike, we are buoyed by the early potential evolving from this internally generated project."