First-pass channel sample returns 1.27% lithium oxide over 26 meters from Argus.

Midas Minerals Ltd. Aug. 27 announced the results of its initial channel sampling at the Argus pegmatite on the company's Reid-Aylmer project in Northwest Territories, Canada, which returned 26 meters averaging 1.27% lithium oxide (Li2O), including a higher-grade zone of 12 meters at 1.75% Li2O.

Acquired last October, Reid-Aylmer spans 157 square kilometers (60 square miles) and is located roughly 330 kilometers (205 miles) northeast of Yellowknife. The project, accessible by seasonal roads serving major diamond mines, lies in a region known for lithium occurrences and shares geological similarities with the Yellowknife Pegmatite Province, a significant hardrock lithium source currently being advanced by Li-FT Power Ltd.

Midas is an Australian-based junior exploration company focused on lithium and gold across various projects in Western Australia, Ontario, and the Northwest Territories. Reid-Aylmer is a key area of recent exploration by the company.

Shortly after the acquisition, Midas initiated preliminary exploration that included field mapping and the collection of 39 rock chip samples from pegmatite outcrops. This work led to the discovery of the Argus pegmatite, which was confirmed to contain high levels of spodumene with coarse crystal clusters. Assay results from these samples revealed significant lithium concentrations, with grades reaching up to 7.25% Li2O.

From this, Midas' technical team determined the Argus pegmatite as part of a larger 3,000-meter by 1,500-meter swarm of pegmatites. Their exploration efforts included systematic ground mapping and till sampling of sub-crop areas to uncover additional lithium-rich pegmatites within the project area.

Building on the April recommencement of exploration, which focused on outcrop mapping and sampling to prioritize drill targets, Midas recently discovered 17 new spodumene-bearing pegmatites over a four-kilometer (2.5 miles) trend.

These pegmatites, some up to 30 meters wide, exhibit exceptionally high spodumene content. A 26-meter channel sample from Argus confirmed the widespread presence of spodumene, with 90% of samples showing moderate to very high concentrations. This work has refined Midas' understanding of priority drill targets.

Now, the company has received the first results from this sampling program. The initial 26-meter channel sample on the Argus pegmatite returned an average grade, with a higher-grade zone of 12 meters averaging 1.75% Li2O.

In addition to the 26 meters of 1.27% Li2O and 12-meter zone of 1.75% LiO2, individual one-meter intervals within the sample returned grades as high as 2.86% Li2O.

"The Argus pegmatite is mineralised with coarse spodumene throughout, besides the chilled margins," said Midas Minerals Managing Director Mark Calderwood. "A12-meter northern portion of the pegmatite channel averaged 1.75% Li2O, which highlights the high-grade nature of mineralisation over significant widths, providing further weight to the potential of the Aylmer spodumene pegmatites. Material from this initial channel sampling has been retained for future mineral characteristics test work."

Moving forward, Midas plans to conduct additional sampling and geophysical surveys across the Reid-Aylmer project to further delineate lithium-rich zones. The company is also preparing for a potential drilling campaign to test the depth and continuity of these promising pegmatites. As the exploration season progresses, the company anticipates receiving more assay results, which will guide the next phases of its exploration strategy at this emerging lithium project in Canada.