Midas Minerals identifies 17 new spodumene pegmatites in Aylmer Project, Canada

Midas Minerals Ltd (ASX: $MM1) has completed first-pass mapping and sampling on the Aylmer project in Northwest Territories (NWT), Canada. The company has identified 17 new spodumene pegmatites up to 30m wide, with assay results indicating extensive lithium endowment of up to 7.76% Li2O. Midas has also received a drill permit for all 15 Reid-Aylmer licences, valid for five years, and is focusing on low-cost exploration to define and refine targets for drilling at a later date. Additionally, the company expects results from gold and copper sampling at Newington Project in Western Australia in the coming weeks, with ongoing project generation activities in precious and base metals.

Midas Managing Director Mark Calderwood's commentary on Aylmer project

Midas Managing Director Mark Calderwood expressed optimism about the Aylmer project, highlighting the significant lithium discovery potential. He emphasized the encouraging field observations, including the abundance of spodumene-bearing pegmatite outcrops and occurrences of visible coarse spodumene at Aylmer. Calderwood mentioned that the company's exploration program is focused on low-cost mapping and sampling, with drilling deferred for the time being. He also indicated that Midas will concentrate on exploring gold and copper targets at the Newington and Challa projects, along with ongoing project generation activities.

Summary of Midas Minerals' Aylmer Project announcement

Midas Minerals' completion of first-pass mapping and sampling at the Aylmer project in Canada has led to the identification of 17 new spodumene pegmatites with high lithium endowment. The company has received a five-year drill permit for all 15 Reid-Aylmer licences and is focusing on low-cost exploration to define and refine targets for drilling. The results from gold and copper sampling at the Newington Project in Western Australia are expected in the coming weeks, and Midas continues its project generation activities in precious and base metals. The recent structural analysis suggests significant potential for analogous structural features northwest of the current mapping and sampling coverage, and further low-cost fieldwork is planned to test this model. Midas Minerals remains optimistic about the evolving potential of the Aylmer project and maintains its focus on exploration activities across various projects.