Midas Minerals' March 2024 Quarterly Activities Report

Midas Minerals Limited (ASX: $MM1) has released its March 2024 Quarterly Activities Report, outlining its exploration plans for the Reid-Aylmer Lithium Project in Northwest Territories, Canada, and the Newington Project in Western Australia. The company also provided updates on its corporate activities, including a Share Placement to raise $1.13 million for advancing gold and lithium exploration in WA and Canada, with a cash balance of $0.55m at the end of March 2024.

Executive Commentary

Exploration planning is well underway on the Company's 100%-owned Reid-Aylmer Project northeast of Yellowknife. The focus will be on outcrop mapping and sampling to understand the distribution of spodumene-bearing pegmatites, with drilling permits anticipated during the June quarter. The Company also highlighted strong gold targets and pegmatite swarms at the Newington Project, where further geological modelling, mapping, and auger sampling are planned to define targets for drill testing.

Summary

Midas Minerals is set to intensify its exploration efforts at the Reid-Aylmer Lithium Project in Canada and the Newington Project in Western Australia. The company aims to prioritize potential drill targets through extensive mapping and sampling, with drilling permits expected in the near term. Additionally, Midas Minerals has acquired 100% of the Greenbush and Barbara Lake Lithium Projects in Canada, with plans for a 2024 exploration program. The Share Placement post quarter-end reflects the company's commitment to advancing its exploration initiatives and working capital. Midas Minerals' proactive approach to exploration and strategic acquisitions underscores its dedication to unlocking the potential of its diverse portfolio of projects.