Exploration Plans for Reid-Aylmer Project

Midas Minerals Ltd (ASX: $MM1) is preparing to resume exploration activities on the Reid-Aylmer project in Northwest Territories, Canada. The company aims to recommence exploration in June 2024, focusing on the Argus discovery made in 2023, which returned results of up to 7.25% Li2O. Midas also plans to apply for NWT's Corporate Mining Incentive Program (MIP) funding to cover up to 60% of exploration costs and has lodged applications for drill permits for all 15 Reid-Aylmer licences, valid for at least five years.

Executive Commentary on Exploration Plans

Given recent weakness in the lithium sector, Midas is taking a more rigorous view on projects that justify further exploration. The greenfields Argus pegmatite discovery made during the last day of the 2023 field season, which returned assay results up to 7.25% Li2O, demonstrates size and grade potential of the Reid-Aylmer project that warrants follow up. Exploration on the Yellowknife Lithium Project in 2023 was successful, but Midas has elected to withdraw from the option to focus on the more promising, 100%-owned Reid-Alymer project and to use our in-house technical skills to undertake further project generation.

Summary of Exploration Plans and Outlook

Midas Minerals is gearing up to resume exploration on the Reid-Aylmer project in Canada, with a focus on the Argus discovery and surrounding pegmatite targets. The company aims to complete first-pass mapping and sampling over at least 50% of the total project area in 2024, with plans to apply for funding to cover exploration costs and secure drill permits. The withdrawal from the Yellowknife Lithium Project reflects Midas' strategic decision to prioritize the more promising Reid-Aylmer project. The company's exploration program demonstrates its commitment to identifying and developing mineral resources, particularly in the lithium sector, and its proactive approach to securing funding and permits for its exploration activities.