Midas Minerals flies under the radar with new prospective lithium tenements

Tue 12 Apr 22, 4:29pm (AEDT)
2011 Geologists sampling rocks in iron ore exploration in the Outback
Source: iStock

Key Points

  • Midas options new tenements prospective for lithium and gold
  • Tenements located in the same greenstone belt as Wesfarmers' Mt Holland Lithium Mine
  • Midas has a cash position of $6.1m and market cap of $15m

Exploration Manager Mark Calderwood a.k.a. “Mr Pegmatite” will head up exploration for Midas Minerals’ (ASX: MM1) newly optioned tenements, considered prospective for gold and lithium.

Midas made its ASX debut last September, successfully raising $6m at 20c. The explorer had three projects in WA prospective for gold and base metals such as nickel.  

On 4 April, Midas entered into an option agreement with DiscovEx Resources (ASX: DCX) to acquire the Newington Project in WA.

The project comprises 12 tenements totalling 311 sq km, located 90km north of the Southern Cross Greenstone Belt, the same belt as Wesfarmers' (ASX: WES) Mt Holland Lithium Project.

As well as next door to Ramelius Resources’ (ASX: RMS) Edna May Gold Mine. 

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Source: Midas Minerals

Lithium and gold potential 

Calderwood hopes to build on his sold track record of discovery success, having built market darling Perseus Mining (ASX: PRU) from scratch.

"Midas will undertake a detailed review of existing data and ground truthing to understand the gold and lithium potential," said Calderwood.

Previous auger geochemical samples returned highlighted over 2.4km of prospective lithium strike, including a hit of 1.27 Li2O.

“We are encouraged by the presence of pegmatites associated with late-stage granites and evidence for extensive lithium, caesium and tantalum anomalism in limited prior multi-element auger geochemistry,” commented Calderwood. 

Midas is well funded for exploration activities, with a $6.1m cash position as at 31 December 2021.

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Midas price chart


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