Materials

Midas Minerals flies under the radar with new prospective lithium tenements

Tue 12 Apr 22, 4:29pm (AEST)
2011 Geologists sampling rocks in iron ore exploration in the Outback
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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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Market Index Corporate

Market Index helps small-cap ASX listed companies connect with a large audience of Australian investors through clear and concise articles on key developments. All coverage contains factual information only and should not be interpreted as an opinion or financial advice. Consider consulting a qualified financial adviser before making an investment decision.

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