Midas Minerals flies under the radar with new prospective lithium tenements
Midas has acquired the Newington Project located on the same belt as Wesfarmers' Mt Holland Mine
Source: iStock
Mentioned
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.
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 Li<sub>2</sub>O.
“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.
Midas price chart
