Positive early signs at Midas’ Greenbush Lithium Project, Canada

Coarse spodumene, a strong indicator of potential lithium reserves, has been confirmed at Midas Minerals’ (ASX: MM1) new Greenbush Project in Ontario, Canada.

The Western Australia-based junior industrial and precious metals explorer observed the coarse-grained visible spodumene in recent days. They have collected rock chip samples for analysis, with results pending.

“There are numerous small outcrops on the lake edges and these will be the initial focus of work in May this year, to obtain and gain an understanding of the distribution and mineralogy of these pegmatites,” said Midas managing director Mark Calderwood.

“At the same time, we will undertake drill hole planning to test the known spodumene pegmatite.”

Medium-coarse-grained spodumene. Source: Supplied

This follows on from historic sampling conducted by the Ontario Geological Survey in 1965, when a channel sample across a 15-metre width found results averaging 1.25% Lithium oxide.

Potential investors should note that visual occurrences of pegmatite and spodumene shouldn’t be considered a substitute for laboratory analysis.

What’s next?

Noting further pegmatite outcrops across the project area, Midas plans to start mapping and sampling at Greenbush in May 2023.

Midas is undertaking laboratory assay results of the rock samples, to confirm the grade of the visual occurrences mentioned above. Management will update the market once these results become available

The Greenbush Project is around 12km east of Highway 599, some 95km north of Savant Lake and 70km south of Pickle Lake in the district of Thunder Bay, Ontario.

Savant Lake is located on the Canadian National Railway transcontinental main line, with the closest grid power at New Osnaburgh, located 30km north of Greenbush.

The Greenbush Project area comprises 501 tenements blocks with two types of ownership:

• Southern Greenbush (100% owned by a wholly-owned subsidiary of Midas). Tenement numbers: 782381 - 782809

• Northern Greenbush + other minor projects (Midas, through a wholly-owned subsidiary, has an exclusive option agreement to buy 100% with 1% NSR of which 0.5% can be purchased any time by Midas for C$500,000).

Tenement numbers: 546125 – 546128 (Northern Greenbush) 742269 – 742363 (Northern Greenbush). There are no current impediments to obtaining a license to operate in the project area.

Disclaimer: Market Index helps small-cap ASX-listed companies connect with Australian investors through clear and concise articles on key developments. Midas Minerals was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.