Midas Minerals Raises A$1.13M To Advance Gold, Lithium Projects

Midas Minerals Ltd (ASX: MM1) has received firm commitments to raise ~A$1.13 million via a share placement.

The well-supported placement to sophisticated, professional and other investors is at A$0.07 per share.

Proceeds of the placement will fund exploration programs at the company’s projects including the Reid-Aylmer Lithium Project in Canada.

Midas will also progress the Newington lithium and gold project in Western Australia.

Follow up work commenced

Midas Managing Director Mark Calderwood said: “Work has commenced to follow up gold, lithium and copper targets on the Newington project and work will commence on and around the high-grade Argus lithium discovery on the Reid-Aylmer project in Canada.”

Calderwood said that the company is also planning further exploration on gold, copper and PGE targets on the Challa project in Western Australia.

Reid-Aylmer Lithium Project

Midas has 100% of staked mineral claims totalling 157 square kilometres in the Northwest Territories of Canada.

Initial limited exploration has resulted in the discovery of the large Argus pegmatite which contains abundant spodumene.

Notably, assay results from rock chip sampling returned up to 7.25% lithium in December 2023.

Newington Lithium-Gold Project

Midas has 316 square kilometres of tenements in the Southern Cross greenstone belt, Western Australia, which are prospective for lithium and gold.

The Newington project has substantial prior gold production and significant drill intersections on existing mining leases.

Rock chip sampling returned up to 3.6% lithium, and initial drilling returned intercepts up to 7 metres at 0.4% lithium in 2022.

 

 

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