- Midas Minerals (MM1) takes its first steps out of Western Australia to take over the Greenbush lithium project in Ontario, Canada
- The company will pay C$65,000 (A$70,000) for the right to acquire Greenbush, with a further C$65,000 required within 12 months to take full control of the project
- Upon acquiring the tenements, the company plans to undertake outcrop sampling to determine the vectoring of mineralogy within the pegmatite swarms
- Managing Direction Mark Calderwood says the size, mineralogy and grade of a known pegmatite outcrop in the area are “highly encouraging”
- Shares in Midas are up 7.69 per cent to 21 cents at 10:53 am AEDT
Midas Minerals (MM1) has made its first move outside of Western Australia to take over the Greenbush lithium project in Ontario, Canada.
The company will pay C$65,000 (A$70,000) for the right to acquire a 100 per cent interest in Greenbush and several other tenements that total 106.2 square kilometres.
Under the purchase agreement with the private sellers, Midas can then elect to pay a further C$65,000 within 12 months to acquire a 100 per cent interest in any or all of the tenements.
The company will also need to spend C$5000 on exploration by 15 March this year.
The vendor will retain a one per cent net smelter royalty, of which MM1 can purchase 0.5 per cent for C$500,000.
Historic government sampling at Greenbush returned 15 metres at 1.25 per cent lithium oxide across a single pegmatite outcrop, which MM1 said remained open in all directions.
Subsequent reconnaissance work completed in 2009 confirmed the presence of spodumene mineral in float and outcrop chip sampling.
The pegmatite was confirmed to be at least 15 metres wide, although the southern contact is in a lake, so its full width remains unknown.
Midas Managing Director Mark Calderwood said being situated on the edge of a lake highlighted the pegmatite’s potential given there was very little outcrop in the area and no drilling undertaken within five kilometres.
Mr Calderwood also said the size, mineralogy and grade of the pegmatite outcrop were “highly encouraging”.
Upon acquiring the tenements, Mr Calderwood said the team would undertake outcrop sampling to determine the vectoring of mineralogy within the pegmatite swarms to prioritise new lithium-bearing targets.
Shares in Midas were up 7.69 per cent to 21 cents at 10:53 am AEDT.