- Midas Minerals (MM1) exercises its option to acquire the Newington lithium-gold project in WA from DiscovEx Resources (DCX)
- During Midas’ due diligence, 16 samples returned anomalous lithium assays, with four of these then analysed via fusion analysis and encountering lithium, caesium, tin, tantalum and beryllium
- Up to 1.3 per cent lithium oxide was returned, which the company says is highly encouraging given the weathered nature of the lithium, caesium, tantalum pegmatite
- Auger geochemistry and mapping are continuing, and, on approval of a program of work, Midas will prepare the drill pads for drilling
- Midas Minerals is up 2.7 per cent and trading at 19 cents per share at 10:22 am AEST
Midas Minerals (MM1) has exercised its option to acquire the Newington lithium-gold project from DiscovEx Resources (DCX).
The Newington project lies in Western Australia’s Goldfields region and comprises 12 tenements for 311 square kilometres.
During Midas’ due diligence, 16 samples returned anomalous lithium assays. Four of these samples were then analysed via fusion analysis and encountered highly anomalous lithium, caesium, tin, tantalum and beryllium.
Up to 1.3 per cent lithium oxide was returned, which Midas said was highly encouraging given the weathered nature of the lithium, caesium, tantalum (LCT) pegmatite.
“Results obtained during the due diligence period confirm the existence of lithium-rich LCT pegmatites on the Newington project,” Midas Exploration Manager Mark Calderwood said.
“In addition, the abundance of prior lithium, caesium, tantalum and tin geochemical anomalies and the extent of pegmatite outcrops are highly encouraging and justify a comprehensive exploration program to understand the distribution of the lithium-bearing pegmatites.”
Midas has now begun a systematic auger geochemistry program, with 412 samples submitted for analysis and initial results expected in July.
The company is focussing on the eight-kilometre Kawana pegmatite corridor, with multiple pegmatoids logged in auger holes.
Auger geochemistry and mapping are continuing, and, on approval of a program of work, Midas will prepare the drill pads for drilling.
Midas Minerals was up 2.7 per cent and trading at 19 cents per share at 10:22 am AEST.