Midas hits high-grade lithium at Greenbush - The Pick Online Magazine

Midas Minerals Ltd (ASX: MM1) has obtained high-grade assay results from initial mapping and sampling at the Greenbush and Barbara Lake Lithium Projects in Ontario, Canada.

Assay results from the 11 pegmatite surface samples collected during a reconnaissance field visit to the Greenbush Lithium Project in May have returned high lithium values from the known 15m wide spodumene pegmatite at the main outcrop (3.82% Li2O) and from a detrital pegmatite sample collected 150m to the east (2.21% Li2O).

Further samples (GRK010 and GRK011) from sparse pegmatite outcrop located 1.7km SSW of the main pegmatite outcrop also returned anomalous tantalum (Ta), tin (Sn), caesium (Cs), beryllium (Be) and rubidium (Rb). The potassium to rubidium ratios appear to be favourable, making the area highly prospective for hosting lithium-bearing pegmatites.

Highlights

• Results received from 18 rock chip samples collected on MM1’s Greenbush and Barbara Lake Lithium Projects in Ontario, Canada

• Results up to 3.82% Li2O at Greenbush project from in situ spodumene pegmatite

• Fractionated in situ pegmatite samples 1.7km SSW of main Greenbush outcrop highlight a prospective LCT corridor, demonstrating regional upside potential

• Spodumene identified at Barbara Lake project for the first time with results up to 2.26% Li2O from detrital pegmatite, with all pegmatite samples favourably fractionated

• Midas is planning further mapping and sampling campaigns at Greenbush and Barbara Lake in parallel to seeking drilling permits

• Results pending for 330 assays from sampling at Yellowknife Lithium Project, Northwest Territories, Canada, with initial results expected later this month

From the limited outcrop and now the results of our reconnaissance sampling, we believe we have identified a prospective corridor for LCT pegmatites at Greenbush extending for at least 1.7km. Further mapping is planned south of the Greenbush Lake fault in an area with a similar geological setting to GT1’s Root Lithium Project. This is happening in parallel to Midas seeking drill permits,” Managing Director, Mark Calderwood, said.

“The Barbara Lake Project is located in a known spodumene province and given we have now confirmed the presence of spodumene and identified widespread favourable fractionation within detrital pegmatite samples, it is considered highly encouraging for the project to be an extension to the Jackpot pegmatite swarm north of Barbara Lake, which is being explored by Imagine Lithium.”

Midas’ recent exploration at Greenbush focused on obtaining an understanding of the geology of the documented large spodumene-bearing pegmatite outcrop and locating and sampling additional pegmatite outcrops.

A more comprehensive mapping and sampling campaign is proposed to assess a large swarm of pegmatites located on the southern portion of the tenement group, in parallel with Midas commencing drill permitting for the known spodumene-bearing pegmatite area.

The 102 sq. km Greenbush Lithium Project is located ~12km east of Highway 599, about 95km north of Savant Lake and 70km south of Pickle Lake in the Thunder Bay district, Ontario.

Green Technology Metals’ (ASX: GT1) Root Lithium Project is 80km to the east of Greenbush, which straddles the boundary between the English River and Uchi sub-province.