Midas logs 17 spodumene pegmatite targets over 4km at Aylmer Project in Canada but drills while off

Midas Minerals (ASX:MM1) has announced its geotech’s team identification of 17 spodumene pegmatite targets at its Canada Aylmer acreage.

The company reported assays of up to 7.76% lithium in rockchips with potential further instances yet to be found given some cover.

Assays are pending for a separate pegmatite from Argus.

The company is ultimately refining these targets to drill “at a later date”; the company noted it had a drill permit for five years at the project.

The explorer may just be waiting for a recovery in lithium prices.

“Field observations, including the abundance of spodumene-bearing pegmatite outcrops and occurrences of visible coarse spodumene at Aylmer are highly encouraging,” Midas chief Mark Calderwood said.

“Midas maintains a limited lithium exploration program, focussing on low-cost mapping and sampling with drilling deferred for the time being. The Company will however focus exploration on gold and copper targets on the Newington and Challa projects, in addition to ongoing project generation activities.”

MM1 last traded at 8.6cps.

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