Midas exercises option over Canada lithium projects

5th February 2024 By: Creamer Media Reporter

Mineral exploration junior Midas Minerals has exercised an option to acquire 100% of the Greenbush and Barbara Lake lithium projects in Ontario, Canada, for C$65 000 in cash and a grant of 1% net smelter return royalty.

Located in the Thunder Bay district, the Greenbush project is about 80 km east of Green Technology Metals’ Root lithium project.

The Barbara Lake project is about 35 km north-east of Nipigon, about 130 km north-east of Thunder Bay in an active lithium province.

“Given the encouraging initial results we’ve received from these projects, including confirmation of the significant spodumene-bearing pegmatite at Greenbush, we have made the strategic move to acquire 100% of these projects for relatively modest consideration. The company will undertake further low-cost mapping and sampling in the upcoming field season with the aim of refining targets for drilling later in 2024,” said MD Mark Calderwood.

Besides the Canada projects, Midas also has three projects in Western Australia.