Lithium Grades Up To 4.65% Li2o From Midas Sampling At Yellowknife, Canada

Midas Minerals Ltd (“Midas”, or “the Company”) (ASX: MM1) is pleased to provide further assay results from samples collected at the Yellowknife Lithium Project in Northwest Territories, Canada.

Highlights

• Midas has received a further 147 assay results from its Yellowknife Lithium Project (“YLP”), Northwest Territories, Canada
• Approx. two-thirds of recently reported samples show strong fractionation of pegmatites
• Significant assay results from this batch include: 4.65%, 4.12%, 3.02%, 2.97%, 1.80% and 1.63% Li2O
• Reconnaissance sampling has now increased the number of known spodumene-bearing pegmatites to ten (10)
• Midas’ exploration will continue to focus on three target areas totalling 40km strike, and containing hundreds of pegmatites
• Results are pending for remaining 79 samples collected in July; results expected later this quarter
• Midas has the right to earn into up to 80% of the Yellowknife Project’s critical mineral rights, currently held by Gold Terra Resource Corp.

Latest results confirm 92 (approximately two-thirds) of the pegmatite samples assayed in this round show strong fractionation, with 75 containing anomalous to high levels of key LCT indicator elements Li, Cs, Ta and/or Sn (refer Appendix A, Tables 1 to 3).

The Yellowknife region is well known for pegmatites containing tantalum and lithium minerals related to multiple fertile stocks of the Prosperous Granite Complex. Several other explorers are active in the area including Li- FT Power Ltd (CSE: LIFT) (“Li-FT”) and Patriot Battery Metals Inc (TSXV: PMET, ASX: PMT) / Loyal Lithium Limited (ASX: LLI).

Midas has the right to earn up to an 80% interest in the critical mineral rights (including lithium and associated pegmatite minerals and rare earths deposits) over an area of 718km2 at Gold Terra Resource Corp.’s (TSXV:YGT) Yellowknife Gold Project in Northwest Territories, Canada (refer Midas’ ASX announcement dated 1 June 2023).

Midas Managing Director Mark Calderwood commented: “Of the 320 samples assayed to date from the Yellowknife Lithium Project, 185 show strong fractionation and 142 contain anomalous to high levels of Li, Cs and-or Ta. These results are highly encouraging given the widespread nature of the sampling and represent excellent progress from our first deployment of exploration at Yellowknife, which has resulted in the discovery of at least 10 spodumene-bearing pegmatites, with remaining assays pending”.

Quyta Bell

Midas received a further sixty-four (64) assays from the Quyta Bell prospect, which has a strike of 25km. The prospect was initially highlighted in early June, in very wide spaced sampling. Of the recent assays, forty-five (45) are moderately to highly fractioned and the highest lithium grades were 4.65%, 4.12%, 2.97%, 1.80%, 0.84% and 0.56% Li2O (refer Appendix A, Table 1) in samples from the QB1 and QB2 pegmatites. Previously reported reconnaissance sampling of the QB3 pegmatite returned 1.41% Li2O.

The large Quyta Bell prospect area will be a key focus of Midas’ mapping and sampling in August.

East Belt

Midas assayed a further seventeen (17) samples from the 16km² East Belt prospect area. With the exception of two samples, all were confirmed to be highly fractionated with most containing anomalous to high levels of tantalum (Ta) and many containing anomalous levels of tin (Sn) and caesium (Cs).

Five (5) new samples from the East Belt area contained anomalous to high levels of lithium (Li) from spodumene. The highest values were 3.02% and 1.63% Li2O (refer Appendix A, Table 2).

The Nite spodumene and tantalum pegmatites, located 300m to 800m to the east of YLP and within Li-FT’s tenure, were discovered in the 1950s and form part of the same pegmatite swarm Midas sampled at East Belt.

Prosperous

Midas received sixty-six (66) new assay results from the Prosperous prospect, which extends for 18km strike west of the Prosperous Lake granite intrusion. Of these recent assays, forty-seven (47) showed moderate to high fractionation and with variably anomalous Li, Ta, Cs and Sn (refer Appendix A, Table 3). A further thirty (30) samples are pending analysis.

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