Midas Minerals and Kuda Gold recorded the best lithium exploration results this morning

There were a flurry of lithium exploration results this morning, but Midas Minerals (ASX:MM1) and Kuda Gold (ASX:KGD) stood out. The former of these lithium stocks recorded amongst the highest-grade results recorded in several weeks.

Midas Minerals records up to 7.25% lithium

Midas has a project in Canada’s Northwest Territories. Although it is at early stage exploration – at the sampling stage rather than drilling – it now has 30 samples and the results are not to be snuffed at. The best result was 7.25% lithium, with others including 5.55%, 5.12% and 3.97%.

The company claims that it has covered less than 1% of the project area, so there is scope for further discoveries. Nonetheless, it as immediately applied for a drilling permit in those areas.

Kuda Gold is prospecting for lithium

Notwithstanding this company’s name, one of is projects is the Kirup lithium project that lies just 20km from the Greenbushes lithium mine in WA. Unlike Midas, Kuda is at the drilling stage, although it has not reported formal grades. Rather, it reported visual pegmatites in multiple intervals varying from 3m to interpreted 55m thick.

Pegmatite is an igneous rock that is created underground when interlocking crystals. Even though mere pegmatites do not imply the presence of lithium, as the company stressed, pegmatites can be a common source for lithium. And this is why share in this company rose this morning.

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