Announcement Date: 2022-07-19
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Midas Minerals Ltd.
Project name: Weebo
Location: Australia
Commodities: Gold
Highlight: Drilling results incl. 3m @ 15.6g/t Au from 69m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Midas Minerals Ltd (“Midas”, or “The Company”) (ASX: MM1) is pleased to announce results of reverse circulation (RC) drilling at its Weebo Project (Weebo) in Western Australia’s Goldfields region. The 24-hole program totalling 4,236m comprised Midas also completed three holes targeting nickel and one gold exploration hole drilled on the Warrida Well Nickel Prospect (refer ASX announcement 25 January 2022). Each of the three nickel exploration holes were terminated prior to target depths. However, two of the holes intercepted ultramafic. The single gold exploration hole intercepted weakly anomalous gold mineralisation. Midas completed downhole electromagnetics (DHEM) on one hole at each of the Scone Stone and Otto prospects. DHEM on hole MDRC0044 at Otto identified an anomaly characteristic of a conductor sitting below the drillhole. Initial drilling by Midas in 2021 returned significant gold mineralisation in RC drilling (refer ASX announcement 22 December 2021). Follow-up drilling with a deeper penetrating drill rig was therefore warranted. Scone Stone comprises a 1,200m long zone of gold mineralisation that is associated with variable albite, silica and haematite alteration, arsenopyrite and pyrrhotite hosted by faults and breccias within a 200m wide, leucocratic fine grained felsic unit. The strength of alteration and sulphide mineralisation are both highly encouraging with some similarities to the Thunderbox deposit located 27km to the south.
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