Midas Au projecc

Midas Minerals has the touch with ‘bonanza’ gold intercepts of up to 45.3g/t Au at Weebo, WA

Midas Minerals (ASX:MM1) reports the discovery of ‘bonanza’ gold grades following a reverse circulation (RC) drilling program at its Weebo Project in Western Australia.

The results generated by 24 RC drill holes totaling 4,236m conducted at the projects Scone Stone and Otto prospects, have returned gold grades of up to 45.3g/t and support prior drilling at Scone Stone by defining a ‘higher-grade’ core over 300m by 100m.

Key intercepts from Scone Stone include:

  • Hole MDRC0029: 3m @ 15.6g/t Au from 69m, incl. 1m @ 45.3g/t Au from 69m
  • Hole MDRC0030: 9m @ 4.6g/t Au from 64m, incl. 1m @ 28.2g/t Au from 65m, and 20m @ 0.7g/t Au from 79m

‘Significant’ intercepts from the Otto prospect include:

  • Hole MDRC0044: 6m @ 2.4g/t Au from 162m, incl. 1m @ 8.6g/t Au from 165m

Commenting on the results, Midas Minerals Managing Director Mark Calderwood, said: “Results of drilling at the Scone Stone area are highly encouraging, adding further scope to a cluster of holes containing high-grade zones and wider low to medium-grade gold intercepts which is now ready for resource drilling. 

“Results of drilling at the Scone Stone area are highly encouraging”

Drilling at Otto intercepted a new potentially significant zone of quartz veining and sulphide mineralisation below Permian cover where prior wide-spaced drilling located anomalous mineralisation over 1.2km strike.

Scone Stone is located 27km north of the Thunderbox gold mine and Otto is located 5.6km north of the Otto Bore gold mine.” 

The company also notes that three drill holes targeting nickel were drilled on the Warrida Well deposit with all three holes being terminated prior to their target depths, however, two of the drill holes successfully intercepted ultramafic rocks.

In addition, reconnaissance drilling and down-hole electromagnetic (DHEM) surveys conducted at the Otto prospect indicate the existence of a new gold mineralisation zone below the Permian cover and delivers potential for the unexplored area.

The Weebo Gold Project is located 21-28km along strike and to the north of Northern Star Resources (ASX: NST) Thunderbox mine in Western Australia. It covers a total land tenure of 450km-square, comprising an option over 198km-square of tenements and two exploration licence applications totaling 255km-square.

The project is prospective for gold and nickel mineralisation across multiple deposits, including the Scone Stone Prospect, which comprises a 1,200m long zone of gold mineralisation associated with variable albite, silica and haematite alteration.

With the recent RC drilling program complete, Midas announces that it will move forward with further drilling within areas of ‘significant’ mineralisation at the Scone and Otto Prospects, as well as several of the strongest gold geochemical anomalies that have been identified in early 2022.

Images: Midas Minerals Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.