Midas Minerals Ltd (ASX: MM1) has intersected very high-grade gold in reverse circulation (RC) drilling at its Weebo Project in Western Australia’s Goldfields region.
The 24-hole programme totalling 4,236m comprised:
Midas also completed three holes targeting nickel and one gold exploration hole drilled on the Warrida Well Nickel Prospect. 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.
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,” Managing Director Mark Calderwood said.
“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.”
Next Steps
Midas will undertake further drilling in areas of significant mineralisation at the Scone and Otto prospects, as well as initial drilling of several of the strongest gold geochemical anomalies identified in early 2022.
After recent MLEM data from Warrida and Try Again Bore ultramafic targets is modelled, Midas will plan core drilling, including one hole at Try Again, to be completed as part of the WA State Government’s Exploration Incentive Scheme (EIS) co-funding agreement.