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Highly encouraging drilling results for Midas Minerals’ Weebo Project, WA

Tue 19 Jul 22, 12:38pm (AEST)
A collection of gold nuggets against a black background with one specimen in the foreground
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Key Points

  • Midas Minerals is reporting a pocket of gold mineralisation at 45 grams of gold per tonne
  • Despite this, first hour of trade has seen no movement
  • Gold intercepts returned from 24 RC drillholes at company’s Weebo project in WA

Midas Minerals (ASX:MM1) is today reporting fresh RC drill gold assay results for its Weebo project with one pocket regarded as extremely high grade. 

While further works are needed to confirm the extent of gold on-site, high grade results provides partial evidence of a significant gold system.

Midas is reporting one short core sample (1m) at 45g/t from 70m depth*.

24 drillholes hit gold 

The company’s most recent RC drill run included 24 holes with varying grades of gold mineralisation. 

Midas Minerals’ Otto target was subject to reconnaissance drilling and the company retrieved a 6m core at 2.4g/t.

While far below the outlying 45g/t result, the company now sets its sights on Otto to test and measure the extent of gold at the prospect. 

Adding further scope

“Results are highly encouraging, adding further scope to a cluster of targets containing high-grade zones,” Midas Minerals managing director Mark Calderwood said. 

“Drilling at Otto intercepted a new potentially significant zone below Permian cover where prior drilling located [gold] over a 1.2km strike.” 

*Investor information service Undervalued Equity notes gold grades over 5 grams per tonne (g/t) are considered high grade. 
Midas Minerals' three month charts reflect the impact of mid-June sell-offs on the company's share price
Midas Minerals' three month charts reflect the impact of mid-June sell-offs on the company's share price

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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