Midas defines strong platinum group anomalies at Challa
The wait for completion of sampling prior to drilling at Challa Project appears to be bearing fruit
Source: Unsplash
Mentioned
KEY POINTS
- Assay results from 609 soil samples at the Challa Project return peak results of 183ppb Pd and 54ppb Pt
- 78 samples returned assays exceeding 40ppb PGE
- A further 455 auger samples have been collected - results pending; and Midas’ geochemical sampling is ongoing
Junior mineral explorer Midas Minerals (ASX: MM1) announces results of ongoing sampling at its Challa Project, located 70km east of Mt Magnet in WA.
Results from 609 composite soil samples from 1,221 sample points confirms the presence of two strongly anomalous, parallel PGE zones each extending for at least 10km strike and likely 15km strike based on prior exploration.
While soil samples returned peak results of 183ppb Pd and 54ppb Pt, 78 samples returned assays exceeding 40ppb PGE.
Sampling has also identified parallel co-incident gold and copper anomalism.
Patience is bearing fruit
Commenting on today’s announcement, Midas managing director, Mark Calderwood notes the new results bolster Midas’ March 2022 auger sampling results.
“The wait for completion of geochemical sampling prior to commencing drilling at Challa Project appears to be bearing fruit, with the definition of very strong PGE anomalies over extensive strike lengths," Calderwood said.
“The areas containing the strongest PGE, copper and gold mineralisation represent excellent drill targets in addition to EM anomalies reported in February 2022, flown with the VTEM-Max helicopter-borne system."
Limited previous drilling was surprisingly successful
Calderwood reminds investors that while limited drilling completed 40 years ago was poorly located, it was surprisingly successful.
Thirteen of the 29 holes drilled within the target zones, intercepting the mineralisation above 0.3g/t PGE with best down hole of 1.63g/t PGE.
Very limited prior rock chip sampling returned up to 3.45g/t 4PGE from the southern PGE target zone and a copper-silver gossan rock chip from within the northern PGE anomaly, previously reported by Midas, returned 16.1% copper, 566g/t silver, 0.4g/t Au and 0.13g/t 2PGE.
Results pending
Ongoing exploration by Midas at Challa has identified strong PGE and base metal geochemical anomalies with target areas extending for more than 30km of strike.
Midas is continuing its sampling program and intends to assimilate all the results to define and prioritise drill targets at Challa.
While a further 455 auger samples have been collected, with results pending, results, based on geochemistry and VTEM surveys at Challa, are also being worked up to define and prioritise drill targets.
Results from Midas’ Newington Lithium-Gold Project drilling are expected in fourth quarter 2022.
Midas Minerals was up 5.56% an hour out from the open.
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Midas Minerals was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.
