Source: Midas Minerals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Midas Minerals (MM1) identifies at least 34 conductive anomalies at the Challa project in Western Australia
  • MM1 undertook a geophysical survey to identify bedrock conductors associated with potential to host nickel-copper-cobalt-platinum group element mineralisation
  • Some of the targets are considered drill ready while others require ground-based electromagnetic (EM) surveys to define their exact orientation before drilling
  • Midas closes 20 per cent in the green at 18 cents

Midas Minerals (MM1) has identified new targets at the Challa project in Western Australia.

The company completed a helicopter-borne electromagnetic geophysical survey over 136 square kilometres at the project, including a portion of the northern section of the Windimurra Igneous Complex (WIC).

The survey aimed to identify bedrock conductors associated with intrusion-related massive sulphide mineralised bodies with the potential to host nickel-copper-cobalt-platinum group element (PGE) mineralisation.

According to Midas, known sulphide gossan occurrences have been identified in this part of the WIC and usually contain anomalous to high grades of base metals and/or precious metals.

The survey data was then analysed by geophysical consultant Resource Potentials which led to generating at least 34 high priority conductive anomalies.

“Initial analysis of the VTEM survey results over Challa is highly encouraging, given the link between conductive bedrock targets and the potential discovery of precious or base metals sulphides in these mineral systems,” Executive Director Nick Katris said.

Some of the targets are considered to be ready for drilling while others require ground-based electromagnetic (EM) surveys to define their exact orientation before drilling.

The company is waiting on results from an auger drilling program at the Challa project and, along with results from EM survey work at the newly-discovered anomalies, they’ll allow Midas to define targets for a maiden reverse circulation drilling program.

Midas closed 20 per cent in the green at 18 cents.

MM1 by the numbers
More From The Market Herald
Ampol (ASX:ALD) - Managing Director & CEO, Matthew Halliday

" Ampol (ASX:ALD) gets all clear for Z Energy (ASX:ZEL) acquisition

Ampol Limited (ASX:ALD) welcomes the decision by the NZCC to provide clearance for its acquisition of…
Ampol Limited,APL - Managing Director and CEO Matthew Halliday

" Ampol (ASX:ALD) sells 20 retail sites for $48m in net proceeds

Ampol Limited (APL) announces the sale of 20 care freehold convenience retail sites to Charter Hall…

" Zenith Minerals (ASX:ZNC) begins drilling at Waratah Well

Zenith Minerals (ASX:ZNC) has begun drilling at the Waratah Well lithium project in Western Australia.
Resource Base (ASX:RBX) - Executive Chairman & CEO, Shannon Green

" Resource Base (ASX:RBX) makes significant REE discovery at Mitre Hill

Resource Base (ASX:RBX) has made a significant rare earth element (REE) discovery at its Mitre Hill…