- Midas Minerals (MM1) identifies gold mineralisation at its Weebo project in Western Australia following its maiden drilling program
- The program comprised 22 reverse circulation holes, and of the results received to date, all but one of the holes returned assays greater than one gram of gold per tonne
- Executive Director Nick Katris says this is a great strike rate and is testament to the potential of the area
- Ground conditions in some areas prevented deeper drilling and MM1 is looking to secure a larger drill rig for follow-up work
- Shares in Midas rounded off the day of trading at 14.5 cents
Midas Minerals (MM1) has identified gold mineralisation at its Weebo project in Western Australia, following its maiden drilling program.
The project is located within the Yilgarn Craton and is prospective for shear and vein hosted gold and ultramafic hosted nickel sulphide mineralisation.
Midas’ first exploration program focused on gold mineralisation at the Ockerburry, Scone Stone and Otto prospects, testing prospects along strike of Northern Star’s (NST) Thunderbox mine and Otto Bore gold deposit.
It was designed to locate areas that demonstrated favourable geological settings, alteration and pervasive anomalous gold mineralisation.
While ground conditions in some areas prevented deeper drilling, the company said the program successfully confirmed that all three areas meet the targeted criteria and remain prospective.
The program comprised 22 reverse circulation holes, and of the results received to date, all but one of the holes returned assays greater than one gram of gold per tonne with results peaking at 6.7 grams of gold per tonne.
Air-core drilling was also completed with a total of 103 drill holes totalling 8,237 metres.
Assays are pending from eight RC holes however Executive Director, Nick Katris said the strike rate so far is great and the results are highly encouraging.
“To have hit such significant gold mineralisation in the first drill program at Weebo is a fantastic result and testament to the potential of this portion of the Yandal greenstone belt.”
“This region has had very limited modern exploration, and is well located, surrounded by quality large-scale gold deposits.”
Midas plans to follow up on these results in the first quarter of 2022 with a larger drill rig capable of penetrating deeper into the bedrock.
Shares in Midas rounded off the day of trading at 14.5 cents.