Newly listed Midas Minerals Limited (ASX: MM1) is aiming to have drilling operations running across its portfolio of gold and base metal projects in the Goldfields region of Western Australia in the near future.
Midas will commence AC and RC drilling at its Weebo Gold Project in the coming weeks, targeting gold mineralisation at the Ockerburry, Scone Stone and Otto Prospects, which have been broadly delineated by prior drilling from previous explorers.
Executive Director, Nick Katris, said the company has also commenced Auger drilling at the Challa Gold, Nickel-Copper-PGE Project to define targets for drill testing in early 2022.
With the successful completion of Midas’ IPO, we are well funded with approximately $8M in cash and look forward to commencing ‘on ground exploration’ with the aim of growing our modest enterprise value (EV), through discovery,” Mr Katris said.
“We are pleased to announce Midas have successfully secured the services of Industry Professional Mark Calderwood to oversee the exploration.
“Mark has an impressive track record of discovery of significant mineral deposits and we believe that his knowledge and experience will add substantial value to the success of the company’s exploration program. It is going to be an exciting time ahead for Midas.”
Midas has completed gravity (5,675 stations) and airborne magnetic (1,173 line km) surveys at Weebo to supplement acquired open file and multiclient data and the high-quality merged datasets, which have been processed by Geophysics contractor Resource Potentials Pty Ltd.
A structural interpretation is currently underway and early review of this data has assisted the company in locating major shears extending north from Thunderbox-Otto Bore and additional oblique structures, both of which are considered very prospective for gold enrichment.
The surveys have also been successful in delineating an additional 16km strike of the Waterloo – Valdez ultramafic stratigraphy extending north from the high-grade Waterloo-Amorac nickel deposits. Waterloo-Amorac was discovered in 2002 as the first significant nickel deposit east of the Perseverance fault, in the Leinster area.
Midas has commenced close-spaced Auger drilling in several areas containing gold or nickel mineralisation, with six target areas selected based on limited, but successful, prior exploration.
Midas has submitted more than 1200 samples for multi-element analysis to the Laboratory, with initial results expected in mid Q4 2021. Midas has planned 120 AC and RC holes targeting gold mineralisation on the Ockerburry, Scone Stone and Otto Prospects, which were broadly delineated by prior Rotary Air Blast (RAB) / AC and limited RC drilling.
Drilling is expected to commence in the coming weeks and will assist in confirming the location and tenor of gold mineralisation, particularly in poorly-tested fresh rock. The planned drilling will be undertaken on 30 traverses, with a minimum 160m spaced drill lines over a total of about 7km strike.
Exploration In June, the company booked a Helicopter supported EM survey, the VTEM Max system for the north-eastern section of the Company’s tenure over the giant mafic-ultramafic layered intrusion known as the Windimurra Igneous Complex (WIC).
A geological feature that hosts Mídas’ Challa Gold, Nickel-Copper-PGE project. The survey is planned to cover an approximate 133km2 portion of the WIC at 200. Line spacing and is planned to commence in late October or early November 2021.
The area has been selected to target:
- Structurally controlled sulphide Cu-Ag-Au mineralisation (John Bore South)
- Structurally controlled sulphide Au-Cu, Au-As mineralisation (Killarney)
*Reef-style PGE sulphide or chromite mineralisation (Wondinong-Killarney)
- Reef-style or fault breccia hosted Ni-Cu-PGE sulphides (Entire survey area)
- Structurally controlled Pb-Zn mineralisation (John Bore).
Auger drilling has commenced on areas with shallow cover in the Wondinong-Killarney area. An initial programme of 2,500 holes is planned, with the intention to infill and extend the program where initial results identify targeted metal anomalism.
Approximately 1,200 holes have been completed to date. Midas plans to secure a drilling contractors service for Q1 2022, in anticipation of testing bedrock mineralisation associated with geochemical and geophysical anomalies defined over the next three months.
Midas has successfully secured the technical services of industry professional Mr Mark Calderwood to lead exploration of its mineral assets and assess opportunities for the company’s growth.
Mr Calderwood has extensive experience in exploration and production management and has played a key role in the discovery of several world-class gold deposits including Tarmoola (King of the Hills) in Western Australia.
As CEO, he was instrumental in Perseus Mining Limited’s transition from a micro-cap explorer to ASX100 listed gold producer. Mark’s vast experience in gold and familiarity with the areas in which Midas operate has allowed the company to rapidly and successfully start its exploration programme.