Midas Gold reports final results from its 2012 drilling on the scout prospect, Golden Meadows Project
Friday, Jan 18, 2013
Midas Gold Corp. (TSX:MAX) announced today the final results from the Company's 14-hole, 3,758m, 2012 drilling program at the Scout Prospect on its Golden Meadows property in Idaho, which outlined significant gold and antimony mineralization over a strike length of 825m, to a depth of up to 200m and ranging between 8m and 70m in thickness.
"Our widely spaced exploration drilling along the newly defined Scout trend has demonstrated the presence of a large, strongly mineralized, disseminated, sediment-hosted, gold-silver-antimony system over a significant strike length, thickness and depth," said Stephen Quin, President and CEO of Midas Gold Corp. "Drilling has encountered numerous narrower, but high grade, antimony-silver mineralized zones, similar to those reported herein, associated with through-going structural zones (possibly feeder structures) cross-cutting the more broadly disseminated gold-silver-antimony mineralization," he said. Continued evaluation of the Scout prospect is in progress, including collection of core samples for metallurgical evaluation and preliminary resources estimation. "Scout is just the first of a number of the 20-plus exploration prospects which offer the potential for the discovery of new, high margin deposits beyond the three currently hosting the large mineral resource at Golden Meadows," he said.
Highlights of the assay results from the most recent holes are summarized in Table 1 below and full results are listed in Table 2 (http://media3.marketwire.com/docs/max117-Table2.pdf
). Previous 2011 and 2012 assay results from Scout, as reported in other news releases, can be found on Midas Gold's website at www.midasgoldcorp.com
Scout Prospect Description & History
The Scout prospect is situated approximately 1.25 km northeast of the Hangar Flats deposit and has been traced approximately 825m along strike in widely spaced drill holes along a north-south fault system that hosts widespread gold-silver-antimony mineralization. The fault system, all of which may not be mineralized, can be inferred to extend for several km to the north-northwest of the currently drilled area and at least several hundreds of metres to the south-southeast, based on Midas Gold's 2010 IP-Resistivity Surveys, 2011 airborne magnetics and EM surveys and 2012 CSAMT ground geophysical surveys. This fault system lies approximately 1km to the east of, and parallel to, the Meadow Creek fault system (which controls the Hangar Flats and Yellow Pine gold-silver-antimony-tungsten deposits).
The Scout prospect was first discovered in the 1940s and, between 1948 and 1990, three companies explored the Scout area with 20 short drill holes, totaling approximately 2,435m. Six east-west IP geophysical lines (by past operators and Midas Gold) have been run across the Scout Prospect area and delineate a large resistivity low and IP chargeability anomaly that could be indicative of a larger sulphide mineralized system. In 2012, Midas Gold completed a series of CSAMT survey lines across the prospect outlining an anomaly that suggests the structural zone hosting mineralization may extend further to the south-southeast.
Midas Gold completed 829m in 3 RC holes in the late winter of 2011 testing geophysical anomalies west of and peripheral to the main Scout prospect, with only marginal results. However, in late 2012 (as previously reported in news release 2012-10), 2 RC holes (totalling 485m) testing geophysical anomalies discovered significant gold-silver-antimony mineralization in a covered area in the main Scout prospect area. During 2012, 12 widely spaced core holes (totalling 3,273m) were completed following up on the initial intercepts, with typical drill step-outs along strike approximately 75-100m apart. Mineralization occurs as a series of stacked, tabular lenses of north-striking and west dipping, and east-northeast-striking and north-northwest-dipping shears, sheeted fracture zones and stockwork veins that host gold-silver-antimony mineralization. Combined with results from the historic drilling, the Midas Gold drilling indicates the mineralized zone varies from an average aggregate true width ranging from 8m at the margins to over 75m in the centre and the mineralized area can be traced along strike at least 825m and down dip at least 200m. Mineralization is open to the north, south, down-dip and (to a limited extent) up-dip. Several of the holes drilled by Midas ended in mineralization.
To view the locations of current drill holes, please click here: http://media3.marketwire.com/docs/max117_F1-3.pdf
Sampling Procedures and Quality Assurance
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 ("NI 43-101") and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at Golden Meadows were carried out under the supervision of Richard Moses, C.P.G., Qualified Person and Site Operations Manager for the Golden Meadows Project.
All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.002g/t lower reporting limit). Samples reporting values greater than 6g/t are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. All composites utilize a 0.3g/t cut off and may include internal waste. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 1.0g/t lower reporting limit). Samples reporting values greater than 10g/t Ag are reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS CHEMEX in their Reno and Winnemucca, Nevada and Vancouver, British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard samples are used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Company's Qualified Person indicates values are within normal and acceptable ranges.