GOLD NEWS

Midas doubles indicated resources to 4.3 million ounces gold in Idaho

Midas updates resources in Idaho, adding significant girth and detail to a series of deposits that make up the Golden Meadows project.

Author: Kip Keen
Posted: Wednesday , 27 Jun 2012

HALIFAX, NS (MINEWEB) - 

Midas Gold (TSX: MAX) said indicated resources at the Golden Meadows project in Idaho topped four million ounces gold in a resource update Wednesday.

In all, indicated ounces gold have grown by 103 percent over a year old resource estimate to 4.23 million ounces gold @ 1.68 g/t gold in oxides and sulphides.

Midas also reported 2.89 million ounces gold @ 1.6 g/t Au in inferred resources, a decrease from 3.7 million ounces @ 2.15 g/t Au.

Within the overall indicated resource, Midas said there were 305,000 ounces gold in oxides @ 0.9 g/t Au and at a 0.42 g/t Au cutoff grade. That improves on a slightly smaller oxide resource it reported in 2011 at a 0.3 g/t Au cutoff grade.

The Golden Meadows project comprises a series of three deposits. 

In addition to the gold resources, Midas also outlined additional antimony and silver resources, that "will become more important as we move into our economic studies, since the higher grade antimony mineralization is concentrated near surface and can be extracted early in a mine plan," said Stephen Quin, Midas president and CEO, in a prepared statement.

Midas plans to have a scoping study on the Golden Meadows project in the third quarter this year.

Darren Morgans, Midas chief financial officer, declined to comment on what the mining project might look like in broad strokes, though he did say mining oxides at the outset was one option for Midas to consider.