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Midas Minerals Ltd (ASX:MM1) has confirmed solid gold and copper anomalies through a program of auger geochemical sampling at the Newfield and Kawana target areas – part of its Newington project in the WA Goldfields region.
Seven prospects were chosen to be the focus of this work – only one of which had experienced modern exploration – with the aim of defining drill targets there: of these, six returned anomalous gold results, while two yielded anomalous copper results.
At one prospect – Hawthorn – indicated several anomalies across 500 metres of strike, with up to 1,560 parts per billion (ppb) or 1.56 grams per tonne of gold returned at the surface.
The company also picked up favourable information about lithium mineralisation at the site, through completion of a ground gravity survey comprised of 316 stations, which delineated a 6-kilometre zone prospective for pegmatites.
Managing Director Mark Calderwood said the geochemical work showed the strength of mineralisation in the territory.
“The strength of the recently defined gold and copper anomalies and the presence of undrilled gold workings is testament to the untested prospectivity of this project area,” he said.
“Some of the gold anomalies are discrete, however we expect this, given that the Newfield Mine produced about 32,000 ounces of gold at a recovered grade of 24g/t Au, two from a deposit with a strike length of about 50 metres.
“Similarly, the unmined, high-grade Dawsons deposit has a subtle surface expression.
“Other anomalies such as Hawthorn and Carterton North have more substantial surface strike extents. The recent success is also the result of an improved understanding of the controls on gold mineralisation on the Newington Project.”
Midas has been trading at 8.5 cents.
