Midas Minerals Ltd (ASX: MM1) has obtained a promising third round of results of 3,000 geochemical samples from its Challa Project, located 70km east of Mt Magnet in Western Australia.
Highlights
* Two strong PGE anomalous zones identified in geochemical sampling, extending for more than 38km of combined strike (over 18km strike each at Midas’ Challa Project, WA
* Co-incident copper-gold anomalies also identified in this programme
* Assays have returned up to 0.55g/t PGE, 0.58g/t Au, 784ppm Cu and 695ppm Ni
* This third phase of 3,000 new samples added to a total dataset of 7,300 samples from 2021- 2022
* Midas will now refine and prioritize drill targets within these strike extensive anomalies
Midas’ results from recent and previously reported sampling have confirmed there are two strongly anomalous, parallel platinum and palladium (PGE) zones each extending for at least 18km strike each. Sampling has also identified parallel, often co-incident, gold and copper anomalism.
Very limited prior rock chip sampling in 2021 returned up to 3.45g/t PGE from the southern PGE target zone and a copper-silver gossan rock chip from within the northern PGE anomaly, previously reported by Midas, returned 16.1% copper, 566g/t silver, 0.4g/t Au and 0.13g/t PGE. Limited prior drilling returned 1.63g/t PGE over 1.0m, from 10m.
Prior non-systematic exploration in the 1980s reported anomalous platinum, palladium and rhodium over parts of the very large Windimurra Igneous Complex (WIC).
Ongoing exploration by Midas at Challa has defined strong PGE and base metal geochemical anomalies and VTEM geophysical anomalies. Based on these encouraging early results Midas secured an option over the 48sq. km Barracuda PGE-Ni-Cu project, E58/551, last year to provide the opportunity to explore the entire Wondinong PGE target zone.
“Our patience in waiting to complete extensive geochemical sampling prior to commencing drilling at our Challa Project appears to be bearing fruit. Sampling has defined two very strong, strike extensive PGE anomalies over with numerous auger geochemical assay values ranging from 0.1g/t to over 0.5g/t PGE,” Managing Director, Mark Calderwood, said.
“The areas containing the strongest PGE, copper and gold mineralization represent excellent drill targets in addition to EM anomalies reported in February 2022, flown with the VTEM-Max helicopter-borne system. The aim is to undertake a maiden drilling programme in second half of 2023.
“Midas has secured the limited historic information regarding drilling completed more than 30 years ago, with 13 of the 31 holes drilled within or proximal to the PGE anomalies successfully intercepting platinoid-rich mineralization reporting 0.3g/t PGE or more.”
For further information please visit: https://www.midasminerals.com/
