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MIDAS RESOURCES LIMITED - ASX: MDS
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Description
Midas Resources Limited is a West Australian based company with a significant gold project at Lake Carey, south of Laverton. The Company also maintains a targeted generative program looking for company makers.
Midas has the Fortitude gold deposit in Western Australia at Lake Carey (385,000oz) where the Company is carrying out scoping level studies into a possible open pit development. A number of other advanced exploration targets are also being tested. In the current high gold price environment the Company is re-evaluating the potential for a standalone mining and treatment operation at Lake Carey. A decision to carry out a feasibility study will depend on the results of ongoing exploration and the scoping level study.
Midas has announced a maiden Iron Ore resource at its West Pilbara Project in the Pilbara District, Western Australia and has completed a scoping level study that has looked at access to infrastructure in the region. Midas is working towards a consolidation of similar resources in the region as a first step towards a development project.
In the Paterson Province, East Pilbara District, the Company has formed a joint venture known as the Paterson Joint Venture to explore 1,000km2 of highly prospective ground in the Nifty area where the JV has a number of tenement applications. In addition, Midas has applications over a further 849sq kms between Kintyre and Nifty where copper is the target.
Midas's strategy is to focus on our advanced gold project at Lake Carey and the new Pilbara Iron ore projects and to seek new opportunities to acquire quality gold, nickel and base metal projects that have drilled mineralisation or resources and good exploration upside.
PILBARA IRON ORE PROJECTS
Midas Resources has acquired a package of highly prospective iron ore tenements in the Pilbara District and has an active exploration program of drilling and assessment under way in 2010.
The Company's 100% owned Lake Carey gold project is situated in the Laverton Tectonic Zone in Western Australia's North Eastern Goldfields. The project includes the Fortitude gold deposit and adjacent satellite deposits, where the JORC compliant Mineral Resource estimate (Indicated + Inferred) of total Mineral Resources stands at 6.29 million tonnes grading 1.9 g/t Au (385,000 ounces of contained gold) at a 1.0 g/t Au cut off grade.
The resource was estimated by Runge Limited using Ordinary Kriging. A bulk resource was first estimated by the Ordinary Kriging (OK) method using a new geological wire frame model and this Resource was then used for a more selective estimate using the method of Selective Uniform Conditioning (UC) which resulted in 4.8Mt at a grade of 2.3 g/t for 356,000oz of contained gold at a 1.0g/t cut-off grade. Both estimates are being used in pit optimisation studies.
This strategically located project is just 35 km by exisiting road from Anglogold Ashanti's Sunrise Dam mining operation (past production and current resources total ~8.0 million contained ounces). Midas is currently undertaking studies into the most efficient and cost effective method of mining and treatment for the Fortitude gold deposit.
PATERSON PROJECT
Midas has applications for three Exploration Licences (E45/3467, E45/3468 and E45/3768) covering 849 sq km in the Paterson Province, Western Australia, covering key sections of the highly prospective Yeneena Group sediments that are host to copper deposits at Nifty and at Maroochydore. The exploration target is for copper deposits of the Mt Isa and Zambian Copper Belt type.
Mine For
gold, iron ore
Location of operation(s)
Western Australia
Address
Level 1 , 282 Rokeby Road
SUBIACO, WA, AUSTRALIA
Phone
08 9388 2211
Website
http://www.midasresources.com.au/
Last Updated
7/3/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
