Midas Resources

Published : August 24th, 2016

to Initiate Drill Program on its Stibnite Gold Project

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   9/11 | Antimony | Facebook | Gold | Idaho | Silver |

Dear Investor,

See the attached news item from Midas Gold.  For additional information on Midas Gold Corp. and its Stibnite Gold Project, go to their website (www.midasgoldcorp.com) or see the presentation on the company provided at the following link:



Thank you.  Also see the news release below.


August 23, 2016

Midas Gold to Initiate Drill Program on its Stibnite Gold Project
Drilling aims to Expand & Improve Mineral Resources and Enhance Project Returns

VANCOUVER, BRITISH COLUMBIA -- Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) ("Midas Gold" or the "Company") today announced that its Board of Directors has approved a drill program for its Stibnite Gold Project (the "Project"), located in Idaho, USA. The Company's objective for the drill program is to improve, expand and de-risk the mineral resources defined in the December 2014 preliminary feasibility study (the "PFS") before commencing a feasibility study (the "FS"). Positive results could enhance the Project economics in the planned FS. The drill program is expected to commence in September and is scheduled to continue into late 2016. In parallel with drilling, Midas Gold plans to collect an approximately 14-ton bulk sample from existing core material in preparation for metallurgical pilot plant testing.

"The 2014 preliminary feasibility study identified a number of opportunities to enhance the economic returns for the Stibnite Gold Project related to the mineral resources," said Stephen Quin, President & CEO of Midas Gold Corp. "To maximize the return on investment to shareholders from this drill program, targets have been ranked on a discounted present value basis, and some drill holes have been designed to achieve multiple objectives. In addition, drill holes will be sequenced on an iterative basis, working out from the known to the unknown, in order to maximize the potential for success."

Drill Program Objectives
The PFS outlined a number of mineral resource related opportunities that have the potential to enhance Project financial returns, extend Project life and de-risk the projected production. These opportunities include:
  1. Better defining the shallow, high grade mineralization in the core of the Yellow Pine deposit and portions of the Hangar Flats deposit, where certain historical drill data generated during prior commercial mining operations was excluded from the PFS due to uncertainty as to the reliability of the data. This excluded data suggests, if confirmed, potential for improved continuity of higher gold and antimony grades in the early production years (as set out in the PFS), which could increase payable gold and antimony production and enhance Project net present value ("NPV").
  2. Conversion (through additional drilling) of inferred mineral resources located within the PFS mineral reserve pits into indicated mineral resources and mineral reserves, thereby reducing strip ratio and increasing payable gold and Project NPV, if the results are positive.
  3. Conversion (through additional drilling) of inferred mineral resources located outside, but immediately adjacent to, the PFS mineral reserve pits into indicated mineral resources and mineral reserves. Successful conversion could expand the PFS mineral reserve pits, and may also bring some currently excluded indicated mineral resources into the mineral reserves as a result of the expanded pit, thereby increasing payable gold and Project NPV.
  4. Advancing current prospects that carry no mineral resource at present towards defining mineral resources with the objective of increasing payable gold and Project NPV. The priorities are prospects and exploration areas (such as the northeast and south ends of the Yellow Pine deposit, and possibly the Scout prospect, where the grades intersected to date suggest potential to displace or supplement early mine life production and enhance Project NPV. If initial results are positive, additional drilling would be required to define a mineral resource.
  5. Replacing certain historical data that was used in the PFS and deemed to be reliable, but where additional confirmation drilling would further de-risk the mineral resource estimate in advance of commencement of the FS.

The majority of the drilling will take place on Midas Gold's private land, with some holes located on unpatented mineral claims. All drilling will take place in accordance with Idaho Department of Lands regulations and with the terms of the plan of operations and decision notice issued by the U.S. Forest Service in early 2016, as applicable. "As with all of our activities, we will conduct the drilling and metallurgical sampling programs in a safe and environmentally conscientious manner," said Mr. Quin. "Additionally, in accordance with our local-hire philosophy, we will look to Idaho first for our workforce and contracting requirements."

Metallurgical Pilot Plant Sample Collection

The collection of a 14-ton metallurgical bulk sample from existing core material is also scheduled to commence in September. Sample material will include medium and large diameter core (HQ and PQ), much of which was drilled in 2011-2013. Collection of this bulk sample is a precursor to the planned pilot plant program that will commence later this year. See the news release dated July 21, 2016 for additional details on the planned metallurgical test program. The diagnostic and flotation test work discussed in the July 21, 2016 news release is progressing well, and results will be announced once received and reviewed.

Quality Assurance/Quality Control

All drilling and sample collection will be conducted under the guidance of a team of internal and external qualified persons in order to ensure the integrity of the sample collection process and the ability to use the collected samples in the final feasibility study.

For further information about Midas Gold Corp., please contact: 
Liz Monger -- Manager, Investor Relations 
(t): 778.724.4704
(e): info@midasgoldcorp.com


Regulatory Compliance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 ("NI43-101") and reviewed and approved by Stephen P. Quin, P.. Geo., President and CEO of Midas Gold Corp., and a Qualified Person.

About Midas Gold and the Stibnite Gold Project

Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite‐Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "intended", "expected", "understanding", "purpose", "designed", "planned", "better predict" or variations of such words and phrases or statements that certain actions, events or results "can", "could", "should", "would" or "be achieved". Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
You are currently subscribed to investor1 as: .com
Add nri@nrinvestor.com to your email address book to ensure delivery.
 |   |   |   | Snooze
Net Atlantic

Midas Resources

ISIN : AU000000MDS4
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Midas is based in Australia.

Its main exploration property is LAKE CAREY in Australia.

Midas is listed in Australia. Its market capitalisation is AU$ 975.6 millions as of today (US$ 917.2 millions, € 668.5 millions).

Its stock quote reached its highest recent level on April 09, 2010 at AU$ 880.00, and its lowest recent point on April 11, 2014 at AU$ 0.00.

Midas has 6 504 300 032 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Financials of Midas Resources
10/9/2007First Quarter Quarterly Activities Report
Project news of Midas Resources
8/24/2016to Initiate Drill Program on its Stibnite Gold Project
3/26/2008(Lake Carey)up 50% today on update; includes news of JV w Chinese
Corporate news of Midas Resources
1/9/2014Klondex Announces Closing of C$42.6 Million Midas Financing
10/11/2011Media Update: Western Pacific Mentioned on BNN, Updated Cove...
4/22/2010Bolero Resources Acquire Rare Earth Crown Jewel
9/19/2007Drilling to Commence at Bindah Gold Prospect
9/4/2007Announces Share Purchase Plan
8/20/2007to Commence Diamond Drill Testing of Gold Mineralisation at ...
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
AU$ 0.150
05/14 17:55 -
Prev close Open
0.150 0.160
Low High
0.150 0.160
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.150 -%
Volume 1 month var.
31,001 -%
24hGold TrendPower© : -15
Explores for Gold
Interactive chart Add to compare
Print Compare Export
Last updated on : 11/30/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.58+2.71%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.83-4.07%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 0.47-7.33%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.53-10.32%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Closes Bridge Loan Financing
CA$ 3.00+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.71-1.02%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+7.14%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.25+4.17%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.79-6.28%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 59.37+2.73%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :