"The completion of the 2012 work program marks a significant milestone in evaluating the economic potential of the Golden Meadows Project," said Stephen Quin, President and CEO of Midas Gold Corp. "With this information in hand, Midas Gold will be able to update its mineral resource estimates, complete an updated preliminary economic assessment and evaluate opportunities to optimize the project design, throughput and potential. Midas Gold is also committed to working with local communities, regulators, governments, tribal entities and other stakeholders to ensure its activities result in a significantly enhanced environmental legacy, while providing potential for significant employment, contracts and taxes to the local community, the State of Idaho and the United States."
2012 Drill Program
Midas has completed over 50,000m of core, sonic and RC drilling as part of its 2012 drilling program, and has recently completed work on site for the season.
Recent drilling activities in the Hangar Flats and Yellow Pine deposit were part of Midas Gold's 2012 resource development drilling program which consists of: (1) in-fill drill holes designed to convert inferred mineral resources to the indicated category, (2) step-out drill holes targeting new areas of gold mineralization adjacent to existing mineral resources and, (3) drill holes for geotechnical, water well and metallurgical purposes.
Generally, the in-fill drilling program completed in 2012 has been successful in confirming the presence of inferred mineral resources at Yellow Pine. Some infill drill holes have cut mineralization assaying higher grade than had been predicted but over shorter widths while others are intersecting longer intervals of slightly lower grade material than predicted in the models. In addition, a number of step-out holes have intersected significant mineralization outside the resource limits, especially west of the old Yellow Pine pit and in the northeast portion of the Yellow Pine deposit.
Drill holes completed at the northeastern end of the Homestake area of the Yellow Pine deposit continue to delineate gold mineralization adjacent to the Meadow Creek Fault zone. Drill holes MGI-12-325 and MGI-12-335, intersecting 47.7 m of 1.48 g/t gold and 81.4m of 1.03 g/t gold respectively, generally confirmed modeled mineral resources within the metasedimentary roof-pendant. Drill holes MGI-12-329 and MGI-12-332 were designed to test for gold mineralization occurring outside of the mineral resource boundaries within the fault zone separating the roof pendant and the batholith. These holes, collared north of other holes in this area, did not intersect significant mineralization, nor did some holes testing the deeper portions of the mineralization in the Homestake area.
At the south end of the Yellow Pine deposit, in the Monday Tunnel area, recently completed drill holes have verified the presence of shallow high-grade gold-antimony mineralization previously defined by 1950s historic operators. Holes MGI-12-337 and MGI-12-339, drilled in an easterly direction, intersected high-grade gold-antimony mineralization on the west side of a major structure. MGI-12-343 was drilled from the same pad but in a westerly direction to assess mineralization outside of the mineral resource limits but did not intersect significant mineralization.
Recent drill holes at Hangar Flats were designed to test geophysical anomalies on the west side of the Meadow Creek fault zone within conceptual resource-limiting pit shells and as in-fill holes to improve confidence in modeled mineral resources. To date, drill holes on the western side of the Meadow Creek Fault intersected the geophysically predicted structural zones, but have only intersected short zones of mineralization. Infill hole MGI-12-331, completed on the eastern side of the Meadow Creek Fault Zone, intersected shallow high-grade gold mineralization where only low grade material was predicted in resource models but did not confirm a higher grade zone interpreted at depth. Approximately 15 additional in-fill drill holes are planned for early 2013 in the Hangar Flats deposit with the objective of converting remaining inferred mineralization to the indicated category.
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