Midas Gold Reports First Drill Results from its 2011 Program on the Golden Meadows Project, Stibnite-Yellow Pine, Idaho
VANCOUVER, Aug. 18, 2011 /CNW/ --
Hole MGI-11-56 intersects 122.2m @ 2.32 g/t Au; Hole MGI-10-57
intersects 90.8m @ 2.92 g/t Au;
Hole MGI-11-66 intersects 53.3m @ 4.12 g/t Au, including 22.9m @ 7.48
g/t Au
VANCOUVER, Aug. 18, 2011 /CNW/ - Midas Gold Corp. (MAX:TSX) today announced preliminary assay results from its ongoing core and
reverse circulation ('RC') drilling program on the Hangar Flats and
Yellow Pine deposits at the Golden Meadows Project in the
Stibnite-Yellow Pine District, Idaho. A total of 21 drill holes have
been completed so far in 2011 and assays are available for the first
four. Highlights of assays from these first four drill holes are
summarized in the table below and additional results from our ongoing
drill program, including potential by-product values, will be released
when sufficient assays are received.
Highlights of Recent Drilling at Golden Meadows
_______________________________________________________
| Hole ID |Type|Target Area |From | To |Interval |Gold |
| | | | (m) | (m) | (m)* |(g/t)|
|_________|____|____________|_____|_____|_________|_____|
|MGI-11-56|Core|Yellow Pine | 16.6|138.8| 122.2| 2.32|
|_________|____|____________|_____|_____|_________|_____|
| and| | |145.5|178.2| 32.7| 1.69|
|_________|____|____________|_____|_____|_________|_____|
|MGI-11-57|Core|Yellow Pine | 30.2|121.0| 90.8| 2.92|
|_________|____|____________|_____|_____|_________|_____|
|MGI-11-58|Core|Hangar Flats| 75.7|121.3| 45.6| 2.81|
|_________|____|____________|_____|_____|_________|_____|
| and| | |168.3|207.3| 39.0| 2.24|
|_________|____|____________|_____|_____|_________|_____|
|MGI-11-66| RC|Yellow Pine | 96.0|149.3| 53.3| 4.12|
|_________|____|____________|_____|_____|_________|_____|
|including| | |117.3|140.2| 22.9| 7.48|
|_________|____|____________|_____|_____|_________|_____|
* Based upon the current 3D interpretation of the Hangar Flats and
Yellow Pine deposits the intervals quoted here are at or near true
thickness and are composited using a 0.5 g/t Au cut-off and may include
short intervals of internal waste below the cut-off grade.
'These latest results from drilling at our Golden Meadows Project
confirm a robust mineralizing system with excellent grades over
significant intervals,' said Stephen Quin, President and CEO of Midas
Gold. 'The results from the Homestake area of the Yellow Pine system
are particularly encouraging, since they indicate considerable
potential between two previously mined deposits,' he said. 'Drilling
is now proceeding apace, with four core and one RC rig working around
the clock, and we look forward to a steady flow of information over the
coming months as we look to determine the true scale of these
substantial mineralizing systems.'
2011 Exploration Program
A total of 21 drill holes totalling approximately 5,100 metres have been
completed at Golden Meadows so far this season. This drilling is being
undertaken as part of a mineral resource definition and exploration
drill program designed to confirm and expand known mineral resources
and potentially discover new mineralized areas. Three core rigs and one
reverse circulation rig have been operating on site since the end of
June and a fourth core rig was added this week.
Hangar Flats is a high-grade gold-silver-antimony-tungsten discovery
made in 2009 and these most recent drill intercepts are step outs and
in-fill holes from the 2009 and 2010 discovery holes. Yellow Pine is a
significant past producer of gold, silver, antimony and tungsten from
the 1930's through the mid-1950's.
Drill holes MGI-11-56 and -57 were drilled within the known mineral
resource at Yellow Pine in order to upgrade the confidence level of
those mineral resources and to provide metallurgical samples.
Hole MGI-11-58 was drilled to expand the Hangar Flats mineral resource.
The drill results from this hole, along with those from previous
drilling, indicate that the Hangar Flats deposit is a series of
stacked, north plunging, ellipsoidal zones along the trace of the
Meadow Creek fault system, a major district-scale ore controlling
structure.
Hole MGI-11-66 was drilled in the Clark Tunnel area, between the
historic past producing Yellow Pine and Homestake pits, and was
exploratory in nature, designed to test for potential new mineralized
areas down dip of the previously defined shallow mineral resource, and
yielded very encouraging results. It intersected strong gold
mineralization beneath a cap of unmineralized rock lying between the
two deposits, with a similar structural style to the adjacent Yellow
Pine deposit, demonstrating the possibility of discovery of additional
blind mineralization within this prolific mineralized trend.
To view figures of current drill hole locations, please click here.
Quality Assurance
The technical information in this news release has been prepared in
accordance with Canadian regulatory requirements set out in National
Instrument 43-101 and reviewed and approved by Stephen P. Quin, P.
Geo., President and CEO of Midas Gold Corp., and a Qualified Person.
The exploration activities at Golden Meadows were carried out under the
supervision of Christopher Dail, C.P.G., Qualified Person and Project
Manager for the Golden Meadows Project.
All gold assays are by a 30g Fire Assay charge followed by an atomic
absorption finish (with a 0.002g/t lower reporting limit). Samples
reporting values > 6g/t are re-analyzed using a 30g Fire Assay charge followed by a
gravimetric finish. All composites utilize a 0.5g/t cut off and may
include up to 1.52 metres of internal waste. Internal waste has been
assigned a nominal grade of 0.0g/t. Composites above cut-off grade, but
less than 6.1 metres in length, are not reported. Some intervals may
not add or subtract correctly due to rounding, but are deemed
insignificant. Analyses are carried out by ALS CHEMEX in their Reno and
Winnemucca, Nevada laboratories. Blank and standard samples are used
for quality assurance and quality control and a review of the results
of analyses of the blanks, standards and duplicates by the Company's
Qualified Person indicates values are within normal and acceptable
ranges.
About Midas Gold and the Golden Meadows Project
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc.,
and Idaho Gold Resources, LLC, is focused on the exploration and, if
warranted, development of the Golden Meadows Project in the
Stibnite‐Yellow Pine district of central Idaho. Gold mineralization
within the Golden Meadows Project appears to be associated with an
intrusion related, gold‐rich system overprinted by a younger epithermal
gold system with increased silver, antimony and tungsten. Historic
production from the district is estimated at approximately one million
ounces of gold, along with significant by‐products of silver, antimony
and tungsten, primarily from underground higher‐grade gold-antimony
production at Hangar Flats from 1925‐38, open pit mining at Yellow Pine
from 1938‐52, and from heap leaching of oxide gold occurrences,
including West End, Garnet Creek and Homestake, from 1974 to 1997. The
deeper sulphide gold potential has seen little modern exploration. The
principal gold deposits identified to date within the Golden Meadows
Project are the Hangar Flats, West End and Yellow Pine deposits, all of
which are associated with important structural corridors. Independent
mineral resource estimates were reported for all three deposits in a
news release dated April 20, 2011 and are detailed in a consolidated
technical report entitled 'NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project,
Valley County, Idaho' dated June 6, 2011 (the 'Technical Report') is available on Midas Gold's website at www.midasgoldcorp.com or under Midas Gold's profile on SEDAR at www.sedar.com.
The Hangar Flats, West End and Yellow Pine deposits in the
Stibnite-Yellow Pine gold district remain open to expansion along
strike and to depth. In addition, Midas Gold continues to review and
assess information contained within an extensive exploration database
developed by Midas Gold from almost 100 years of exploration activity
by multiple owners and operators with the objective of identifying
opportunities for the potential discovery of additional gold
mineralization.
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; statements relating to the timing,
availability and amount of financings; business objectives; costs and
timing relating to the potential acquisition of interests in mineral
properties; the timing and costs of future exploration activities on
the Corporation's properties; success of exploration activities;
permitting time lines and requirements, requirements for additional
capital, requirements for additional water rights and the potential
effect of proposed notices of environmental conditions relating to
mineral claims; anticipated results and developments in operations in
future periods; planned exploration and development of properties and
the results thereof; planned expenditures and budgets and the execution
thereof.. In certain cases, Forward-Looking Information can be
identified by the use of words and phrases such as 'plans', 'expects'
or 'does not expect', 'is expected', 'budget', 'scheduled',
'estimates', 'forecasts', 'intends', 'anticipates', 'potential' or
'does not anticipate', 'believes', or variations of such words and
phrases or statements that certain actions, events or results 'may',
'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'.
Statements concerning mineral resource estimates may also be deemed to
constitute forward-looking statements to the extent that they involve
estimates of the mineralization that may be encountered if the Golden
Meadows Project is developed. In making the forward-looking statements
in this news release, the Corporation has applied several material
assumptions, including, but not limited to, that any additional
financing needed will be available on reasonable terms; the exchange
rates for the U.S. and Canadian currencies in 2011 will be consistent
with the Corporation's expectations; that the current exploration and
other objectives concerning the Golden Meadows Project can be achieved
and that its other corporate activities will proceed as expected; that
the current price and demand for gold will be sustained or will
improve; that general business and economic conditions will not change
in a materially adverse manner and that all necessary governmental
approvals for the planned exploration on the Golden Meadows Project
will be obtained in a timely manner and on acceptable terms; the
continuity of the price of gold and other metals, economic and
political conditions and operations. Forward-Looking Information
involves known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the
Corporation to be materially different from any future results,
performance or achievements expressed or implied by the Forward-Looking
Information. Such risks and other factors include, among others, risks
related to the availability of financing on commercially reasonable
terms and the expected use of proceeds; operations and contractual
obligations; changes in exploration programs based upon results of
exploration; changes in estimated mineral reserves or mineral
resources; future prices of metals; availability of third party
contractors; availability of equipment; failure of equipment to operate
as anticipated; accidents, effects of weather and other natural
phenomena and other risks associated with the mineral exploration
industry; environmental risks, including environmental matters under
U.S. federal and Idaho rules and regulations; impact of environmental
remediation requirements and the terms of existing and potential
consent decrees on the Corporation's planned exploration on the Golden
Meadows Project; certainty of mineral title; community relations;
delays in obtaining governmental approvals or financing; fluctuations
in mineral prices; the Corporation's dependence on one mineral project;
the nature of mineral exploration and mining and the uncertain
commercial viability of certain mineral deposits; the Corporation's
lack of operating revenues; governmental regulations and the ability to
obtain necessary licences and permits; risks related to mineral
properties being subject to prior unregistered agreements, transfers or
claims and other defects in title; currency fluctuations; changes in
environmental laws and regulations and changes in the application of
standards pursuant to existing laws and regulations which may increase
costs of doing business and restrict operations; risks related to
dependence on key personnel; and estimates used in financial statements
proving to be incorrect; as well as those factors discussed in the
Corporation's public disclosure record. Although the Corporation has
attempted to identify important factors that could affect the
Corporation 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, the Corporation 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/18/c4728.html
Liz Caridi - Manager, Investor Relations
Tel: 604.568.4580
E-mail: info@midasgoldinc.com
www.midasgoldcorp.com