Midas Resources claims Overlander copper discovery

THE DRILL SERGEANT: Midas Resources (ASX: MDS) has claimed discovery of a new copper zone after encountering new copper intersections at the Overlander North prospect within the company’s 100 per cent-owned Mount Isa project in Northwest Queensland.

Midas has received assay results from the first two holes of a current reverse circulation (RC) drilling program.

Highlights so far include:

14 metres at 2.62 per cent copper, 0.12 grams per tonne gold and 575ppm cobalt from 76m, including 6m at 3.73 per cent copper, 0.13g/t gold and 262ppm cobalt from 80m in hole OVRC002; and

10m at 1.45 per cent copper, 0.11g/t gold and 473ppm cobalt from 63m in hole OVRC001.

 

Overlander North drill plan. Source: Company announcement

 

Midas said the drilling is continuing at Overlander North to determine the extent of the mineralised zone.

The Overlander prospect is located six kilometres west of Midas’s Kalman copper gold molybdenum rhenium deposit, and has been interpreted by the company to form part of a mineralised structural zone extending northwards for six kilometres from the known Andy’s Hill iron oxide copper gold (IOCG) prospect in the south, through the Overlander South prospect to Overlander North.

“Midas is encouraged by the initial drilling results from the first prospect drilled as part of the current drilling program,” Midas Resources executive director Alex Hewlett said in the company’s announcement to the Australian Securities Exchange.

“Overlander North is shaping up as holding potential for open pittable mineralisation as well as potential for larger deposits of the IOCG type.”

Midas explained the current drilling program is expected to finish in late December and will restart following the wet season.

The company expects to receive further assay results early in the New Year.

Email:
info@midasresources.com.au

Website:
www.midasresources.com.au