Midas increases maiden gold resource

THE DRILL SERGEANT: Perth-based gold exploration company Midas Resources has completed a maiden Mineral Resource estimate for the Prospero gold deposit at Sunset Well.

The Prospero deposit is located ten kilometres north east of Leonora in the northern Goldfields region of Western Australia.

The new Inferred Mineral Resource estimate for the Prospero deposit stands at 1,096,000 tonnes at 1.40 grams per tonne for 50,100 ounces of contained gold at a 1.0g/t cut-off grade.

In the company’s announcement to the Australian Securities Exchange Midas Resources managing director Geoff Balfe said the new Resource estimate for Prospero was the first step in the company’s objective to build gold assets in the Leonora district.

“This is a very positive step forward for the company,” Balfe said.

“We are excited about the potential for the Leonora project to generate additional gold discoveries, and we intend to follow up a number of targets with aggressive drilling programs over the next year to build on this maiden gold Resource estimate.

“Drilling at the Reach prospect to the south of Sunset Well is expected to commence shortly, upon completion of Heritage surveys, and more information will be released when the survey is completed.”

Midas considers the Prospero project to hold potential for open pit development.

The project is also well situated in relation to mining and treatment facilities in the Leonora district, including a major treatment plant at Gwalia.