THE BOURSE WHISPERER: Midas Resources has had its E40/295 tenement, located in the Leonora area of Western Australia’s northern goldfields gazetted as granted.
Midas said the tenement comprises 48 graticular blocks and is a key tenement in the formation of the company’s Leonora gold project situated between Leonora and Kookynie, approximately 200 kilometres north of Kalgoorlie.
“E40/295 contains a number of historic gold mines and prospects that are generally associated with northwest trending shear zones and faults,” Midas Resources said in its ASX announcement.
“These prospects form part of a corridor of gold mineralisation that extends over 50 kilometres from Kookynie to Leonora.
“Recent sampling by the company has also identified strongly anomalous gold values from old mine dumps at Bluebell in the southern part of the tenement.”
Midas said the Bluebell target, like a number of its other targets in the tenement, requires further mapping and sampling prior to being subjected to a drilling program.
The company’s objective is to complete this work and obtain the necessary permits for drilling within the current quarter.
Midas’ Leonora project tenements now exceed 200 square kilometres in area.
They include a Mining Lease application at Sunset Well where the company has previously announced an Inferred Mineral Resource of 1.1 million tonnes at a grade of 1.40 grams per tonne gold for 50,100 ounces of contained gold.
The company is currently undertaking exploration that is focused on targets in tenements E40/294 and E40/295.
This includes prospects at George Bore, Hawke, and Bluebell.
The company has also submitted applications for tenements E40/312 and P40/1282, from where it announced strong gold sampling results from in the Kookynie area.
Midas has recently completed a Renounceable Rights Issue and has budgeted 2600 metres of Reverse Circulation drilling for testing of various targets in the Leonora project tenements.