Midas Resources hits copper north and south at Overlander

THE DRILL SERGEANT: Midas Resources (ASX:MDS) has announced further high-grade copper results from reverse circulation (RC) drilling conducted at the Overlander North and Overlander South prospects, situated within the company’s 100 per cent-owned Mount Isa project in Northwest Queensland.

Midas claims the drilling on the two prospects, which was carried out in December 2013, has confirmed further high-grade copper zones, which remain open at depth.


Overlander North drill plan, showing the Overlander North
shear–hosted mineralisation and Overlander IOCG target. Source: Company


Best results from the drilling included:

14 metres at 2.62 per cent copper, 0.12 grams per tonne gold and 575ppm cobalt from 76 metres, including 6m at 3.73 per cent copper, 0.13g/t gold and 262ppm cobalt from 80m in hole OVRC002 at Overlander North. (announced 1in December 2013);

9m at 2.58 per cent copper, 0.22g/t gold and 421ppm cobalt from 49m (OVRC004) at Overlander North;

7m at 2.24 per cent copper, 0.09g/t gold and 648ppm cobalt from 121m (OVRC012) at Overlander North;

9m at 1.83 per cent copper and 1065ppm cobalt from 155m (OVRC013) at Overlander North; and

12m at 1.2 per cent copper, 0.09g/t gold and 568ppm cobalt from 31m (OVRC010) at Overlander South;

“We are very pleased with the results from the first drilling program at Mount Isa,” Midas Resources executive director Alex Hewlett said in the company’s announcement to the Australian Securities Exchange.

“Although we did not complete the testing of all the targets planned before the end of the year, Overlander North and Overlander South are shaping up as significant potential sources of high-grade sulphide copper resources to boost Midas’s existing resource at Kalman.”

The Overlander prospect is located six kilometres west of Midas’s Kalman copper-gold-molybdenum-rhenium deposit, which the company has interpreted to form part of a mineralised shear zone extending northwards for 6km from the known Andy’s Hill iron oxide copper-gold (IOCG) prospect in the south, through the Overlander South prospect to Overlander North.

Email: info@midasresources.com.au

Website: www.midasresources.com.au