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Midas on cusp of reserve boost

Midas Gold (CN:MAX) is on its way to converting development rock into a source of revenue at its Stibnite gold project in Idaho in the US, following excellent drill results at its Hangar Flats deposit.

During a programme to enhance the mineral resources and undertake geotechnical testing of pit walls and infrastructure areas, the company has come across some significant high-grade assays.

This has included a 50.3m interval averaging 3.2g/t Au, 36.1g/t Ag and 1.2% Sb from 107.3m and 33.5m grading 3.2g/t Au and 3.9g/t Ag from 144.3m.

Stephen Quin, CEO of Midas, said the latest intercepts "further demonstrate the potential to upgrade inferred mineral resources within the PFS limits from a cost centre to a source of revenue".

Inferred resources, which amounted to 400,000oz at Hangar Flats, were previously treated as development rock in the 2014 PFS project economics, as required by NI 43-101, but the grades and continuity of these assays and others bode well for many ounces moving into the reserve category and being treated as ore in the upcoming definitive feasibility study.

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