Mr. Stephen Quin reports
MIDAS GOLD REPORTS RESULTS OF FINAL 24 HOLES FROM 2013 DRILLING AT GOLDEN MEADOWS
Midas Gold Corp. has provided results from the final 24 holes completed during its 2013 infill and mineral resource definition core drilling program at its Golden Meadows project, in the Stibnite-Yellow Pine mining district, Idaho. A total of 11,655 metres of drilling, in 123 holes of various types, was completed during the 2013 program.
HIGHLIGHTS FROM RECENT DRILLING AT GOLDEN MEADOWS
Gold
Hole From To Intercept Gold Silver Antimony equivalent
ID Deposit (m) (m) (m)(2) (g/t) (g/t) (%) (g/t)(1)
MGI-13-386 Yellow Pine 69.7 152.4 82.8 3.35 17.1 0.02 3.65
MGI-13-391 Yellow Pine 30.8 68.1 37.3 4.06 27.6 1.65 8.46
MGI-13-392 Yellow Pine 2.3 94.5 92.2 2.56 5.2 0.30 3.36
MGI-13-394 Hangar 60.4 127.3 66.9 2.11 3.0 0.21 2.65
Flats
MGI-13-399 Yellow Pine 0.0 94.0 94.0 2.33 8.3 0.70 4.13
MGI-13-401 Yellow Pine 30.9 70.6 39.6 2.03 14.2 1.06 4.80
MGI-13-402 Yellow Pine 0.0 98.3 98.3 2.22 6.3 0.58 3.71
1. In situ gold equivalent values based on $1,350 per ounce gold, $20 per
ounce Ag and $4.75 per pound antimony, as used in prior reporting. These
equivalent grades are provided for illustrative purposes only and do not
account for recoveries or payabilities of the various metals, which may
vary significantly, depending on the metallurgical process selected.
2. Drill hole composites are reported at a 0.5-gram-per-tonne Au cut-off,
with a minimum 10-metre composite length. Higher grade composites are
reported at three g/t Au cut-off. Composites may contain up to six m of
internal waste below cut-off. Intercept width is estimated to be close to
true width.
"The drill results reported today again demonstrate the significant thicknesses of excellent grade mineralization within all three of the deposits that comprise the Golden Meadows project," said Stephen Quin, president and chief executive officer of Midas Gold. "These results are now being incorporated into updated geologic models and mineral resource estimates that will form the basis of a prefeasibility study to be completed in mid-2014, which will also incorporate the results of extensive environmental, metallurgical, geotechnical and other engineering work completed since the preliminary economic assessment in 2012," he said. "Our objective is to design an environmentally acceptable, economic project that will balance development with the ultimate restoration of this extensively disturbed brownfields mining district."
Summary of 2013 drill program
During the 2013 season, Midas Gold completed approximately 9,400 metres of mineral resource definition drilling that was designed to infill and further define mineralization with the objective of improving the confidence level of the majority of the mineral resources to the measured and indicated categories, suitable for inclusion in a prefeasibility study (PFS). Core drilling was primarily focused on the Yellow Pine deposit, with limited additional drilling completed at the West End and Hangar Flats deposits, and was carried out with two drill rigs from T&J Enterprises of Montana. The core drilling program was also designed to collect large-diameter (PQ core) samples for future pilot plant test work. In addition to the core drilling program, Midas Gold completed approximately 1,000 m of hollow stem auger drilling, which led to a mineral resource estimate for the historic tailings material (the results of which were reported in a news release dated Oct. 28, 2013), as well as additional geotechnical and water monitor well drilling. An updated summary of drilling completed by Midas Gold in 2013 is shown in the "Summary of 2013 drilling on the Golden Meadows property" table.
Yellow Pine
This latest drilling was completed on the southern, western and eastern sides of the Yellow Pine deposit in order to better define and delimit the mineralization in these areas. Drilling on the southern portion (holes MGI-13-390 and MGI-13-391) is generally consistent with the mineral resource model, but will likely limit the depth potential in this area. Holes completed on the western side (including holes MGI-13-397, -398, -400, -401 and -410, reported herein), were generally consistent with the mineral resource estimate, and outline a southwest-northeast-trending zone of mineralization associated with a newly identified shear zone, with local significant antimony grades. Holes on the eastern side of the Yellow Pine deposit (including MGI-13-386, -403 and -405) targeted inferred mineralization that was sparsely drilled; results indicate that higher grade gold mineralization lies to the west of a fault structure running subparallel to the Meadow Creek fault zone (and mapped historically), which may represent an eastern limit for high-grade gold mineralization in this area due to postmineral displacement along this structure. Infill drilling in the main deposit area returned high-grade gold-antimony mineralization (as reported from holes MGI-13-392, -399 and -402), with intercepts and widths that are generally consistent with the previous model. Finally, two additional core holes drilled in the eastern side of the north-central portion of the Yellow Pine deposit, where the resource model is supported by minimal modern era drilling, cut only weakly anomalous mineralization (as have other holes completed in this area).
West End
The results from the two holes completed at West End in 2013 have been received. MGI-13-396, reported in a news release dated Dec. 3, 2013, and MGI-13-404 both intercepted broad intervals of disseminated gold mineralization in a carbonate-clastic sequence. Both holes were step-out holes from nearby historic drill holes testing the intersection of favourable stratigraphic horizons with east-northeast- to northeast-striking splay faults extending east of the main West End fault zone.
Hangar Flats
Results from the final five of the nine core holes drilled during 2013 at Hangar Flats are reported herein. Drilling was primarily directed at providing additional information to improve confidence in the resource model and provide evidence of continuity of grade and thicknesses in areas of broader drill spacing within the deposit. This includes infill drilling to establish tighter controls on higher grade mineralized zones, such as that intersected in MGI-13-394, which cut 66 m of 2.1 g/t Au and 0.2 per cent Sb following up on a high-grade intercept cut in hole MGI-13-361 that was previously reported in NR 2013-12 (Oct. 1, 2013). Several holes completed along the fringes of the deposit, such as hole MGI-13-407 and MGI-13-409, only intercepted weakly anomalous mineralization, or mineralization at expected widths but with lower grades.
2013 drilling metreage summary
The "Summary of 2013 drilling on the Golden Meadows property" table summarizes drilling completed in 2013 by type and by area.
SUMMARY OF 2013 DRILLING ON THE GOLDEN MEADOWS PROPERTY
Drill program No. of holes Total metres
2013 winter/fall resource definition 60 9,420
Yellow Pine 49 7,386
West End 2 450
Hangar Flats 9 1,584
Infrastructure condemnation core 1 384
Geotechnical auger drilling 10 106
Tailings resource auger drilling 42 977
Monitoring well installations(1) 10 768
Grand total 123 11,655
1. Includes both bedrock and alluvial well installations
2013 drill results
Over all, the drill intercepts reported herein, and those reported in previous news releases, are generally in line with expectations and Midas Gold anticipates a significant conversion of mineral resources from the inferred to the measured and indicated categories as compared with the 2012 preliminary economic assessment (PEA), based on the post-PEA drilling completed in late 2012 and during 2013. While new drilling results may result in localized gains and losses in different areas, the impact on mineral resources falling within the PFS pits and potentially becoming mineral reserves cannot be determined until the updated mineral resource estimates are completed. With the adoption of new geologic models and more conservative modelling parameters, as discussed in a news release dated Sept. 9, 2013, some areas may show gains or losses dependent upon the amount and quality of modern drilling supporting the blocks making up the resource model.
2014 outlook
As has been previously reported, the primary focus for Midas Gold in the first half of 2014 is the updating of mineral resource estimates to incorporate the results of all drilling completed since the 2012 PEA, which estimates are anticipated to be complete later in first quarter 2014, and on preparing a PFS based on these updated mineral resource estimates and incorporating the results of extensive, post-PEA metallurgical testing, geotechnical, environmental and engineering work. The results of the PFS are anticipated to be available in mid-2014.
Sampling procedures and quality assurance
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Stephen P. Quin, PGeo, president and CEO of Midas Gold, and a qualified person. The exploration activities at Golden Meadows were carried out under the supervision of Richard Moses, CPG, qualified person and field operations manager for the Golden Meadows project. All gold assays are by a 30-gram fire assay charge followed by an atomic absorption finish (with a 0.005 g/t lower reporting limit). Samples reporting values greater than six g/t gold are reanalyzed using a 30 g fire assay charge followed by a gravimetric finish. Silver is analyzed via a four-acid digestion followed by an ICP finish (with a 0.5 g/t lower reporting limit). Samples reporting values greater than 10 g/t silver are reanalyzed using a 50 g fire assay charge followed by a gravimetric finish. Antimony is analyzed via a four-acid digestion with ICP finish with a five g/t lower reporting limit. Samples reporting values greater than 500 g/t antimony are reanalyzed using XRF fusion. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS Chemex in its Reno and Winnemucca, Nev., and Vancouver, B.C., laboratories. Umpire samples are routinely submitted to third party labs, blank and standard samples are used for quality assurance and quality control, and a review of the results of analyses of the blanks, standards and duplicates by the company's qualified person and independent qualified person indicates values are within normal and acceptable ranges.
DETAILS OF YELLOW PINE, HANGAR FLATS AND WEST END
CORE DRILLING RESULTS, GOLDEN MEADOWS PROJECT
Hole Hole From To
ID Deposit length (m) (m) (m)
MGI-13-379 Yellow Pine 157.0 14.5 40.4
and 49.5 102.1
and 114.8 142.2
MGI-13-381 Yellow Pine 15.5
MGI-13-386 Yellow Pine 152.4 69.7 152.4
including 106.2 131.4
including 138.2 152.4
MGI-13-387 Yellow Pine 121.1
MGI-13-390 Yellow Pine 111.4 34.3 45.7
and 54.9 68.6
MGI-13-391 Yellow Pine 91.4 30.8 68.1
including 33.5 63.6
MGI-13-392 Yellow Pine 119.8 2.3 94.5
MGI-13-393 Yellow Pine 220.1 89.3 105.3
and 196.8 215.0
MGI-13-394 Hangar Flats 183.8 60.4 127.3
including 77.0 93.0
and 154.7 175.3
MGI-13-395 Yellow Pine 151.5 48.6 74.4
and 103.3 151.5
MGI-13-397 Yellow Pine 149.1 104.6 136.9
MGI-13-398 Yellow Pine 164.9 72.9 104.9
MGI-13-399 Yellow Pine 114.6 0.0 94.0
including 2.3 13.7
including 48.3 64.3
MGI-13-400 Yellow Pine 175.3 104.7 120.6
MGI-13-401 Yellow Pine 76.3 30.9 70.6
MGI-13-402 Yellow Pine 137.3 0.0 98.3
including 2.3 16.0
including 34.3 45.7
MGI-13-403 Yellow Pine 217.0 104.6 157.1
and 196.0 217.0
MGI-13- West End 197.4 2.4 22.4
404(3)
and 74.2 195.7
including 158.8 175.6
MGI-13-405 Yellow Pine 220.4 81.5 99.8
and 106.7 154.7
and 182.1 205.0
MGI-13-406 Hangar Flats 118.6 83.7 118.6
MGI-13-407 Hangar Flats 170.7 98.8 139.5
and 150.9 166.9
MGI-13-408 Hangar Flats 149.1 64.8 92.2
and 99.1 126.5
MHI-13-409 Hangar Flats 118
MGI-13-410 Yellow Pine 113.1 52.1 79.6
DETAILS OF YELLOW PINE, HANGAR FLATS AND WEST END CORE DRILLING
RESULTS, GOLDEN MEADOWS PROJECT
Gold
Hole Intercept Gold Silver Antimony Tungsten Equivalent
ID Deposit (m)(1,3) (g/t) (g/t) (%) (%) (g/t)(2)
MGI-13-379 Yellow Pine 25.9 0.55 2.0 0.01 0.003 0.64
and 52.6 0.87 3.1 0.02 0.001 0.96
and 27.4 1.67 4.9 0.33 0.001 2.54
MGI-13-381 Yellow Pine NSI (4) -- hole abandoned and recollared as -382
MGI-13-386 Yellow Pine 82.8 3.35 17.1 0.02 0.002 3.65
including 25.2 5.41 8.6 0.01 0.002 5.56
including 14.2 3.75 4.5 0.06 0.003 3.95
MGI-13-387 Yellow Pine NSI (4)
MGI-13-390 Yellow Pine 11.4 0.93 1.4 0.01 0.003 0.98
and 13.7 1.18 23.9 0.98 0.002 3.90
MGI-13-391 Yellow Pine 37.3 4.06 27.6 1.65 0.002 8.46
including 30.1 4.60 26.2 1.66 0.002 9.00
MGI-13-392 Yellow Pine 92.2 2.56 5.2 0.30 0.001 3.36
MGI-13-393 Yellow Pine 16.0 0.95 0.4 0.00 0.002 0.96
and 18.3 1.25 1.0 0.00 0.005 1.28
MGI-13-394 Hangar Flats 66.9 2.11 3.0 0.21 0.004 2.65
including 16.0 4.83 6.1 0.49 0.010 6.11
and 20.6 1.75 2.0 0.02 0.003 1.83
MGI-13-395 Yellow Pine 25.8 0.72 1.0 0.00 0.001 0.74
and 48.2 1.77 0.4 0.00 0.001 1.79
MGI-13-397 Yellow Pine 32.3 1.01 6.9 0.36 0.006 2.03
MGI-13-398 Yellow Pine 32.0 1.71 1.9 0.01 0.002 1.77
MGI-13-399 Yellow Pine 94.0 2.33 8.3 0.70 0.001 4.13
including 11.4 4.05 2.2 0.22 0.001 4.62
including 16.0 2.82 5.4 0.31 0.002 3.65
MGI-13-400 Yellow Pine 15.9 1.64 1.1 0.03 0.001 1.74
MGI-13-401 Yellow Pine 39.6 2.03 14.2 1.06 0.006 4.80
MGI-13-402 Yellow Pine 98.3 2.22 6.3 0.58 0.001 3.71
including 13.7 3.81 3.6 0.26 0.002 4.49
including 11.4 2.89 26.2 2.27 0.002 8.76
MGI-13-403 Yellow Pine 52.6 1.27 2.2 0.00 0.001 1.32
and 21.0 1.78 4.2 0.05 0.001 1.98
MGI-13- West End 20.0 0.50 0.2 0.00 0.000 0.52
404(3)
and 121.5 1.82 1.7 0.00 0.002 1.85
including 16.8 4.02 5.0 0.01 0.002 4.11
MGI-13-405 Yellow Pine 18.3 0.64 0.9 0.01 0.003 0.67
and 48.0 1.02 4.7 0.01 0.001 1.11
and 22.9 2.37 3.6 0.16 0.001 2.81
MGI-13-406 Hangar Flats 34.9 1.37 2.7 0.10 0.004 1.66
MGI-13-407 Hangar Flats 40.7 0.85 1.3 0.02 0.005 0.92
and 16.0 0.92 0.8 0.02 0.003 0.99
MGI-13-408 Hangar Flats 27.4 1.28 0.8 0.00 0.001 1.30
and 27.4 1.45 0.7 0.00 0.001 1.47
MHI-13-409 Hangar Flats NSI (4)
MGI-13-410 Yellow Pine 27.4 2.05 3.9 0.31 0.004 2.85
1. Reported drill hole composites are reported at a 0.5 g/t Au cut-off, with
a minimum 10-metre composite length. Higher grade composites are reported
at three g/t Au cut-off. Composites may contain up to six m of internal
waste below cut-off.
2. In situ gold equivalent values based on $1,350 per ounce gold, $20 per
ounce Ag and $4.75 per pound antimony. These equivalent grades are
provided for illustrative purposes only and do not account for recoveries
or payabilities of the various metals, which may vary significantly,
depending on the metallurgical process selected.
3. Intercept width is estimated to be close to true width, except hole MGI-
13-404 where the true width is estimated to be approximately 70 per cent
of the intercept width.
4. NSI -- no significant intercept.
We seek Safe Harbor.
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