VANCOUVER, Sept. 7, 2011 /CNW/ --
Hole MGI-11-61 intersects 104.9m @ 1.86 g/t Au & 1.2 g/t Ag
Hole MGI-11-64 intersects 36.6m @ 2.21 g/t Au & 35.0 g/t Ag
Hole MGI-11-70 intersects 38.1m @ 2.84 g/t Au & 54.4 g/t Ag
VANCOUVER, Sept. 7, 2011 /CNW/ - Midas Gold Corp. (MAX:TSX) today announced additional assay results from its ongoing core and
reverse circulation ('RC') drilling program on the Hangar Flats and
Yellow Pine deposits at the Golden Meadows Project in the
Stibnite-Yellow Pine District, Idaho. A total of 36 holes have been
completed so far in 2011. Assays are available for the first eleven
holes completed this year. Highlights of assays from the first four
drill holes were previously reported on August 18, 2011 and highlights
for an additional six holes are summarized in Table 1 below, with more
detailed results, plus silver values, for all eleven holes in Table 2
at the end of this release. Additional results from the ongoing
program, including other potential by-product values, will be released
when assays are received and validated.
Table 1: Highlights of Recent Preliminary((1)) Assay Results from Golden Meadows
____________________________________________________________________
| Hole ID |Type| Target Area |From | To |Interval |Gold |Silver|
| | | | (m) | (m) |(m)( (2))|(g/t)|(g/t) |
|______________|____|_____________|_____|_____|_________|_____|______|
| MGI-11-60 |Core| Yellow Pine |43.3 |92.8 | 49.5 |2.07 | 1.54 |
|______________|____|_____________|_____|_____|_________|_____|______|
| And | | |105.2|154.8| 49.7 |1.46 | 1.16 |
|______________|____|_____________|_____|_____|_________|_____|______|
| MGI-11-61 |Core| Yellow Pine |62.8 |167.6| 104.9 |1.86 | 1.21 |
|______________|____|_____________|_____|_____|_________|_____|______|
| | |Yellow Pine -| | | | | |
|MGI-11-64((3))|Core|Clark Tunnel |84.4 |90.5 | 6.1 |3.39 | 6.47 |
| | | area | | | | | |
|______________|____|_____________|_____|_____|_________|_____|______|
| And | | |103.0|139.6| 36.6 |2.21 |35.01 |
|______________|____|_____________|_____|_____|_________|_____|______|
| MGI-11-67 |Core|Hangar Flats |10.1 |21.0 | 11.0 |1.80 | 1.41 |
|______________|____|_____________|_____|_____|_________|_____|______|
| And | | |25.3 |61.6 | 36.3 |1.72 | 3.98 |
|______________|____|_____________|_____|_____|_________|_____|______|
| And | | |72.5 |79.7 | 7.2 |1.85 | 3.75 |
|______________|____|_____________|_____|_____|_________|_____|______|
| | |Yellow Pine -| | | | | |
| MGI-11-68RC | RC |Clark Tunnel |70.1 |103.6| 33.5 |1.91 | 3.31 |
| | | area | | | | | |
|______________|____|_____________|_____|_____|_________|_____|______|
| | |Yellow Pine -| | | | | |
| MGI-11-70RC | RC |Clark Tunnel |83.8 |121.9| 38.1 |2.84 |54.43 |
| | | area | | | | | |
|______________|____|_____________|_____|_____|_________|_____|______|
((1)) Results are deemed preliminary until final assay certificates are
issued.
((2)) Based upon the current 3D interpretation of the Hangar Flats and Yellow
Pine deposits the intervals quoted here are at or near true thickness
and are composited using a 0.5 g/t Au cut-off and may include short
intervals of internal waste below the cut-off grade.
((3)) Assays only available for upper 139.6 metres, hole completed to 432.2
metres. Assays are pending for the remainder of the hole.
'These latest assay results from our ongoing drilling program continue
to demonstrate the exploration potential of our Golden Meadows Project
in Idaho,' said Stephen Quin, President and CEO of Midas Gold, Corp.
'The results from the Clark Tunnel area of the Yellow Pine deposit,
situated between the past producing Yellow Pine and Homestake pits, are
particularly encouraging, since they demonstrate the potential to
develop significant gold and silver mineral resources adjacent to past
producing areas that were previously thought to be well explored,' he
said.
2011 Exploration Program
A total of 36 drill holes totaling approximately 9,200 metres have been
completed at Golden Meadows so far in 2011. This drilling is being
undertaken as part of a mineral resource definition and exploration
program designed to confirm and expand known mineral resources and
potentially discover new mineralized areas. Four core rigs and one
reverse circulation rig are currently operating on site.
Hangar Flats is a high-grade gold-silver-antimony-tungsten discovery
made in 2009 and these most recent drill intercepts are step-outs to
the north from the areas discovered and drilled during the 2009 and
2010 field seasons. Yellow Pine is a significant past producer of gold,
silver, antimony and tungsten from the 1930's through the mid-1950's.
The Homestake pit, located at the northeast end of the Yellow Pine
deposit, was operated by Hecla Mining Company from 1987 through 1989.
The area between Yellow Pine and Homestake, known as the Clark Tunnel
prospect, was the site of early 1930's and 1940's era exploration, but
no mining has occurred and it has seen only minimal modern exploration
drilling. Historical geologic, geophysical and drilling data obtained
by Midas suggested the possibility that significant mineralization
might be present in this area and recent drill results confirm this
potential.
As previously reported, drill holes MGI-11-56 and -57 were drilled
within the known mineral resource at Yellow Pine in order to upgrade
the confidence level of those mineral resources and to provide
metallurgical samples. Results from the more recent drill holes in
this area, MGI-11-60 and -61, are reported herein and are consistent
with historic drill program results, providing confidence in Midas
Gold's prior mineral resource models and, in some cases, suggest that
additional mineralization may be present within or beneath the modeled
pit that limited the mineral resource estimates. Details of prior
mineral resource estimates can be found in the NI43-101 Technical
Report filed under Midas Gold's profile on SEDAR (www.sedar.com).
Hole MGI-11-58 and MGI-11-67, drilled into the Hangar Flats deposit,
were designed to expand and further upgrade the existing mineral
resource. The drill results from these holes continue to provide
encouragement as drilling steps-out to the north along this promising
trend.
Holes MGI-11-64, -66, -68, -69 and -70 were drilled along two fences in
the Clark Tunnel area of the Yellow Pine deposit, between the historic
past producing Yellow Pine and Homestake pits. The drill results,
combined with historic trench, underground sample and drill data,
demonstrate strong gold mineralization beneath a cap of unmineralized
rock lying between the two areas. The holes outline a tabular,
northeast-trending, northwest-dipping, mineralized body approximately
35-50 metres true thickness which appears to be traceable along strike
for several hundred meters and down dip for at least 250 metres, and
remains open along strike and down dip.
To view the locations of current drill hole, please click here.
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 ('NI43-101') and reviewed and approved by Stephen P.
Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified
Person. The exploration activities at Golden Meadows were carried out
under the supervision of Christopher Dail, C.P.G., Qualified Person and
Project Manager for the Golden Meadows Project.
All gold assays are by a 30g Fire Assay charge followed by an atomic
absorption finish (with a 0.002g/t lower reporting limit). Samples
reporting values > 6g/t are re-analyzed using a 30g Fire Assay charge followed by a
gravimetric finish. All composites utilize a 0.5g/t cut off and may
include up to 1.52 meters of internal waste. Internal waste has been
assigned a nominal grade of 0.0g/t. Composites above cut-off grade, but
less than 6.1 meters in length, are not reported. Silver is analyzed
via a 4-acid digestion followed by an ICP finish (with a 1.0g/t lower
reporting limit). Samples reporting values > 10g/t Ag are reanalyzed using a 50g Fire Assay charge followed by a
gravimetric finish. Some intervals may not add or subtract correctly
due to rounding, but are deemed insignificant. Analyses are carried out
by ALS CHEMEX in their Reno and Winnemucca, Nevada and Vancouver,
British Columbia laboratories. 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 indicates values are within normal and acceptable
ranges.
About Midas Gold and the Golden Meadows Project
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc.,
and Idaho Gold Resources, LLC, is focused on the exploration and, if
warranted, development of the Golden Meadows Project in the
Stibnite‐Yellow Pine district of central Idaho. The principal gold
deposits identified to date within the Golden Meadows Project are the
Hangar Flats, West End and Yellow Pine deposits, all of which are
associated with important structural corridors. Independent mineral
resource estimates were reported for all three deposits in a news
release dated April 20, 2011 and are detailed in a consolidated
technical report entitled 'NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project,
Valley County, Idaho' dated June 6, 2011 (the 'Technical Report') is available on Midas Gold's website at www.midasgoldcorp.com or under Midas Gold's profile on SEDAR at www.sedar.com.
The Hangar Flats, West End and Yellow Pine deposits remain open to
expansion along strike and to depth. In addition, Midas Gold continues
to review and assess information contained within an extensive
exploration database developed by Midas Gold from almost 100 years of
exploration activity by multiple owners and operators with the
objective of identifying opportunities for the potential discovery of
additional gold mineralization.
Forward-Looking Statements
Statements contained in this news release that are not historical facts
are 'forward-looking information' or 'forward-looking statements'
(collectively, 'Forward-Looking Information') within the meaning of
applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to,
disclosure regarding possible events, conditions or financial
performance that is based on assumptions about future economic
conditions and courses of action; the timing and costs of future
exploration activities on the Corporation's properties; success of
exploration activities; permitting time lines and requirements,
requirements for additional capital, requirements for additional water
rights and the potential effect of proposed notices of environmental
conditions relating to mineral claims; planned exploration and
development of properties and the results thereof; planned expenditures
and budgets and the execution thereof. In certain cases,
Forward-Looking Information can be identified by the use of words and
phrases such as 'plans', 'expects' or 'does not expect', 'is expected',
'budget', 'scheduled', 'estimates', 'forecasts', 'intends',
'anticipates', 'potential' or 'does not anticipate', 'believes', or
variations of such words and phrases or statements that certain
actions, events or results 'may', 'could', 'would', 'might' or 'will be
taken', 'occur' or 'be achieved'. Statements concerning mineral
resource estimates may also be deemed to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that may be encountered if the Golden Meadows Project is
developed. In making the forward-looking statements in this news
release, the Corporation has applied several material assumptions,
including, but not limited to, that any additional financing needed
will be available on reasonable terms; the exchange rates for the U.S.
and Canadian currencies in 2011 will be consistent with the
Corporation's expectations; that the current exploration and other
objectives concerning the Golden Meadows Project can be achieved and
that its other corporate activities will proceed as expected; that the
current price and demand for gold will be sustained or will improve;
that general business and economic conditions will not change in a
materially adverse manner and that all necessary governmental approvals
for the planned exploration on the Golden Meadows Project will be
obtained in a timely manner and on acceptable terms; the continuity of
the price of gold and other metals, economic and political conditions
and operations. Forward-Looking Information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Corporation to be
materially different from any future results, performance or
achievements expressed or implied by the Forward-Looking Information.
Such risks and other factors include, among others, risks related to
the availability of financing on commercially reasonable terms and the
expected use of proceeds; operations and contractual obligations;
changes in exploration programs based upon results of exploration;
changes in estimated mineral reserves or mineral resources; future
prices of metals; availability of third party contractors; availability
of equipment; failure of equipment to operate as anticipated;
accidents, effects of weather and other natural phenomena and other
risks associated with the mineral exploration industry; environmental
risks, including environmental matters under U.S. federal and Idaho
rules and regulations; impact of environmental remediation requirements
and the terms of existing and potential consent decrees on the
Corporation's planned exploration on the Golden Meadows Project;
certainty of mineral title; community relations; delays in obtaining
governmental approvals or financing; fluctuations in mineral prices;
the Corporation's dependence on one mineral project; the nature of
mineral exploration and mining and the uncertain commercial viability
of certain mineral deposits; the Corporation's lack of operating
revenues; governmental regulations and the ability to obtain necessary
licences and permits; risks related to mineral properties being subject
to prior unregistered agreements, transfers or claims and other defects
in title; currency fluctuations; changes in environmental laws and
regulations and changes in the application of standards pursuant to
existing laws and regulations which may increase costs of doing
business and restrict operations; risks related to dependence on key
personnel; and estimates used in financial statements proving to be
incorrect; as well as those factors discussed in the Corporation's
public disclosure record. Although the Corporation has attempted to
identify important factors that could affect the Corporation and may
cause actual actions, events or results to differ materially from those
described in Forward-Looking Information, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that Forward-Looking
Information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
Forward-Looking Information.
Except as required by law, the Corporation does not assume any
obligation to release publicly any revisions to Forward-Looking
Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Table 2: Preliminary((1)) Assay Results - Midas Gold News Release 2011-14
_____________________________________________________________________
| Hole ID |Type|Target Area |From | To | Interval |Gold |Silver |
| | | | (m) | (m) |(m)( )((2))|(g/t) | (g/t) |
|____________|____|____________|_____|_____|___________|______|_______|
|MGI-11-56 ( |CORE|Yellow Pine |16.6 |138.8| 122.2 | 2.28 | 1.43 |
| (4)) | | | | | | | |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |145.5|188.1| 42.5 | 1.49 | 1.64 |
|____________|____|____________|_____|_____|___________|______|_______|
|MGI-11-57 ( |CORE|Yellow Pine |30.2 |121.0| 90.8 | 2.92 | 2.71 |
| (4)) | | | | | | | |
|____________|____|____________|_____|_____|___________|______|_______|
|MGI-11-58 ( |CORE|Hangar Flats|75.7 |121.3| 45.6 | 2.86 | 3.98 |
| (4)) | | | | | | | |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |125.9|130.5| 4.6 | 1.04 | 0.90 |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |160.7|217.3| 56.6 | 2.66 | 11.64 |
|____________|____|____________|_____|_____|___________|______|_______|
| MGI-11-60 |CORE|Yellow Pine |43.3 |92.8 | 49.5 | 2.07 | 1.54 |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |105.2|154.8| 49.7 | 1.46 | 1.16 |
|____________|____|____________|_____|_____|___________|______|_______|
| MGI-11-61 |CORE|Yellow Pine |62.8 |167.6| 104.9 | 1.86 | 1.21 |
|____________|____|____________|_____|_____|___________|______|_______|
|MGI-11-64 ( | |Yellow Pine | | | | | |
| (3)) |CORE| - Clark |50.4 |55.0 | 4.6 | 0.71 | 2.23 |
| | |Tunnel area | | | | | |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |84.4 |90.5 | 6.1 | 3.39 | 6.45 |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |103.0|139.6| 36.6 | 2.21 | 35.01 |
|____________|____|____________|_____|_____|___________|______|_______|
|MGI-11-66RC | |Yellow Pine | | | | | |
| ((4)) | RC | - Clark |96.0 |149.4| 53.3 | 4.15 | 8.47 |
| | |Tunnel area | | | | | |
|____________|____|____________|_____|_____|___________|______|_______|
| MGI-11-67 |CORE|Hangar Flats|10.1 |21.0 | 11.0 | 1.80 | 1.41 |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |25.3 |61.6 | 36.3 | 1.72 | 3.98 |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |72.5 |79.7 | 7.2 | 1.85 | 3.75 |
|____________|____|____________|_____|_____|___________|______|_______|
| | |Yellow Pine | | | | | |
|MGI-11-68RC | RC | - Clark |70.1 |103.6| 33.5 | 1.91 | 3.31 |
| | |Tunnel area | | | | | |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |158.5|163.1| 4.6 | 0.57 | 0.00 |
|____________|____|____________|_____|_____|___________|______|_______|
| | |Yellow Pine | | | | | |
|MGI-11-69RC | RC | - Clark |59.4 |94.5 | 35.1 | 1.17 | 2.02 |
| | |Tunnel area | | | | | |
|____________|____|____________|_____|_____|___________|______|_______|
| | |Yellow Pine | | | | | |
|MGI-11-70RC | RC | - Clark |71.6 |79.3 | 7.6 | 0.89 | 2.00 |
| | |Tunnel area | | | | | |
|____________|____|____________|_____|_____|___________|______|_______|
| And | | |83.8 |121.9| 38.1 | 2.84 | 54.43 |
|____________|____|____________|_____|_____|___________|______|_______|
((1)) Results are deemed preliminary until final assay certificates are
issued.
((2)) Based upon the current 3D interpretation of the Hangar Flats and Yellow
Pine deposits the intervals quoted here are at or near true thickness
and are composited using a 0.5 g/t Au cut-off and may include short
intervals of internal waste below the cut-off grade.
((3)) Assays only available for upper 139.6 metres; hole completed to 432.2
metres. Assays are pending for the remainder of the hole.
((4)) Gold assays previously release on August 18, 2011.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/September2011/07/c8896.html
For further information about Midas Gold Corp., please contact:
Liz Caridi - Manager, Investor Relations
Tel: 778.724.4704
E-mail:
