STRONG GOLD RESULTS FROM THE LEONORA GOLD PROJECT HIGHLIGHTS Encouraging sample results from old mine workings at the Blue Bell Prospect in E 40/295. First stage sampling of gold workings in the newly applied for tenement P 40/1282 also returned strongly anomalous gold results. Australian resources developer, Midas Resources Limited (Midas or the Company) ( MDS), is pleased to announce highly anomalous sample results from the Bluebell Prospect in E40/295 and from new tenement P40/1282 at the Companys Leonora Gold Project located in Western Australia (fig 1). Bluebell Prospect E40/295 The tenement contains many areas of historic gold workings along major shear trends. Recent sampling of extensive workings at the Bluebell prospect returned gold values between 0.8g/t Au and 15g/t. On granting of the tenement, which is expected in Q4 2011, a program of surface geochemical exploration is planned over the identified target area, followed by drilltesting of priority targets. The Bluebell prospect comprises a significant number of shallow prospecting pits along a generally northsouth structural corridor.
During Q3 2011 the Company collected six samples of quartz vein material from old mine dumps around several of the mine shafts. A second round of sampling in September 2011 has extended the area sampled to about 100m x 50m (fig 2), with the collection of a further nine samples of quartz vein material from the old workings. All samples have reported strongly anomalous gold values Table 1.
Gold results from samples collected from old workings at Bluebell prospect. E40/295 is expected to be granted in the next Quarter and the Company is planning a program of geochemical drilling over the extensive gold workings at Bluebell. Kookynie P40/1282 Tenement P40/1282 was applied for by Midas in August 2011 after it was forfeited by the previous holder. It lies 1.6km east of Midas granted tenement E40/294, and 5km west of the historic Kookynie mining centre. The license occurs within a very active historical mining area and it contains two northnortheast trending lines of gold workings (fig 3).
Field investigation in September included the collection of fifteen samples of quartz vein material from the old mine workings. Strongly anomalous gold values were returned from both trends. The anomalous workings on the southern part of the eastern trend have been percussion drilltested by previous explorers.
Samples taken from drill spoil returned gold values of 1.37 and 0.79g/t. No drillholes were observed elsewhere in the tenement, with the western trend in particular apparently untested by modern exploration methods. Comment Managing Director Geoff Balfe commented that the sample results from both areas are very encouraging, and that they augur well for the programs ahead. The extensive presence of highly mineralised quartz in widespread workings at Bluebell was possibly indicative of either multiple veins, as in a stockwork, or a very shallowly dipping vein that was present over a large area. In either case there is potential here for an open pit target, Mr Balfe said.
The new tenement at Kookynie was also considered to be highly prospective, with many gold workings. For and on behalf of the Board of Midas Resources Limited, G D Balfe Managing Director/CEO The information in this report is based on information compiled by Mr John Downing, who is a Member of the Australasian Institute of Geoscientists and a full time employee of the Company. Mr Downing has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Downing consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Media and Investor queries Warrick Hazeldine/Ryan McKinlay Purple Communications 61 8 6314 6300 Investor Information Principal Office Capital Structure Level One 282 Rokeby Road Subiaco WA6008 Ordinary Shares (MDS) 325,077,680 Listed Options 3c (MDSOC) 48.0 million Unlisted Options 4.3 million Web www.midasresources.com.au Tel 61 8 9388 2211 Fax 61 8 9388 2600.
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Strong Gold Sample Results from Leonora Project