Midas Gold Increases Golden Meadows Indicated Resource by 29%

Midas Gold (TSX:MAX,OTCQX:MDRPF) released an updated mineral resource estimate for its Golden Meadows project in Idaho today. The company is aiming to design a sustainable mining project at Golden Meadows that “recognises the importance of the potential economic benefits from such a project to Idaho and its local communities and the importance of the natural environment, especially in respect of water quality and fisheries, to all stakeholders.”

As quoted in the press release:

These updated estimates incorporate more than 45,000m of additional drilling completed since 2012 that was focused on converting mineral resources from the inferred to the indicated category within the limits of mining contemplated in the 2012 Preliminary Economic Analysis (“2012 PEA”). The 5.46 million oz of gold contained in the indicated mineral resources category represents an increase of 29% over previous estimates published in the 2012 PEA. The Project also contains approximately 1.07 million oz of gold in the inferred mineral resource category.

Stephen Quin, President and CEO of Midas Gold, said:

The significant increase in indicated mineral resources, especially within the flagship Yellow Pine deposit provides the foundation for completion of a preliminary feasibility study for this existing brownfields site. Some inferred mineral resources were not converted, or were eliminated, especially around the margins of the deposits, much of which did not fall within the mining plan laid out in the 2012 PEA anyway. We also believe that the improved geologic knowledge provides for greater confidence in our mineral resource estimate and greatly reduces risk as we advance the Project.

Click here to read the Midas Gold (TSX:MAX,OTCQX:MDRPF) press release