Midas Minerals has identified multiple drill-ready gold targets at its Newington Project in Western Australia, with drilling planned for the September quarter pending approvals. Meanwhile, exploration continues at the Challa Project as assay results are awaited.
- Six drill-ready gold and copper prospects defined at Newington Project
- Notable historical intercepts include 4m at 16.6g/t Au and 2m at 17.5g/t Au at Dawsons
- Drilling at Newington scheduled for September quarter, subject to regulatory approvals
- Challa Project exploration ongoing with significant base and precious metal anomalies identified
- Corporate update includes appointment of Ryan Sebbes as Joint Company Secretary and upcoming AGM
Exploration Advances at Newington
Midas Minerals Limited (ASX: MM1) has made significant strides in its March 2025 quarter activities, particularly at its Newington Gold-Lithium Project located in Western Australia's Southern Cross greenstone belt. Spanning 212 square kilometres, Newington is a highly prospective area for gold and lithium, with a rich history of production and numerous untested geochemical anomalies.
During the quarter, Midas completed detailed mapping and 3D geological modelling of gold and copper targets, culminating in the identification of six drill-ready prospects. These include the Newfield Mine, Dawsons, and Newfield East deposits, all within close proximity and covered by mining leases. Historical drilling at Dawsons notably returned high-grade intercepts such as 4 metres at 16.6 grams per tonne (g/t) gold and 2 metres at 17.5 g/t gold, underscoring the potential for further resource expansion.
Additional prospects like Mayfield East, Hawthorn, and Carterton North have also been delineated, with recent geochemical sampling confirming anomalous gold and copper mineralisation. The Mayfield East target, for instance, revealed intense gold anomalies near historic workings, while Hawthorn's folded banded iron formation hosts strong gold geochemistry over a 170-metre strike. Carterton North shows promise for copper and multi-metal mineralisation associated with potassic-calc-silicate alteration and disseminated chalcopyrite.
Challa Project Exploration Progress
Meanwhile, at the 848 square kilometre Challa Project, also in Western Australia’s Goldfields region, Midas continued its exploration focus on gold, copper, base metals, and rare earth elements. The company collected over 500 soil samples analysed with portable XRF and detectORE™ technology, identifying multiple target styles including shear-hosted gold-copper mineralisation and intrusion-related platinum group elements (PGEs).
Rock chip sampling returned significant results such as 3.38 g/t 2PGE and anomalous levels of gold, copper, molybdenum, tin, and nickel. Notably, the John Bore area within the Windimurra Intrusive Complex yielded rock chips with 16.2% copper and 566 g/t silver, highlighting the potential for high-grade mineralisation. Assay results from the recent infill soil sampling are expected in the June quarter, which will guide the next phase of exploration.
Corporate and Financial Updates
On the corporate front, Midas appointed Ryan Sebbes as Joint Company Secretary, bringing over 13 years of experience in corporate advisory and financial management. Sebbes joins Maddison Cramer in the role, strengthening the company’s governance team ahead of its Annual General Meeting scheduled for 27 May 2025.
Financially, the company reported net cash outflows from operating and investing activities totaling approximately AUD 711,000 for the quarter, with cash reserves standing at AUD 486,000 at quarter-end. Midas acknowledged the need for additional capital to sustain operations and confirmed ongoing assessments of funding options to support its exploration programs.
Looking ahead, Midas plans to commence drilling at Newington’s Mayfield East, Hawthorn, and Carterton North prospects in the September quarter, subject to regulatory approvals. The company also intends to continue geochemical sampling at Mt Correll SE and NE to refine drill targets.
Bottom Line?
With drill-ready targets defined and key assays pending, Midas Minerals is poised for a pivotal exploration phase that could reshape its resource profile.
Questions in the middle?
- Will the upcoming drilling at Newington confirm extensions of high-grade gold mineralisation?
- How will assay results from the Challa Project influence Midas’ exploration priorities and capital allocation?
- What are the company’s plans and timeline for raising additional capital to fund ongoing exploration?