Midas Minerals Defines 9km Gold Strike at Challa Project, Validates pXRF Assays

Exploration Breakthrough at Challa

Midas Minerals Limited (ASX, MM1) has announced encouraging assay results from its extensive soil sampling program at the Challa Project in Western Australia’s Goldfields region. The company has delineated three anomalous gold trends that collectively stretch approximately 9 kilometres, reinforcing the project’s potential as a significant gold and base metals exploration target.

These results stem from 499 soil samples analyzed using a combination of portable X-ray fluorescence (pXRF) spectrometry and the patented detectORE™ method, a technology developed and commercialized by Portable PPB Pty Ltd. This approach allows for rapid, low-level gold detection, which was confirmed as reliable through subsequent laboratory assays conducted by Bureau Veritas Minerals Pty Ltd.

Innovative Technology Accelerates Exploration

The detectORE™ technology represents a notable advancement in geochemical sampling, enabling Midas to identify gold anomalies at very low concentrations efficiently. This method not only speeds up the exploration process but also reduces costs by providing immediate, in-field data that can guide targeted follow-up sampling and drilling.

Managing Director Mark Calderwood highlighted the value of this technology, stating that the stronger gold anomalies are identifiable by pXRF at low parts-per-billion concentrations, which is instrumental in refining drill targets across the three gold trends. These trends include the Killarney North anomaly extending 3.3km, the Wondinong East trend with a 2.6km strike, and additional anomalies at Killarney South and John Bore prospects.

Strategic Focus Amidst Broader Ambitions

While the Challa Project continues to advance through detailed geochemical sampling and target definition, Midas is concurrently preparing to commence exploration at its recently announced Otavi Copper Project in Namibia. The acquisition of Otavi, subject to ministerial approval expected by the end of 2025, offers high-grade copper and silver prospects with historic drill intercepts that have demonstrated significant mineralisation.

This dual focus underscores Midas’ strategy to balance near-term exploration progress in Western Australia with the development of a potentially transformative copper asset in Namibia. The company’s portfolio also includes lithium projects in Canada and other gold and base metal prospects, positioning it well within the evolving minerals market.

Next Steps and Market Implications

Midas plans to continue infill auger soil sampling along the identified gold trends at Challa to better define drill targets. The company’s approach, combining innovative assay technology with methodical exploration, could accelerate the path to resource definition. Meanwhile, the Otavi Project’s pending acquisition and imminent drilling program represent a significant catalyst for the company’s growth trajectory.

Investors and market watchers will be keen to monitor the final assay results for the remaining samples at Challa, the progress of regulatory approvals for Otavi, and the outcomes of upcoming drilling campaigns. Together, these developments could materially influence Midas Minerals’ valuation and strategic positioning in the competitive mining sector.