Joint venture partnership to benefi t from miner’s golden touch

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 27 Apr 2012   Posted by admin


DIVERSIFIED metals explorer Midas Resources has entered into a joint venture with Perth-based private exploration company Cazador Resources in a move that will expand Midas’s prospective Leonora gold project from 219 to 375 square kilometres. Midas will earn a 75 per cent interest in exploration tenements E40/284 and E40/288, which adjoin its Leonora gold project tenements in WA, and cover significant sections of key faults believed to be important structural controls in the distribution of gold in the Leonora South area. These structures, known as Dingo-Kelpie and Dahlia, continue through the Midas tenements into the Cazador tenements. Midas will embark on an auger drilling program in May – involving 500 holes over a 12km strike length – pending completion of heritage and Department of Mines and Petroleum (DMP) permits. Midas’s existing E40/294 and E40/295 tenements are between 10km and 50km south of Leonora, within the
prolific Gwalia (12 million ounces) and Kookynie (0.5moz) gold belts. Recent work by Midas has resulted in significant sample results from old gold workings at the Reach prospect in the northern part of E40/294 and at Sunbeam-Bluebell in E40/295. The company also has major gold projects at Lake Carey, south of Laverton, as well as a significant tenement in the multi-metal Paterson Province, where it has been exploring for copper, gold and other metals.

 

Reuben Adams


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