MDS midas resources limited

if gold keeps rising

  1. 37,286 Posts.
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    hi guys..

    just a feeling if gold keeps rising over the next few weeks.

    i'm certain that midas shares will take off like a rocket.

    see recent announcement:

    15 September 2004
    AUSTRALIAN STOCK EXCHANGE LIMITED
    Dear Sirs
    INFORMATION RELEASE
    MIDAS RECOMMENCES DRILLING AT FORTITUDE GOLD DEPOSIT
    Fortitude Aircore Drilling
    Midas has completed seven drill programmes to date at Lake Carey, mainly focused on its Fortitude gold
    deposit. The current drill programme involves 3,500m (65 holes) of Aircore drilling with the objective of
    defining the strike extent of the “M Lode” in the footwall of the deposit (see figure) and increasing
    confidence in the continuity of mineralisation in the oxidised zone in the southern part of the resource area.
    Drilling results are expected to be available by the end of October.
    Midas acquired the Fortitude gold deposit and a large tenement package within the highly prospective
    Laverton Tectonic Zone from Aurora Gold in October 2002. The current Fortitude Mineral Resource is
    6.6 million tonnes at an average grade of 2.2 g/t (478,000 contained gold ounces) which includes an
    Indicated Resource of 2.875 million tonnes at an average grade of 2.1 g/t gold. Aurora Gold prepared a
    pre-feasibility pit optimisation study at a gold price of $527/oz that included an estimated 220,000oz of
    resources at a fully diluted grade of 2.46 g/t Au. Midas believes that there is scope to update the pit
    optimization study in light of favourable infill drill results and a more robust gold price.
    Midas is now updating its resource estimate for Fortitude to include the results of the various drill
    programmes that it has completed since acquisition of the project. The new resource estimate is expected
    to be completed by October and is to be followed by pit optimisation studies for completion in November.
    Drilling Results - Quality Control
    The company has designed a sampling protocol that limits drilling to the oxidised zone above the water
    table and includes appropriate duplicate and standard samples to check laboratory precision and accuracy.
    Yours faithfully
    MIDAS RESOURCES LIMITED
    GEOFF BALFE
    Managing Director
 
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