Midas Gold (TSX: MAX) Hits 200 Meters of Continuous Gold Mineralization Starting at Surface; Silver and Antimony Credits, Too
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is President and CEO of Midas Gold (TSX: MAX)(OTC: MDRPF), Mr. Stephen Quin. Stephen, thank you for coming on today.
Stephen Quin: Thank you Gerardo and glad to be here.
Gerardo Del Real: I'm glad that you took the time. You had some news this morning. I think it's important news. The headline reads, "Midas Gold Drilling Confirms the Scale of the Mineralizing System at it's Stibnite Gold Project." I've long been a big advocate and follower of Midas. I've been very excited about the drill program, and hole MGI-16-414 intersected 200.3 meters of 2.2 grams per tonne gold, 3.2 grams per tonne silver, and .13% antimony. Can you speak to the results a bit because they're pretty fantastic.
Stephen Quin: Yeah, we're very pleased with the results. This is part of our ongoing program to sort of fine tune and enhance and optimize the resource estimate we put out in 2014. This was an area right in the center of the Yellow Pine deposit, which is the biggest and highest grade of the deposits, where there was some historical data that was excluded from the resource estimate in 2014 that indicated that there was not just gold but some good antimony grades in that area. But by excluding that historical data we lost some of that antimony that we believed was there, it just wasn't counted as part of the resource estimate.
The purpose of this hole was to bring antimony into the resource estimate that was previously excluded, but at the same time to confirm the gold mineralization. I think this hole ... Really the bottom line of this hole is it really just demonstrates the scale of this system. I mean this is a 200 meter intercept, which is almost 700 feet of mineralization at two and a quarter grams gold, you know with an additional antimony and silver credits on top of that, so this is a pretty impressive hole that just demonstrates the scale of this system. It's just a very, very big gold system. Not many projects you can get 200 meters of continuous gold mineralization starting at zero meters. It basically starts at surface. A very, very good hole.
Gerardo Del Real: Very impressive. You mentioned this will definitely add to the early mine life. I mean these are important high value ounces that you're now going to be able to introduce to a future study. Is that correct?
Stephen Quin: Well these ounces are sort of already part of the study. It's really the confidence in them. So the ounces are there, it's more of the pounds or the antimony that were excluded. This is bringing antimony to the table that wasn't there before. You know, .13% antimony is a nice credit over the entire hole, but there was some very nice higher grade intercepts within that of .5%, .4% antimony and one intercept of six meters at 1.7% antimony. That's a pretty valuable piece of rock at 1.7% antimony. On top of having 3.5 grams of gold as well.
Gerardo Del Real: Definitely. Now I understand that the drilling is ongoing. Is that correct?
Stephen Quin: Yes. We took a short break for ... Or a week break for Thanksgiving and we just started up again yesterday. Started putting the drill on to the next site yesterday and we should be drilling today. We'll be drilling until mid-December kind of time frame. Then we'll take a Christmas break and then we'll come back in January. We decided based on the results we've already seen from the first few holes to keep drilling into Q1 2017.
Gerardo Del Real: Excellent. Now as far as permitting, switching gears a little bit Stephen, how is that coming along?
Stephen Quin: Well we're pushing ... We filed our application on September 21 and what we're waiting for now is the forest service to respond with an adequacy determination. We'd hope to see that, hopefully, before the end of the year. Adequacy just says that we provided them everything they needed to start working on a decision. It doesn't comment on the content of what we provided, just that we've ticked all the boxes and provided everything that they need at this stage for them to kick off the formal process. We're looking forward to that decision very soon.
Gerardo Del Real: Excellent. Well Stephen, thank you for taking the time to come on today. Congratulations on an excellent drill hole. I'm looking forward to future results obviously, and a decision on the permitting front just saying that everything is adequate and moving along.
Stephen Quin: Thank you very much for calling Gerardo.
Gerardo Del Real: We'll talk to you soon.
Stephen Quin: Thank you.