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Midas Gold Corp. announced the results of an independent Feasibility Study and Technical Report on its Stibnite Gold Project in Idaho

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The Project, as envisioned in the feasibility study, would become one of the largest and highest-grade open pit gold mines in the United States and the country's only primary producer of antimony, which is on the U.S. Department of Interior's final list of 35 critical minerals. The Stibnite Mining District is located in central Idaho, approximately 100 miles northeast of Boise, 38 miles east of McCall, and approximately 10 miles east of Yellow Pine.

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Company: Midas Gold Corp.
Website: http://www.MidasGoldCorp.com
Stock Symbol: TSX: MAX
Date Published: Dec 22, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for InvestmentPitch Media

Midas Gold Corp. announced the results of an independent Feasibility Study and Technical Report completed on its Stibnite Gold Project in Idaho.

The Project, as envisioned in the feasibility study, would become one of the largest and highest-grade open pit gold mines in the United States and the country's only primary producer of antimony, which is on the U.S. Department of Interior's final list of 35 critical minerals.

The Stibnite Mining District is located in central Idaho, approximately 100 miles northeast of Boise, 38 miles east of McCall, and approximately 10 miles east of Yellow Pine.

The District has been the subject of exploration and production activities for nearly 100 years, yet much of the area remains poorly explored due to its remote location, low level of outcrop and extensive glacial cover in valley bottoms.

Midas Gold has completed extensive exploration work over the last decade that has included: geophysics; rock, soil and stream sampling and analysis; geologic mapping; mineralogical and metallurgical studies; and drilling.

This newer data has been integrated with datasets from previous operators and provides a comprehensive toolkit for future exploration.

These efforts have led to the identification of more than 75 prospects with varying levels of target support.

The mine plan developed for the Project incorporates the mining of the three in situ deposits: Yellow Pine, Hangar Flats, and West End and their related development rock; and the re-mining of Historical Tailings along with its cap of spent heap leach ore.

This sequence generally progresses from mining highest value ore to lowest value ore and accommodates the sequential backfilling the Yellow Pine and Hangar Flats open pits with material mined from West End open pit.

The company expects annual average gold production of 466,000 ounces at all-in sustaining costs of US$427 per ounce during the first 4 years of operation.

Laurel Sayer, President and CEO, stated: "The Feasibility Study represents a major milestone for Midas Gold as we continue to advance the Stibnite Gold Project. The positive results demonstrate that our vision to combine economic development with environmental restoration of a brownfield site is technically, financially and environmentally feasible. Each step of the way, our approach to responsible, restorative, modern mining in Idaho has been reconfirmed. We are now one step closer to seeing the river and water quality improved, 550 direct jobs for Idahoans and production of the critical mineral, antimony."

Midas Gold has made considerable effort to design the Project with restoration in mind through the incorporation of specific mitigation and restoration components.

The objective of this restoration work is to establish a sustainable fishery with enhanced habitat to support natural populations.

Marcelo Kim, Chairman, added: "The results of the Feasibility Study highlight the attractive economics of the Stibnite Gold Project. The Project's exceptional grade and low strip ratio place this project in the lowest quartile of the industry cost curve and coupled with its large mineral reserve and manageable capital expenditure profile, make the Stibnite Gold Project one of the gold industry's most attractive development projects. The Project's economics are resilient at lower metal prices and also exhibit significant leverage to rising prices. Despite the recent strength in its share price, Midas Gold represents one of the most undervalued gold investment opportunities in North America. At current market prices, Midas trades at a fully diluted market capitalization of $551 million, or 29% of the Project's NPV 5% of $1.9 billion at spot gold prices. We remain steadfast in our commitment to continue de-risking and advancing the Stibnite Project for the benefit of all stakeholders."


The shares are trading at $1.36.

For more information the report will be available on Sedar and please visit the company’s website www.MidasGoldCorp.com, call 778-724-4700 or email info@MidasGoldCorp.com.

I’m Cassandra Bolinski for InvestmentPitch Media