Midas Gold’s Best Hole Ever Reported at the Stibnite Gold Project, Idaho MGI-17-421 intersects 3.2g/t Au, 6.1g/t Ag & 0.3% Sb over 217m (3.9g/t AuEq(2)) including 5.7g/t Au, 26.7g/t Ag & 1.3% Sb over 21m (8.6g/t AuEq(2))
Page 1 of 7
NEWS RELEASE
February 23, 2017
#2017-03
Midas Gold’s Best Hole Ever Reported at the Stibnite Gold Project, Idaho
MGI-17-421 intersects 3.2g/t Au, 6.1g/t Ag & 0.3% Sb over 217m (3.9g/t AuEq(2))
including 5.7g/t Au, 26.7g/t Ag & 1.3% Sb over 21m (8.6g/t AuEq(2))
VANCOUVER, BRITISH COLUMBIA – Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced additional
results from its ongoing mineral resource o ptimization drill program at the Stibnite Gold Project, Idaho. The
drilling program has multiple goals relating to enhancing the m ineral resources defined in the December 2014
preliminary feasibility study (“PFS”), and continues to deliver positive results . Assay results have been received for
three additional drill holes completed at the Yellow Pine d eposit and a fourth drill hole completed in the Hangar
Flats area. Highlights of the drill holes are tabulated below, while complete results are attached at the end of th is
news release.
Highlights of Recent Assay Results – Yellow Pine Deposit, Stibnite Gold Project
Hole-ID Type
From To Width Au Ag Sb AuEq
(m) (m) (m)(1) (g/t)(1) (g/t) (%) (g/t)(2)
MGI-16-418 Core 17.9 62.5 44.6 2.01 9.4 0.59 3.30
including 33.5 59.3 25.8 2.66 15.6 1.01 4.86
MGI-16-419 Core 54.3 72.5 18.3 2.47 16.9 1.24 5.15
MGI-17-421 Core 1.52 218.2 216.7 3.24 6.1 0.30 3.91
including 62.5 73.2 10.7 4.66 3.7 0.01 4.72
including 102.1 113.1 10.9 4.40 2.5 0.00 4.44
including 128.3 149.7 21.3 5.67 26.7 1.32 8.64
(1) Gold composites are generated using a 0.5 g/t Au cut-off grade. Antimony composites are generated using a 0.1% Sb
cut-off grade. Composites may include intervals below cut-off grades.
(2) Gold equivalent grades are reported for illustrative purposes only an d are calculated using metal prices of $1200/oz Au,
$17/oz Ag and $7600/tonne Sb and do not include recovery, transportation, refining or payability. These factors will vary
for each metal and affect the economic importance of the various metals.
(3) All holes are core holes.
“The latest assay data from our ongoing drill campaign at Yellow Pine continue s to provide positive results that
support Midas Gold’s goal of enhancing the mineral resource at the Stibnite Gold Project,” said Stephen Quin,
President & CEO of Midas Gold Corp. “Hole MGI -16-421 is the best hole ever reported by Midas Gold from its
drilling at the Stibnite Gold Project and occurs at shallow depths within the limits of the 2014 preliminary feasibility
study mineral reserve pit limits.” Results from two additional drill holes from 2017 drilling are pending, and one
additional drill hole is being drilled before the current campaign is completed for the season.
Central Yellow Pine Area
Hole MGI-17-421 was collared adjacent to the collar of hole MGI-16-414 (the results of which were reported
November 30, 2016) and oriented to the southwest to intersect west-northwest to east -west trending, northerly -
dipping silica-sulfide vein systems and silica -sulfide breccias at angles appropriate to test their true thickness and
to validate legacy drill data from previous operators . These distinctive structural and alteration features,
recognized by Midas Gold staff, typically host high er grade gold-antimony ( Au-Sb) mineralization in the central
areas of the Yellow Pine deposit. Prior drill hole orientations have been focused on optimal orientations for the
majority of the gold mineralization but are less than ideal to properly evaluate these important mineralized trends
for antimony (and related gold -silver). Hole MGI-17-421 intersected 216.7m averaging 3.24 g/t Au and 0. 30% Sb
Page 2 of 7
and, along with the previously reported hole MGI -16-414, targeted an area directly below the former historic open
pit and underground mining area . The highest -grade portions of hole MGI-17-421 are located between the “A-B”
and “C” structures, below where the bulk of historical production occurred and where there was limited modern
drilling data . Historical drill data suggested potential for this area to contain significant high grade gold and
antimony mineralization and the gold grades in MGI -17-421 were approximately 7% higher than predicted by the
PFS block model. Vein arrays and silica-sulfide breccia body orientations, as measured from oriented core, indicate
the reported intervals are near true thickness.
Drill hole MGI-17-422, was drilled sub-parallel to MGI-17-421 to a depth of 74m to collect whole core for potential
metallurgical comminution testing and will be assayed at a later date.
South Yellow Pine Area
Holes MGI-16-418 and MGI-16-419 were drilled in the southeastern portion of the Yellow Pine deposit to establish
continuity of the high-grade silica -sulfide breccia corridor intersected in previous Midas Gold drill holes MGI -12-
228, MGI-12-231, MGI-12-337, MGI-12-339, MGI-13-390 and MGI -13-391. The earlier drilling encountered good
grades of gold and antimony mineralization within a more tightly constrained zone than were indicated in the
legacy exploration drill data. Similarly, MGI-16-418 retu rned approximately 30% higher gold grades over an
approximately 15% longer width, but with slightly lower antimony grades than were anticipated (based on the
legacy drilling and PFS block model ). The same silica-sulfide breccia corridor was intersected in MGI -16-419 which
returned grades twice those anticipated, but over 60% of the expected width. Post -mineralization strike-slip
faulting is present in this portion of the deposit and may have cut of f mineralization in the drillhole. Geologic
interpretations, based on this additional drilling and t he use of oriented core are improving the structural
interpretations and reducing risk for this key area of the Yellow Pine deposit.
Hangar Flats
Hole MGI -16-420 targeted an area of inferred resources on the east flank of the Hangar Flats deposit. Severe
winter weather conditions , deep snow and steep slopes limited access to much of the Hangar Flats area, but this
site was accessible and tested. The hole was drilled to test an alternative interpretation targeting mineralization
occurring in the hanging wall of a north -easterly splay structure but cut only low grade mineralization averaging
0.24 g/t Au from the collar to hole bottom . Mineralization in thi s area is now known to occur only within the
northerly striking Meadow Creek Fault Zone corridor. Additional drilling planned for Hangar Flats, focused on
deeper but higher grade gold -antimony mineralization on the southeast side of the deposit has been de ferred due
to (a) winter conditions and (b) as drilling was re-prioritized into following up on excellent results from the 2016/17
drilling at Yellow Pine.
Details of the previous news releases, the Project and the 2014 PFS can be found filed under Midas Gold’s profile
on SEDAR (www.sedar.com) or at www.midasgoldcorp.com.
To view a cross section and the locations of drill holes reported in this news release , please see the figures at the
end of this release.
For further information about Midas Gold Corp., please contact:
Liz Monger -- Manager, Investor Relations
(t): 778.724.4704
(e): [email protected]
www.facebook.com/midasgoldidaho
@MidasIdaho
www.midasgoldcorp.com
Page 3 of 7
Sampling Procedures, Quality Control and Quality Assurance
The technical information in this news release has been prepared in accordance with Canadian regulatory
requirements set out in National Instrument 43 -101 ("NI43-101") and reviewed and approved by Stephen P. Quin,
P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at the Stibnite
Gold Project were carried out under the sup ervision of Richard Moses, C.P.G., Qualified Person and Field
Operations Manager for the Stibnite Gold Project. All gold assays are by a 30g Fire Assay charge followed by an
atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reportin g values > 6g/t gold are re -
analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4 -acid digestion
followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t silver are
reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4 -Acid
digestion with ICP finish with a 5g/t lower reporting limit. Samples reporting values >500g/t antimony are
reanalyzed using XRF fusion. Some intervals may not add or subtract correctly due to rounding, but differences are
deemed insignificant. Analyses are carried out by ALS Chemex in their Reno and Elko, Nevada and Vancouver,
British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard
samples are inserted at appropriate intervals and used for quality assurance and quality control and a review of
the results of analyses of the blanks, standards and duplicates by the Company's Qualified Person indicates values
are within normal and acceptable ranges.
About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries are focused on the exploration and, if warranted, site
restoration and development of gold-antimony-silver deposits in the Stibnite -Yellow Pine district of central Idaho
that are encompassed by its Stibnite Gold Project.
Forward-Looking Information
Statements contained in this news release that are not historical facts are "forward -looking information" or "forward -looking
statements" (collectively, "Forward -Looking Information") within the meaning of applicable Canadian securities legislation and
the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to,
disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic
conditions and courses of action including actions taken with the goal of improving, expanding an d de-risking previously defined
mineral resources; the timing and availability of further drill results; potential sites for additional drilling that could r esult in
potential improved confidence, enhanced economic returns and/or extending higher grade are as. In certain cases, Forward -
Looking Information can be identified by the use of words and phrases such as "expects" or "does not expect", "is expected",
“estimates", "intends", "anticipates", "potential", or "does not anticipate", or variations of such w ords and phrases or
statements that certain actions, events or results "may", "could", "would", "might" "be achieved". In preparing the Forward -
Looking Information in this news release, the Corporation has applied several material assumptions, including, but not limited
to, that pending drill results will be available in a timely manner without undue delay; that areas identified as potential s ites for
additional drilling will yield results consistent with management's expectations based on the PFS; any add itional financing
needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies will be consistent with
the Corporation's expectations; that the current objectives concerning the Stibnite Gold Project can be achieved and that its
other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will imp rove;
that general business and economic conditions will not change in a materially adverse manner and that all neces sary
governmental approvals for the planned activities on the Stibnite Gold Project will be obtained in a timely manner and on
acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations.
Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual
results, performance, or achievements of the Corporation to be materially different from any future results, performance or
achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, the
industry-wide risks and project -specific risks identified in the PFS and summarized above; risks related to the availability of
financing on commerc ially reasonable terms; operations and contractual obligations; changes in exploration programs based
upon results of exploration, including drill results; changes in estimated mineral reserves or mineral resources; future pric es of
metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated;
accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry;
environmental risks, including environmental matters under US federal and Idaho rules and regulations; impact of
environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation's planned
exploration and development activities on the Stib nite Gold Project; certainty of mineral title; community relations; delays in
obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation's dependence on one mineral
Page 4 of 7
project; the nature of mineral exploration and mining a nd the uncertain commercial viability of certain mineral deposits; the
Corporation's lack of operating revenues; governmental regulations and the ability to obtain necessary licenses and permits;
risks related to mineral properties being subject to prior u nregistered agreements, transfers or claims and other defects in title;
currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to
existing laws and regulations which may increase costs of d oing business and restrict operations; risks related to dependence on
key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the
Corporation's public disclosure record. Although the Corporat ion has attempted to identify important factors that could affect
the Corporation and may cause actual actions, events or results to differ materially from those described in Forward -Looking
Information, there may be other factors that cause actions, event s or results not to be as anticipated, estimated or intended.
There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accor dingly, readers should not place undue reliance on Forward -
Looking Information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions
to Forward -Looking Information contained in this news release to ref lect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
Page 5 of 7
Summary Drill Assay Results – Yellow Pine (YP) & Hangar Flats (HF) Deposits, Stibnite Gold Project
Hole-ID Area
Collar Collar TD From To Width Au Ag Sb AuEq
Azimuth Dip (m) (m) (m) (m)(1) (g/t)(1) (g/t) (%) (g/t)(2)
MGI-16-418 YP 270 -35 76.2 17.9 62.5 44.6 2.01 9.4 0.59 3.30
including 33.5 59.3 25.8 2.66 15.6 1.01 4.86
MGI-16-419 YP 300 -35 121.3 40.1 44.5 4.5 0.67 0.5 1.82 4.27
and 54.3 72.5 18.3 2.47 16.9 1.24 5.15
and 84.5 100.0 15.5 1.38 0.7 0.00 1.39
MGI-17-420 HF 0 -90 101.6 Anomalous Au & Sb only
MGI-17-421 YP 195 -28 239.6 1.52 218.2 216.7 3.24 6.1 0.30 3.91
including 62.5 73.2 10.7 4.66 3.7 0.01 4.72
including 102.1 113.1 10.9 4.40 2.5 0.00 4.44
including 128.3 149.7 21.3 5.67 26.7 1.32 8.64
MGI-17-422 YP 199 -31 73.8 Metallurgical hole, not assayed
(1) Gold composites are generated using a 0.5 g/t Au cut-off grade. Antimony composites are generated using a 0.1% Sb
cut-off grade. Composites may include intervals below cut-off grades.
(2) Gold equivalent grades are reported for illustrative purposes only and are calculated using metal prices of $1200/oz Au,
$17/oz Ag and $7600/tonne Sb and do not include recovery, transportation, refining or payability. These factors will vary
for each metal and affect the economic importance of the various metals.
(3) All holes are core holes.
Page 6 of 7
Page 7 of 7