Midas Gold Reports Final Results from 2016-17 Winter Drill Program, Stibnite Gold Project, Idaho MGI-17-423 intersects 2.5g/t Au, 6.3g/t Ag & 0.55% Sb over 194m (3.6g/t AuEq(2)) including 3.0g/t Au, 24.0g/t Ag & 3.08% Sb over 32m (9.4g/t AuEq(2))
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NEWS RELEASE
March 30, 2017
#2017-05
Midas Gold Reports Final Results from 2016-17 Winter Drill Program, Stibnite Gold Project, Idaho
MGI-17-423 intersects 2.5g/t Au, 6.3g/t Ag & 0.55% Sb over 194m (3.6g/t AuEq(2))
including 3.0g/t Au, 24.0g/t Ag & 3.08% Sb over 32m (9.4g/t AuEq(2))
MGI-17-424 intersects 2.5g/t Au, 5.7g/t Ag & 0.47% Sb over 180m (3.5g/t AuEq(2))
VANCOUVER, BRITISH COLUMBIA – Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced the final
results from its 2016-2017 mineral resource optimization drilling program at the Stibnite Gold Project, Idaho. The
drilling program ’s objectives were designed to enhance the m ineral resources defined in the December 2014
preliminary feasibility study (“PFS”) , and the program has delivered overall positive results. Highlights for the last
two holes in the program, completed at the Yellow Pine d eposit, are reported below with complete results for the
program tabulated at the end of this 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-17-423 Core 2.1 195.7 193.6 2.46 6.3 0.55 3.63
including 156.1 188.0 32.0 3.04 24.0 3.08 9.44
MGI-17-424 Core 35.1 214.6 179.5 2.45 5.7 0.47 3.45
including 140.8 168.3 27.4 3.93 20.6 1.11 6.42
(1) Gold composites are generated using a 0.5 g/t Au cutoff grade. Antimony composites are generated using a 0.1% Sb
cutoff grade. Composites may include intervals below cutoff grades.
(2) Gold equivalent grades are reported for illustrative purposes only and are calculated using metal prices of $1 ,200/oz Au,
$17/oz Ag and $7,600/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.
The winter drill ing program consisted of f ourteen HQ diameter oriented core holes totalling 2,224 meters
(7,296 feet). Of these, thirteen holes were drilled in the Yellow Pine deposit area and one at Hanger Flats. Four
holes contain significantly higher gold grades than predicted (by the PFS block mode l) and six holes contain
moderately higher gold grades than predicted , and as pr eviously announced, included the best hole ever reported
by Midas Gold on the Stibnite Gold Project . In general, antimony grades in the central and southern portions of
the Yellow Pine deposit exceeded expect ations. “The mineral resource enhancement core drilling program ,
completed by our team between September 2016 and February 2017 , has provided very encouraging results that
support Midas Gold’s goal of enhancing the mineral resource s at the Stibnite Gold Project,” said Stephen Quin,
President & CEO of Midas Gold Corp. “These results will now be evaluated and, along with additional detailed
geological and structural information collected from these and re -logged earlier holes, incorporated into an
updated mineral resource for the Yellow Pine deposit in the coming months.”
Summary of Program Objectives & Results
As reported on August 23, 2016, the drilling program focused on a number of objectives base d on
recommendations contained in the 2014 PFS that outlined opportunities that had the potential to enhance Project
financial returns, extend Project life and de-risk the projected production. These opportunities included:
1. Better defining the shallow, high grade mineralization in the core of the Yellow Pine deposit ;
2. Conversion (through additional drilling) of inferred mineral resources located within the PFS mineral
reserve pits into indicated mineral resources and mineral reserves;
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3. Conversion (through additional drilling) of inferred mineral resources located outside, but immediately
adjacent to, the PFS mineral reserve pits into indicated mineral resources and mineral reserves ; and
4. Advancing current prospects that carry no mineral resource at present towards defining mineral resources
with the objective of increasing payable gold and Project NPV.
The first two objectives were successfully met and the third and fourth objectives were only partially met as
successful drill results in the earlier part of the drill program warranted additional focus in the areas beneath the
former open pit at Yellow Pine. Additional drilling may be conducted at a later date to advance all of these
objectives, including at the other deposits that comprise the Stibnite Gold Project .
Central Yellow Pine Area
The two most recently completed holes , MGI-17-423 and MGI-17-424, the last holes of the winter program , were
completed in the Central Yellow Pine area and the results are reported herein. MGI-17-423 was drilled adjacent to
and sub-parallel to holes -414, -421, & -422 (the results for which were previously reported on November 30, 2016
and February 23, 2017) , in a broad drill fan, oriented to the southwest to intersect west -northwest and east -west
trending, northerly dipping silica -sulphide vein systems and silica -sulphide breccia’s at angles app ropriate to test
true thickness and to validate legacy drill data. Hole MGI-17-423 intersected 194m averaging 2.46g/t Au, 6.3g/t Ag
and 0.55% Sb, including 32m averaging 3.04g/t Au, 24.0 g/t Ag and 3.08% Sb. MGI-17-424 was located on a bench
in the northwest portion of the historic al open pit and was oriented to the southeast at a shallow angle to confirm
and expand on gold and antimony mineralization under the historic al open pit in an area with little modern era
drilling data. The hole intersected 180m averaging 2.5g/t Au, 5.7 g/t Ag and 0.47% Sb. The intercept was slightly
shorter, but slightly higher gold grade than the PFS mineral resource estimate. The broad zones of antimony -rich
sheeted veins and breccias beneath the former open pit are continuous between holes completed in this program
and provide increased confidence in controls on high grade mineralization.
South Yellow Pine Area
Holes MGI-16-418 and MGI-16-419 were drilled in the southeastern portion of the Yellow Pine deposit to fol low up
on two fences of successful 2012 and 2013 drill holes located to the northeast of 2016 holes MGI-16-418 and
MGI-16-419 and successfully cut mineralization ( the results of which were previously reported on February 23,
2017). MGI-16-418 returned approximately 30% higher gold grades over an approximately 15% longer width, but
with slightly lower antimony grades than anticipated. MGI-16-419 returned gold grades twice those anticipated,
but over 60% of the expected width.
Monday Tunnel Area
Two hol es, MGI -16-415 and MGI -16-416, were completed in the Monday Tunnel area, located southwest of the
southern rim of the former open pit (the results of which were previously reported on February 23, 2017), with
MGI-16-415 successfully intersecting the target zone cutting substantially higher grade gold, antimony and silver
than predicted from 1940s legacy underground drilling in the area, with the second hole terminated short of the
target zone.
Northwest Yellow Pine – Homestake Area
Two holes, MGI-16-411 and MGI-16-412, both intersected significantly higher than anticipated grades as compared
to the PFS mineral resource block model and extended a higher-grade trend approximately 100m northeast and
remains open along strike (the results of which were previously reported on November 21, 2016).
Northeast Yellow Pine – Homestake Area
A single exploration hole, MGI-16-413, targeted shallower mineralization encountered in adjacent Midas Gold and
legacy operator h oles in metasediments adjacent to the Meadow Creek Fault Zone . As previously reported on
November 21, 2016, this hole intersected quartz veining below the fault but only anomalous gold values were
encountered. The complex interaction of structure and stratigraphy in this area make targeting challenging and
the potential of this area will be re-evaluated in the future.
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Hangar Flats
Hole MGI-16-420 targeted an area of inferred resources on the east flank of the Hangar Flats deposit away from
the primary mineralizing structure, the Meadow Creek Fault Zone (the results of which were previously reported
on February 23, 2017). The hole, although altered throughout, cut only low grade mineralization , below cut -off
grade, averaging 0.21 g/t Au from the collar to the end of the hole.
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 figures
accompanying 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
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 C orp., and a Qualified Person. The exploration activities at the Stibnite
Gold Project were carried out under the supervision of Richard Moses, C.P.G., Qualified Person and Field
Operations Manager for the Stibnite Gold Project. T&J Enterprises, Inc. of Fre nchtown MT was contracted for
drilling utilizing an AR -65 core drill with HQ3 core with a diameter of 61.1 mm (2-1/2”). A ll holes, with the
exception of one vertical hole , totaling 101.6 meters ( 333.3 f eet), were drill oriented using an ACT III core
orientation tool from International Directional Services; LLC of Chandler AZ. Drilling was conducted 24 -hours/day
using two shifts each with a 3 -person crew (driller, drill helper, mud -man). Shifts were scheduled of 20 days on
followed by 10 days off. Core was p hotographed in the core barrel split inner tube, marked for orientation and
discontinuities measured at the drill site and then recovery and RQD were measured, and logged for rock lithology,
alteration, mineralization, and structure. The core was boxed, ph otographed in the core box, with sample intervals
selected on approximately 1.52 meter (5 foot) intervals, which were then marked for cutting and sampled. One
half the core was collected for assay and the second half retained in the core box for archival purposes.
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 reporting values > 6g/t gold are re -analyzed using a 30g Fire Assay charge followed by a
gravimetric finish. S ilver 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
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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 and de -risking previously defined
mineral resources; the timing and availability of future drill results; potential sites for additional drilling that could result in
potential improved confidence, enhanced economic returns and/or extending higher grade areas. In certain cases, Forward -
Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is
expected", “ estimates", “forecasts", "intends", "anticipates", "potential", "confirm" or "does not anticipate", "believes",
"contemplates", "recommends" or variations of such words and phrases or statements that certain actions, events or results
"may", "could", "woul d", "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 avail able in
a timely manner without undue delay; that areas identified as potential sites for additional drilling will yield results consistent
with management's expectations based on the PFS; any additional 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 expec ted;
that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will
not change in a materially adverse manner and that all necessary 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 commercially reasonable terms; operations and
contractual obligations; changes in exploration progr ams based upon results of exploration, including drill results; changes in
estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availabili ty of
equipment; failure of equipment to operate as anti cipated; 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 environmen tal remediation requirements and the terms of existing and
potential consent decrees on the Corporation's planned exploration and development activities on the Stibnite Gold Project;
certainty of mineral title; community relations; delays in obtaining gove rnmental approvals or financing; fluctuations in mineral
prices; the Corporation's dependence on one mineral project; the nature of mineral exploration and mining and 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 unregistered
agreements, transfers or claims and other defects in title; currency fluctuation s; changes in environmental laws and regulations
and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing
business and restrict operations; risks related to dependence on key personnel; and est imates used in financial statements
proving to be incorrect; as well as those factors discussed in the Corporation's public disclosure record. Although the Corporation
has attempted to identify important factors that could affect the Corporation and may ca use actual actions, events or results to
differ materially from those described in Forward -Looking Information, there may be other factors that cause actions, events 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.
Accordingly, readers should not place undue reliance on Forward -Looking Information. Except as re quired by law, the
Corporation does not assume any obligation to release publicly any revisions to Forward -Looking Information contained in this
news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Summary of 2016-2017 Drill Assay Results – Yellow Pine (YP) & Hangar Flats (HF) Deposit, 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-16-411 YP 186 -45 182.9 40.5 57.9 17.4 0.82 1.1 0.00 0.84
and 74.7 82.3 7.6 0.42 0.7 0.00 0.43
and 118.7 153.9 35.2 3.10 0.7 0.00 3.11
MGI-16-412 YP 158 -45 135.6 54.9 64.0 9.1 0.36 0.6 0.00 0.37
and 86.8 109.7 22.9 4.70 2.1 0.15 5.03
MGI-16-413 YP 180 -35 106.2 No significant intercepts
MGI-16-414 YP 215 -28 227.7 0.0 200.3 200.3 2.25 3.2 0.13 2.55
MGI-16-415 YP 155 -35 170.7 62.5 105.2 42.7 3.12 10.7 0.49 4.25
and 108.2 114.3 6.1 0.99 68.7 3.49 8.85
MGI-16-416 YP 170 -30 149.4 No significant intercepts
MGI-16-417 YP 128 -45 189.3 0.0 122.5 122.5 2.21 8.0 0.46 3.22
MGI-16-418 YP 270 -35 76.2 17.9 62.5 44.6 2.01 9.4 0.59 3.30
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 No significant intercepts
MGI-17-421 YP 195 -28 239.6 1.5 218.2 216.7 3.24 6.1 0.30 3.91
MGI-17-422 YP 199 -31 73.8 Metallurgical hole, not assayed
MGI-16-423 YP 208 -27 228.6 2.1 195.7 193.6 2.46 6.3 0.55 3.63
MGI-16-424 YP 163 -31 221.0 35.1 214.6 179.5 2.45 5.7 0.47 3.45
(1) Gold composites are generated using a 0.5 g/t Au cutoff grade. Antimony composites are generated using a 0.1% Sb
cutoff grade. Composites may include intervals below cutoff grades.
(2) Gold equivalent grades are reported for illustrative purposes only and are calculated using metal prices of $1,200/oz Au,
$17/oz Ag and $7,600/tonne Sb and do not include recovery, transportation, re fining or payability. These factors will vary
for each metal and affect the economic importance of the various metals.
(3) All holes are core holes.
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