Drill ready targets, prospective for Gold, Nickel and Copper

Challa Gold, Nickel-Copper-PGE Project encompasses two exploration licences and three licence applications totalling 860km2 and an option over a 47km2 exploration licence.  The project covers a large portion of the Windimurra Igneous Complex (WIC) east of Mt Magnet, which contains Australia’s largest layered ultramafic-mafic intrusions

While historic exploration is limited, the Challa Project is prospective for:

• Gold (+/- Copper) – Shear zones under transported cover
• PGE – Anomalous mineralisation discovered over large area, limited prior work favourable geological setting
• Ni-Cu – nickel-copper sulphide accumulations associated with more ultramafic portions of the WIC
• Base metals – Strong Pb, Zn, Cu, Ag, Sn, Au mineralisation identified from very limited work, VMS and hydrothermal targets.

Highlights from previous drilling include:

• NA-3 – 57.5m from 57m to end of hole to EOH at 0.14 g/t Pd+Pt1 at Wondinong East
• WRC-6 – 115m from 32m to EOH at 0.13 g/t Pd+Pt, including 24m 0.18 g/t and 10m 0.21 g/t Pd plus Pt at Wondinong East
• WO-2 – 10-11m 1m at 0.43g/t Pt, 1.2g/t Pd at Wondinong
• WP-3 – 40-41m 1m at 0.76g/t Pt, 0.68g/t Pd Wondinong
• WM9 – 10m @ 0.15% Cu, 0.03% Ni, 0.15 g/t Pd at Windimurra Ni-Cu-PGE target

Rock chip sample highlights include:

• W003 – Copper gossan in gabbro 16.2% Cu, 566 g/t Ag, 0.4 g/t Au, 0.13 g/t Pd+Pt, 0.2% Bi at John Bore South
• CH-0060 1.58g/t Pt, 1.5g/t Pd, 0.15g/t Rh, 12.5% Cr 0.12% Ni at Wondinong-Barracuda
• 205946 – Ferruginous chloritic mafic schist 56.1 g/t Au, 0.37% Cu, 0.185 g/t Pd+Pt at Killarney
• K02 – Gabbro with quartz and copper 16.25 g/t Au, 6.65% Cu, 0.19 g/t Pd+Pt at Killarney
• 205947 – Amphibolitic gabbro 5.41 g/t Au, 0.49% Cu, 0.26 g/t Pd + Pt at Killarney
• CH-0079 – Quartz vein 33.3 g/t Au, 0.40% Cu at Pioneer

Further reading (ASX Announcements):

• 08/02/22 – Airborne EM survey confirms high priority targets at Challa
• 15/03/22 – Midas identifies precious and base metal anomalies at Challa
• 23/08/22 – Midas Secures Entire Wondinong PGE Target, WA
• 24/10/22 – Midas Defines Strong Platinum Group Anomalies at Challa