Midas GoldProjects

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History

Ownership

During the early 1900's two major landowners were working the district. The eastern part was partially consolidated by United Mercury Mines under the control of Mr. J.J. Oberbillig, whereas the western part was controlled by the Bradley Mining Company. Ultimately, the Bradley Mining Company consolidated and operated most of the production in the district, first from the Meadow Creek underground mine and later from the larger, Yellow Pine open pit mine. As part of that consolidation, the Oberbillig family received a 5% NSR on some claims mined by the Bradley Mining Company ground. Mining claims associated with the Meadow Creek Mine and Yellow Pine Mine and their related operations were patented during this period. Bradley Mining operated into the late 1950's and then ceased operations and dismantled the mine and mill infrastructure after a worldwide collapse in antimony prices.

The district was dormant until the early 1970's when a sharp rise in gold prices and the advent of large-scale, heap leach processing technology for oxide gold ores revitalized exploration in the district. Louisiana Land and Exploration Company, El Paso Oil and Gas and Ranchers Exploration first explored the area followed by Twin Rivers Exploration, MINVEN, Pioneer Metals, Dakota Mines and Hecla Mining Co.

In 2006, much of the western portion of the district was staked by Niagara Mining and Development, a subsidiary of Gold Crest Mines Incorporated. These unpatented claims surrounded the patented lands of both the Bradley and Oberbillig family estates. Additional, unpatented claims were staked by Gold Crest in 2007 covering the eastern portions of the district. The Gold Crest claims and rights to the adjacent private lands were all purchased by Midas in 2009.

Past Exploration and Development

Gold and antimony mineralization were discovered in the Hangar Flats area around 1900. Initial prospecting and development attempts focused on outcropping gold-silver-antimony mineralization, principally in the Meadow Creek area. The 1919 Idaho Inspector of Mines Annual Report noted "...bold zonal mineral croppings on a steep mountain side that vary from 20 to 50 feet in width and are said to carry average values of 17 ounces silver and several dollars in gold associated with disseminated antimony sulfide..."

The Meadow Creek Mine area was consolidated under the Bradley Company and the mine was systematically explored and developed on six levels and numerous drifts, crosscuts, raises, winzes and stopes in the mid-1920's. It subsequently produced gold, silver and antimony from sulfide ores, which were milled on site from 1928 through 1938. Mine workings were systematically mapped and sampled and modern style exploration core drilling (from both the surface and underground) was carried out to guide the mine development. About 7,750 meters of underground workings and 3,200 meters of core drilling were completed during this period. During this time, the Meadow Creek Mine produced about 53,000 ounces of gold from about 236,000 tonnes of ore with a mill head grade of in excess of 8.5 g/t Au. Most of the historic underground maps, tunnel assays, drill logs and drill assay results have been recovered from various archives and are stored in MGI's office in Spokane, Washington.

In 1938, the Meadow Creek Mine was shut down and production shifted to the Yellow Pine deposit. However, in 1943-1945, portions of the workings were re-opened to explore for antimony and tungsten in support of the war effort. During this period another 5,600 meters of core drilling was completed in the mine, all post-mining. A small amount of tungsten ore was reportedly mined during this period.

From 1951 through 1954, the Defense Mineral Exploration Agency (DMEA), a branch of the U. S. Bureau of Mines, carried out an underground exploration program on the ground immediately to the north of the Meadow Creek Mine. The impetus for that work was provided by the Defense Production Act of 1950. It provided monetary assistance for companies to locate new reserves of strategic and critical minerals. Through this program, the DMEA established 1,490 meters of underground workings. Systematic mapping and sampling of the workings was carried out with the mining of bulk samples that were collected at roughly 1.5-3.0 meter intervals. Systematic drilling from underground stations, totaling 1,761 meters of core, was also carried out. Detailed drill logs and systematic assaying was well documented. Historic tunnel and drill data can be found in the MGI files in Spokane, Washington.

In the late 1970's Ranchers Exploration acquired interests in the district from the Bradley Mining Company and completed a large soil grid over the trace of the Meadow Creek Fault system, including the area adjacent to the old Meadow Creek Mine. Ranchers work outlined a number of large gold-in-soil anomalies over the old mine site and along the trace of the Meadow Creek Fault system north several km to the Yellow Pine deposit. Ranchers completed some trenching, but no drilling on the anomalies in this area, instead they focused their work on the Yellow Pine and Homestake deposits.

In the late 1980's, Hecla Mining Company acquired Ranchers' interests and conducted trenching. Ground geophysical surveys and drilled 27 shallow RC holes in the area of the historic Meadow Creek Mine. Their trenching and RC drilling outlined a broad, but ill-defined zone of gold mineralization above the old workings and along strike to the north as well as under the old Meadow Creek mill and smelter complex along the base of the hill where the old Meadow Creek adits were located. Hecla subsequently constructed a heap leach pad over a portion of the main mineralized area due to the need to find a location to leach the oxide ores from the Homestake Mine. No further work, other than reclamation of the heap by Hecla and smelter by government agencies, occurred until Midas work was initiated in 2009.