Midas Minerals Ltd. announced the third round of results of 3,000 geochemical samples from its Challa Project, located 70km east of Mt Magnet in Western Australia. Midas' results from recent and previously reported sampling have confirmed there are two strongly anomalous, parallel platinum and palladium ("PGE") zones each extending for at least 18km strike each. Sampling has also identified parallel, often co-incident, gold and copper anomalism.

Very limited prior rock chip sampling in 2021 returned up to 3.45g/t PGE from the southern PGE target zone 2 and a copper-silver gossan rock chip from within the northern PGE anomaly, previously reported by Midas, returned 16.1% copper, 566g/t silver, 0.4g/t Au and 0.13g/t PGE. Limited prior drilling returned 1.63g/t PGE over 1m, from 10m. 3 Prior non-systematic exploration in the 1980s reported anomalous platinum, palladium and rhodium over parts of the very large Windimurra Igneous Complex (WIC).

Ongoing exploration by Midas at Challa has defined strong PGE and base metal geochemical anomalies and VTEM geophysical anomalies. Based on these encouraging early results Midas secured an option over the 48km2 Barracuda PGE-Ni-Cu project, E58/551, last year to provide the opportunity to explore the entire Wondinong PGE target zone. Extensive auger and soil geochemical sampling completed in 2021-2022, totalling more than 7,300 samples, has been successful in defining two laterally extensive PGE enriched horizons each extending for at least 18km along strike and separated stratigraphically by +/-1km of fractionated gabbro within the giant Windimurra layered mafic intrusive.

Midas' sampling represents the first-ever high quality dataset from the complex, with most samples taken from insitu partly weathered bedrock or from soil samples in areas of predominately subcrop. Areas of transported cover have generally been avoided and where lateritic profiles have been stripped. All auger samples were assayed for Au, Pt and Pd with both aqua regia and fire assay.

The two platinoid stratigraphic horizons are generally defined by PGE values more than 30ppb, values below the lower horizon were typically 1ppb to 10ppb and between the lower and upper horizons 5ppb to 15ppb. Within the two anomalous horizons, high-grade cores up to 3km in strike were defined, containing PGE values ranging from 50ppb to 500ppb (0.5g/t). Copper and gold anomalism is present at the base or immediately below the lower platinoid horizon, and in later stage shear structures at the Killarney and Wondinong Prospects.

Small, high-grade copper-silver gossans at Wondinong East and copper-gold/arsenic-gold gossans at Killarney may represent remobilised sulphide mineral occurrences. Nickel anomalies, often associated with increased magnesium, generally occur close to higher grade platinoid anomalies, and may represent increased sulphide enrichment and ultramafic mineral (olivine) content.