Midas Minerals : identifies precious and base metal anomalies at Challa

ASX / MEDIA ANNOUNCEMENT Tuesday, 15 March 2022

For personal use only

Midas identifies strong precious and base metal

anomalies at Challa

Highlights

• First-pass,wide-spaced, auger geochemical sampling has defined strong bedrock anomalism.
• Two PGE zones defined, each more than 10km in strike (up to 165ppb Pd, and 141ppb Pt).
• Multiple gold anomalies in the Killarney Prospect area, up to 98ppb Au.
• Base metal target defined over 2km strike with up to 263ppm Ni, 318ppm Zn and 939ppm Pb in auger samples.
• Several anomalies are proximal to recently defined VTEM anomalies.
• Several targets are drill ready; others remain open-ended and require further geochemical sampling to define drill targets.

Midas Minerals Ltd ("Midas" or "the Company") (ASX: MM1) is pleased to announce results from geochemical sampling completed at Midas' Challa Project near Mt Magnet, Western Australia, in December 2021.

Midas completed ~63-line kilometres of wide-spaced, auger geochemical drill traverses with holes spaced at an average of 20m. Generally, sub-samples from two holes were combined for each sample assayed at the laboratory. The traverses were undertaken on a portion of the northern and western sections of the giant mafic- ultramafic layered intrusion known as the Windimurra Igneous Complex (WIC).

The program aimed to test weathered bedrock below transported and residual soil cover in areas thought to contain precious and base metals, and favourable geology, based on limited prior exploration. Most of the shallow holes were successful in penetrating transported cover with many holes ending in weathered bedrock resulting in a reliable method to assess the bedrock geochemical response.

Several of the anomalies are strong and drill ready, others are very large and only partly defined. Infill and extensional auger and soil geochemistry, particularly in areas containing coincident VTEM anomalies, is considered a priority in these areas.

Exploration Manager Mark Calderwood commented:

"Initial geochemistry over a broad area at our Challa Project in WA has been successful in focusing our attention to a number of strong precious and base metal anomalies. Several anomalies are essentially drill-ready, while others require follow-up geochemistry due to their scale and open-ended potential. The Company has submitted a Program of Work in preparation for RC drilling at Challa, and geochemical sampling is set to recommence soon.

"The Company will also use the opportunity to test previously announced VTEM conductors with a combination of geochemistry and drilling.

"Based on results to date we are targeting palladium, platinum, gold and base metal mineralisation.

The Company has decided to withdraw from the small Sunset project located near Leonora based on the poor results from 2021 drilling, providing additional focus advancing the Challa and Weebo projects."

Midas Minerals Limited | Ground Floor, 24 Outram St, West Perth WA 6005

1. [phone] | E: [e-mail] www.midasminerals.com

ASX / MEDIA ANNOUNCEMENT Tuesday, 15 March 2022

For personal use only

Figure 1: Auger Geochemistry Midas' Challa Project (as at 15 March 2022)

Challa Auger Geochemistry

Midas' initial auger geochemistry at Challa has proved particularly successful in defining discrete precious and base metal anomalies, with three areas of strong potential located to date commanding immediate follow-up:

Wondinong PGE anomalies

Auger geochemistry was successful in confirming and extending zones of anomalous palladium and platinum identified in limited prior soil and stream sediment sampling. The two stratabound PGE enrichment zones each are more than 10km in strike and about 500m wide at surface (or about 250m in true width). The zones are hosted by the prospective olivine gabbronorite sequences of the WIC. The mineralisation exhibits variable Pt and Pd ratios, the northern zone contains intervals of notably strong palladium mineralisation. Prior drilling over the >20km combined strike is limited to nine RC holes deeper than 50m, each of which contain anomalous Pd+Pt with highly variable Pd:Pt ratios (refer to Table 2).

The strongest geochemistry in both zones was discovered in the recent auger drilling proximal to a set large deep-seated cross cutting faults that traverse the WIC. Geochemical values of up to 165ppb Pd and 75ppb Pt were returned adjacent to the main fault.

Some of the anomalies within the zones are ready for RC drilling; other areas will be subject to additional geochemical sampling to refine and test extension of the anomalies.

Killarney

The Killarney area has known gold and copper occurrences and prior gold production. Auger geochemistry was successful in locating anomalous gold, copper, nickel, (yttrium) in a complex geological and structural setting. The area also covers the eastern limits of the two Wondinong PGE zones, with elevated palladium noted.

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ASX / MEDIA ANNOUNCEMENT Tuesday, 15 March 2022

John Bore West

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Anomalous base metals in auger geochemistry along strike from a single historic diamond drill hole which intercepted lead-zinc sulphides in a shear zone and anomalous results in soil from prior sampling. The area also contains the John Bore West VTEM anomaly cluster (refer to Midas ASX announcement 8 February 2022) comprising eight moderate to high ranked mid to late-time conductors. The area has strong potential for shear hosted base metals and silver. One pair of auger holes returned highly anomalous Ni, Cr, Mg, Li, in addition to Cu, Pb, Zn, indicating additional potential for stratabound ultramafic hosted mineralisation, anomalous lithium may be linked to pegmatites in the area.

Figure 2: Wondinong Enlargement - Auger Geochemistry (as at 15 March 2022)

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ASX / MEDIA ANNOUNCEMENT Tuesday, 15 March 2022

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Figure 3: Killarney Enlargement - Auger Geochemistry (as at 15 March 2022)

Figure 4: John Bore West Enlargement - Auger Geochemistry (as at 15 March 2022)

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ASX / MEDIA ANNOUNCEMENT Tuesday, 15 March 2022

Sunset Gold Project

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Sunset is a single 1.2km2 licence that hosts historical gold mines, 10km east of the WA Goldfields town of Leonora. Between 1897 and 1906, the mines reportedly produced 690oz of gold from 650 tonnes of material mined.

In late November 2021, Midas drilled 47 shallow RC holes totalling 1,106m at Sunset to drill test gold workings and geochemical anomalies within and proximal to a granitoid intrusive. No significant gold mineralisation was intercepted.

Given these results and the small tenement size, the Company considers the potential for a significant deposit at Sunset is limited and has relinquished its interest in the licence.

NEXT STEPS

Midas will continue defining and prioritising anomalous precious and base metal areas through geochemistry and commencement of RC drilling as soon as practical.

The Board of Midas Minerals Limited authorised this release.

For more information:

Nick Katris	Nathan Ryan
Executive Director	Media / Investor Relations
E: [e-mail]	E: [e-mail]

About Midas

Midas Minerals is a junior mineral exploration company based in Western Australia, targeting the discovery of economic mineral deposits.

Midas' primary focus is gold; however, our projects are also prospective for nickel, PGE, copper, silver and lithium.

The Company has two projects located at Leinster and Mt Magnet areas of Western Australia. Midas' projects, Weebo and Challa, have prospective targets areas that remain essentially unexplored due to prior fragmented landholdings or private ownership. Midas' mineral exploration projects are also located proximal to infrastructure and within 60km of mining towns and processing plants.

Midas' Board and management have extensive experience in mineral discovery and a proven track record of significant gold discoveries and mine development.

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