Midway Files NI 43-101 Technical Report For Gold Resource
VANCOUVER, BC - Midway Gold Corp. reported the filing of an NI43-101 Technical Report on SEDAR to support the Golden Eagle resource announcement dated June 25 2009. The Indicated resource is 31.4 million tons grading 0.055 ounce per ton (opt) gold, containing 1.744 million ounces of gold using a 0.020 opt gold cut-off. There is an additional Inferred resource of 5.1 million tons grading 0.038 opt gold, containing 192,000 ounces of gold.
"Golden Eagle demonstrates the rapid growth Midway is making through aggressive exploration and acquisition. It joins our other three NI43-101 gold resources, the Spring Valley, Pan, and Midway projects in
The current resource estimate includes verified drill results from 204 historic holes that were available up to May 1, 2009. Verification was completed by comparison of gold values in the database to laboratory assay certificates and drill logs obtained from historic operators of the project. Only gold values that had laboratory certificates or drill log verification were used in the resource estimate. Mineralized grade estimation domains were established by interpretation of geological, structural and sample assay information on sections and plans. Sample assays within the domains were composited into 5 foot intervals. Sample search distances and directions for resource estimation were established using spherical variogram models on the sample composites within the estimation domains. Extreme sample composite grades were capped from 0.10opt to 0.50 opt gold depending upon the domain, and sample composite grades greater than the capping threshold were set to the capping value. Less than 0.2% of the sample composites were affected by the capping. A density factor of 13.7 cubic feet per short ton (ft3/st) was applied to the mineralized bedrock material, and 13.5 to 14.3 ft3/st was applied to surrounding bedrock. A tonnage factor of 15.1 ft3/st was applied to overlying glacial till. A three dimensional block model was generated and composited sample grades were used to estimate gold grades within mineralized domains using an ordinary kriging estimation methodology. Resources reported are included within a Lerch-Grossmann (L-G) optimization shell, which was generated using a $750 per ounce gold price and 85% gold recovery. The L-G shell is an economic test that simulates a break-even pit using current mining costs.
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