Midas Minerals Limited (ASX: MM1) Reports December 2024 Quarterly Activities
Exploration Highlights
Midas Minerals Limited (ASX: MM1) reports progress in its exploration activities during the December 2024 quarter. The company has undertaken mapping and sampling at the Challa and Newington projects, aimed at defining drill targets, with results anticipated in the March quarter.
The Challa project has shown promising gold and copper mineralisation based on recent sampling. The granting of a new licence increased Midas’ tenure by 12%, now encompassing approximately 762km².
Corporate Developments
Midas successfully completed a capital raising of $1.6 million to bolster exploration efforts across its existing projects. Key participation included contributions from directors and consultants, amounting to $144,000. The company’s cash position stood at $1.05 million at the end of December 2024.
The company is actively assessing new project opportunities with significant resource potential and will keep investors informed on any material developments.
Future Outlook
Moving forward, Midas intends to define initial drill targets for both the Newington and Challa projects by May 2025. The company continues to monitor its capital requirements and plans to raise additional funds as necessary for ongoing operations.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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