Bingo
Bingo Deposit is a high-grade underground gold project in Saskatchewan’s La Ronge Gold Belt with over 140,000 ounces of measured and indicated resources.
Project Overview
The Bingo Deposit is a Proterozoic shear-hosted orogenic gold system. Gold occurs in quartz-rich mylonitic shear zones within intermediate metavolcanics, with coarse nuggety gold associated with pyrite, pyrrhotite, and minor chalcopyrite. Mineralization predates deformation and is structurally reworked through fracturing, boudinage, and faulting.
The Bingo Structure averages 1.5–2.0 m in thickness, strikes N5°E to S45°E, and has a known strike length of ~450 m, potentially extending to 700 m. The system remains open along strike and at depth, indicating strong expansion potential.
At a 2.5 g/t Au cut-off, the Bingo Deposit hosts 482 kt indicated at 9.10 g/t gold (141 koz) and 318 kt inferred at 9.54 g/t gold (97.4 koz).
Distance from Jolu Mill
60KM
Property Area
2154HA
Ownership by Midas
100%
Royalty
0%
Mineral Resources
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
5. Historical mined areas were depleted from the reported Mineral Resources.
6. The following parameters were used for the pit optimization and the Mineral Resource cut-off value determination: US$1,925/oz Au (approximate two-year trailing average from April 30, 2024); FX US$/CAD$ = 0.75; Au process recovery = 90%; Open pit mining cost for mineralized material = CAD$4.00/t mined; Open Pit Mining Cost for Waste: CAD$3.00/t mined; Open Pit Mining Cost for Overburden = CAD$2.50/t mined; Processing Cost = CAD$18/t processed; G&A = CAD$4/t processed; and Pit slopes = 50°. Out-of-pit mining costs are CAD$175/t mined.
Reports
- TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE OF THE BINGO GOLD PROPERTY