Middle Island Resources Ltd - Fourth new gold deposit defined at Sandstone project
Middle Island Resources Ltd (ASX:MDI)

Fourth new gold deposit defined at Sandstone project

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Highlights

What's happened?

Middle Island Resources Limited (ASX:MDI "Middle Island") has announced that a further new gold deposit, Plum Pudding, has been defined from Phase 1 reverse circulation (RC) drilling,

What are the key highlights?

  1. Plum Pudding is 850m south of the gold processing plant within Middle Island’s wholly-owned Sandstone gold project in WA.
  2. The Plum Pudding deposit has been significantly extended south of previous drilling results of 17m at 8.16g/t, 11m at 22.5g/t, 12m at 3.52g/tand 8m at 6.98g/t Au.
  3. The southern extension comprises stacked, shallow mineralised zones over a 120m aggregate width and 240m strike length, including new intercepts of 3m at 3.72g/t, 10m at 3.08g/t, 2m at 4.98g/t, 3m at 3.72g/t, 2m at 4.98g/t and 12m at 0.93g/t Au.
  4. Subject to infill and twin-hole drilling, Plum Pudding is likely to represent a further new, shallow, oxide open pit gold deposit, including a blanket of mineralised laterite from surface.
  5. Results relating to the remaining 65 holes (4,209m) of the Phase 1 RC drilling program are anticipated in coming weeks.

file

Refer to the announcement linked below for further details.

Managing Director's Summary

Rick Yeates

"Centred on a high grade mineralised core defined by previous drilling, Phase 1 RC drilling at the Plum Pudding deposit has extended mineralisation over a 240m strike length to the south. Subject to infill and verification RC and diamond drilling, Plum Pudding is likely to represent a further new, shallow, oxide gold deposit that will be assessed as part of the updated pre-feasibility study (PFS), particularly as it is situated only 850m south of the Company’s 100%-owned, 600,000tpa processing plant, within granted Mining Lease M57/129. The Directors look forward to sharing the final Phase 1 RC drilling results with you as they are received and compiled. The results of this program to date and the strong prevailing gold price significantly heighten the prospects of a positive mill recommissioning decision."

Rick Yeates
Managing Director, Middle Island Resources Ltd
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