Middle Island Resources Ltd - Fourth new gold deposit defined at Sandstone project

What happened?

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?

Plum Pudding is 850m south of the gold processing plant within Middle Island’s wholly-owned Sandstone gold project in WA.
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.
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.
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.
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 Managing Director of Middle Island Resources Ltd has provided a statement.

Rick Yeates

Managing Director, Middle Island Resources Ltd

"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."