Middle Island Resources Limiteds’ (ASX:MDI) shares are trading ~14.3 per cent higher on ASX, at $0.016 (as at 11:40 AM AEST on 29th May 2020). The shares are surging after the company announced that it has identified a fifth new BIF-hosted satellite gold deposit from Phase 1 RC drilling program at Sandstone gold project.
The new deposit has been discovered at Ridge prospect through a reassessment of previous drilling and geological mapping, with shallow dipping mineralisation defined over a 225m strike length, including intercepts of:
- 13m at 3.81g/t,
- 9m at 2.21g/t,
- 8m at 4.14g/t,
- 5m at 3.81g/t, and
- 3m at 8.77g/t Au
With the receipt of all results from highly successful Phase 1 drilling campaign, the Company will now commence Phase 2 program from next week.
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