Middle Island Announces Fourth New Gold Deposit at Sandstone; Stock Soars ~17%

May 08, 2020 12:22 PM AEST
Team Kalkine

In a latest development, gold explorer Middle Island Resources Limited (ASX:MDI) has reported a fourth new gold deposit at its flagship Sandstone project, the Plum Pudding. The deposit has been defined from the recently completed Phase 1 reverse circulation (RC) drilling program.

The Company announced the following information related to the new deposit:

Situated 850m south of the gold processing plant.
Extended south of previous drilling results of 17m at 8.16g/t, 11m at 22.5g/t, 12m at 3.52g/t and 8m at 6.98g/t Au.
Southern extension includes 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.
Likely to represent a further new, shallow, oxide open pit gold deposit, including a blanket of mineralised laterite from surface.

Following the key update, MDI stock is trading ~17 per cent higher at $0.014 as at 11:39 AM AEST on 8^th May 2020.

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