Middle Island Announces New High-Grade Drill Intercept at Ridge deposit; Stock Soars 16%

  • Jun 26, 2020 AEST
  • Team Kalkine

Middle Island Resources Limited (ASX:MDI) has recently derived a single, yet very high grade, initial drill intercept from infill and extension drilling at the new Ridge satellite deposit at Sandstone gold project. The Company notified that a new hole MSRC530 intersected 4m at 99.5g/t Au (from 13m), including 1m at 390g/t Au (from 14m) in initial Phase 2 RC drilling at Ridge deposit.

Following the key update, MDI stock is trading at $0.021, with a rise of 16.7 per cent as at 12:13 PM AEST.

The Company also informed that ~9,000m of the Phase 2 drilling campaign has been finalized and the program is progressing to schedule. Moreover, oxide diamond coring of all new satellite deposits for metallurgical, bulk density and geotechnical purposes is expected to start on schedule during the week starting 6th July 2020.

 


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