Gold explorer Middle Island Resources Limited (ASX:MDI) has reported third new gold deposit, “Old Town Well” from its Phase 1 reverse circulation (RC) drilling undertaken at Sandstone gold project.
In addition, the Company notified that the new gold deposit:
- adds to similar gold discoveries announced this month at McIntyre and McClaren prospects
- comprises consistent, shallow, broad drill intercepts
- may represent a substantial oxide gold deposit
- will be assessed as part of Sandstone’s updated prefeasibility study
Post the key update, MDI’s stock inched ~7.7 per cent higher, trading at $0.014 as at 12:13 PM AEST on 28th April 2020.