Another Notch in Middle Island’s Belt, Reports Second New Gold Deposit at Sandstone

Big Breakthrough! Gold explorer Middle Island Resources Limited (ASX:MDI) has identified second new gold deposit at its wholly-owned Sandstone Gold Project. The new deposit is defined at one of a cluster of three proximal gold prospects within Sandstone, the McIntyre prospect.

Post the key update, MDI stock surged by 16.7 per cent on the ASX, closing the trading session at $0.014 on 21st April 2020.

The new gold deposit has been reported as part of the Middle Island’s latest gold results emerging from its recently completed 13,400m, Phase 1 reverse circulation (RC) drilling program. Exclusively focusing on open pit targets, the Phase 1 RC program has tested around 14 gold deposits and prospects, all situated within the Sandstone processing plant and most of them on existing Mining Leases.

The Phase 1 RC drilling program is one of the four planned programs conducted under the Company’s major 17,300m exploration and resource definition drilling campaign continuing at Sandstone project in the central goldfields of Western Australia.

Must Read! A Significant Breakthrough, Middle Island’s Sandstone Mineral Resources Increase Five-Fold

Impressive Drilling Results Received from McIntyre Prospect

The latest drilling results are derived from a further 12 holes (774m) of the RC drilling concluded at the McIntyre gold prospect, comprising 172 holes in total. The Company has found better RC drill intercepts from the McIntyre prospect in the assays, which include:

  • 24m at 1.66g/t (from surface in MSRC351),
  • 23m at 1.40g/t (from 11m depth in MSRC352),
  • 11m at 1.39g/t (from 25m depth in MSRC353), and
  • 18m at 1.35g/t Au (from 32m depth in MSRC354).

Out of 14 gold deposits and prospects tested under Phase 1 RC drilling program, the Company has reported assays of McIntyre, Two Mile Hill deposit, McClaren and Tailings East prospects to date.

To Know More on Drilling Results, Read Middle Island Announced Bonanza Intercept from McClaren Prospect, Stock Soars 37.5%

Amongst these prospects, Two Mile Hill is the existing deposit while the other three targets represent those which have had little or no drilling in the past. Besides these four targets, the Phase 1 RC drilling program has tested the following deposits and prospects:

  • Existing Deposits: Wirraminna, Twin Shafts, Shillington, Plum Pudding and Goat Farm.
  • Other Targets: Old Town Well, Ridge, Davi , Wirraminna Laterite (East & West) and G2 & G3 gravity targets.

Observations from Latest Drilling Results

The broad, consistent gold intercepts obtained from the Phase 1 RC drilling suggests that the McIntyre prospect may well prove to represent a potential new, open pit, very low strip ratio deposit that together with the recently delineated McClaren deposit, readily justifies additional infill and extension drilling under the planned Phase 2 RC drilling program.

McIntyre, McClaren and Ridge prospects are the three proximal gold prospects that are hosted within the southeast extension of the Shillington BIF (banded iron formation) package, situated on granted Mining Lease M57/129, 2.5km from the Sandstone gold processing plant.

Recently finalised geological mapping of the proximal McIntyre, McClaren and Ridge prospects indicates that the former two are associated via a northeast-trending corridor of higher deformation and quartz veining.

Middle Island mentioned that the recent drilling orientation may be sub-parallel to the deformation zone, offering an opportunity to considerably expand the mineralised zone laterally in the proposed Phase 2 follow-up RC drilling (circa 3,000m). Moreover, it offers an opportunity to detect mineralisation along the deformation zone, beneath cover, beyond and between the McIntyre and McClaren deposits.

The geological mapping has established a structural link between the McIntyre and McClaren prospects, with an identical link indicated with the proximal Ridge prospect, which is yet to be clearly established.

The Company expects McClaren and McIntyre prospects to represent two new open pit deposits to supplement the planned Sandstone mill recommissioning inventory. The Company is waiting for the Phase 1 RC drilling results for the Ridge prospect to ascertain if associated gold mineralisation is connected with McClaren and/or McIntyre deposits.

In a nutshell, the Phase 1 RC drilling program results received so far significantly increase the likelihood of a positive Sandstone mill recommissioning decision. Moreover, Middle Island is well-financed to progress with follow-up activities at McClaren, McIntyre and any further new discoveries at Sandstone project.


Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.

Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   

Kalkine

Rated 4.3/5 based on 904 Reviews at Google My Business
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK