Rick Yeates of Middle Island Presents at RIU Explorers Conference 2020

The phoenix amongst the Australian gold miners, Middle Island Resources Limited (ASX:MDI) recently presented the key attributes of its flagship Sandstone gold project and newly identified Barkly Copper-Gold Super-Project at the RIU Explorers Conference 2020.

RIU Explorers Conference is held every year and Australia’s mid-cap and junior resource players present their stories before brokers, fund managers and investors. It has been drawing considerable attention for the last 18 years. Held in Fremantle from 18^th to 20^th February 2020, this was the 19^th time the conference gained an overwhelming response from the companies operating in resources sector.

MDI’s Managing Director, Mr Rick Yeates delivered a comprehensive presentation on 20^th February at the conference.

Mr Yeates’ presentation was focussed on Middle Island’s progress towards the Sandstone recommissioning decision. He began by highlighting the key attributes of its Sandstone project, which has an existing 600,000tpa CIP gold processing plant on its site, kept on care and maintenance.

He informed that the Sandstone project has demonstrated positive re-optimisation of open-pit deposits at contemporary gold prices, paving way for the stand-alone pre-feasibility study (PFS) update, due for Q2 2020.

Moreover, he familiarized the audience with the Sandstone project’s existing mineral resources, which are likely to be increased and upgraded following a 12,800m RC drilling campaign currently in progress. The project’s existing mineral resources include:

• 2004 & 2012 JORC Mineral Resources of 537,000oz gold and Exploration Target of 900,000oz to 1.5Moz gold.
• Four defined open pit deposits aggregating 125,300oz (JORC 2012).

Also, the project has at least 15 stranded gold deposits aggregating 1.8Moz within 100km, based on JORC 2012 Mineral Resources.

Informing the audience over the progress with regard to recommissioning decision, he added that the Company has so far obtained considerable success in extending production schedule via Two Mile Hill tonalite deeps and BIF underground deposits, and intends to enhance the front-end of the production schedule in 2020 via:

• Major RC drilling campaign (in progress) to supplement open pit inventory.
• PFS update, applying contemporary costs & gold prices, in Q2 2020.
• Consolidation of proximal, third-party deposits.

He stated that the Company is also actively pursuing any or all of several consolidation opportunities and is flexible on milling options. Moreover, he expects the Company to ultimately justify larger processing plant.

He expressed confidence that the Sandstone project has substantial exploration potential as:

• Three priority gravity targets have been identified proximal to Two Mile Hill tonalite, interpreted to represent potential mineralised intrusives and initial RC drill testing of G2 & G3 is in progress.
• Aircore drilling of weights of evidence targets outline an additional three palaeo-surface gold anomalies on permitted tenure within 2.5km of the mill.
• RC drilling campaign in progress is likely to upgrade or test a further 14 deposits & targets.

Shedding some light on the Company’s recently identified highly-prospective Barkly Copper-Gold Super-Project, he briefed about the new applications aggregating 3,253km² between Tennant Creek & Mount Isa, which have been recently allocated to Middle Island, making the Company a First-mover in East Tennant iron oxide-copper-gold (IOCG) province. The Company expects the exploration to commence in Q3 2020 at this project.

Concluding the presentation, Mr Yeates highlighted that there is a genuine prospect of imminent recommissioning of the Sandstone processing plant, for which the Company is actively pursuing broader regional consolidation. In addition, he commended the new option of Barkly IOCG super-project, comprising potential high value targets beneath shallow Georgina Basin cover.

MDI is currently trading at $0.011 on the ASX, with a considerable rise of 22.2%. (as at 1:48 PM AEDT on 6^th March 2020).

Also Read Middle Island: Right Commodity at the Right Time Amidst Strong Gold Market