Middle Island (ASX:MDI) Acquires 10% Stake in Alto Metals, Stock up 6.7%

October 30, 2020 03:43 PM AEDT

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Shares of Middle Island Resources Limited (ASX:MDI) are trading ~6.7 per cent higher at $0.016 (at 1:00 PM AEST) following the acquisition of 10 per cent stake in Alto Metals Limited (ASX:AME).

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In addition, Middle Island has also released the Phase 2 RC drilling results for Ridge & McClaren deposits.

The gold explorer has reported new Phase 2 reverse circulation (RC) drilling intercepts for Ridge and McClaren deposits, which complement the intercepts derived from Phase 1 RC drilling. The new intercepts comprise:

7m @ 6.49g/t Au (Ridge)
4m @ 5.32g/t Au (Ridge)
3m @ 29.8g/t Au (McClaren)
4m @ 5.82g/t Au (McClaren)
11m @ 2.11g/t Au (McClaren)

The Company is now expected to initiate Phase 3 exploration drilling campaign, focussed on the Shillington Gap, McIntyre and Ridge areas immediately. The drilling campaign will follow an extensive sterilisation drilling program commencing early next week.