Middle Island Resources Expedites Development of Sandstone & Barkly Projects in 2H 2020


  • Middle Island Resources Limited (ASX:MDI) progressed with the development of Sandstone and Barkly projects during the December half year.
  • The gold explorer is continuing with infill, extension, and sterilisation RC drilling, at the Sandstone project.
  • MDI held cash and liquid investments worth ~A$6.6 million by the end of 2H 2020.

Middle Island Resources Limited (ASX:MDI) has released half-year results for the period ended 31 December 2020, citing its enormous progress at Sandstone and Barkly projects.

The gold explorer continued to advance the development of its Sandstone project via a substantial CY2020 drilling campaign during the period. Besides, the Company announced a maiden copper discovery, the Crosswinds Prospect, at Barkly copper-gold super-project, which provided early support for the iron oxide-copper-gold (IOCG) potential of the high-grade project.

Let us quickly scan through the key developments that shaped 2H 2020 as an eventful half year for the Company:

Sandstone Gold Project

Middle Island commenced Phase 3 of the significant 2020 drilling campaign at Sandstone during the half year, which collectively consisted of ~54,000m of resource definition, exploration, and sterilisation drilling.

The drilling campaign turned out to be extremely successful, with the Company defining five new satellite gold deposits at the project, along with extending the existing deposits. The success of the drilling program resulted in the doubling of open-pit Mineral Resources, contributing to the Feasibility Study (FS). Middle Island expects FS to be completed by late March 2021.

Following the receipt of drilling results, the Company completed updated and maiden Mineral Resource estimates for all existing and new deposits, respectively. As of 31 December 2020, maiden and upgraded Mineral Resources aggregated 746,500oz gold at the Sandstone project.

Do Not Miss: Middle Island Resources (ASX:MDI) Delivers Great Show in 2020 Exploration Program

The Company has also completed pit optimisations, Mineral Resource estimates, production scheduling and mine designs for all ten open-pit deposits at the project, in addition to designs for provisional waste dumps, haul roads, and an expanded tailings facility. However, infill, extension, and sterilisation RC drilling are still in progress.

Barkly Super-Project

During the December half year, Middle Island identified a significant surface copper oxide mineralisation at the new Crosswinds prospect following a reconnaissance site visit to the Barkly project.

Read More at Market Celebrates Middle Island Resources’ (ASX:MDI) Maiden Copper Discovery, Shares zoom 20%

At the time of the discovery, Spot pXRF readings ranging from 24.8% to 76.2% Cu were taken. These outcomes were further confirmed by continuous composite chip sampling, totalling 130m at 0.76% copper.

Middle Island is currently eyeing the results from the Federal and Northern Territory Government’s current ten-hole stratigraphic basement diamond drilling program. The findings from this drilling program, expected to be released in March/April 2021, are likely to provide further clarity on the basement IOCG potential of the project.

Must Read: Big News: Middle Island Resources to Demerge Barkly Operations, Shares Skyrocket 11%

Following the release of these results, the Company intends to embark on exploration earnestly during the ensuing ‘dry season’, notionally running from April to October.

The Company closed the December half year with significant cash and liquid investments worth ~A$6.6 million, comprising ~A$2.5 million in cash and ~A$4.1 million in listed equity investments.

Middle Island shares traded at A$0.260 on 17 March 2021.

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.
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