Middle Island Reports Maiden MREs for Two New Satellite Open Pit Gold Deposits at Sandstone

0
5

Summary

  • Middle Island has announced MREs for its new Plum Pudding and Old Town Well satellite gold deposits.
  • Both these deposits represent the first two of the five new satellite open pit gold deposits identified by the Company under 2020 drilling campaign.
  • The maiden Mineral Resources for these deposits have added an additional 24,200oz of gold to the Company’s advanced Sandstone project.
  • The total existing mineral resource at Sandstone has now increased to 692,000oz Au.
  • The Company will now optimise these deposits to determine the in-pit Mineral Resources, which are expected to contribute to Ore Reserves in Sandstone’s 2020 feasibility study.
  • The Company is also completing resource estimates for the remaining deposits, including McClaren, Twin Shafts, Ridge, Goat Farm and Macintyre.

Australian gold exploration company, Middle Island Resources Limited (ASX:MDI) on 02 October 2020 revealed that maiden Mineral Resource Estimates (MREs) have been planned for its Plum Pudding and Old Town Well satellite gold deposits.

The Old Town Well and Plum Pudding deposits are situated about 650m north-northeast and 850m southwest of the Sandstone gold processing plant, respectively.

Both these deposits represent the first two of the five new satellite open pit gold deposits identified by the Company under its massive 50,000m 2020 exploration and resource definition drilling campaign. The other three deposits discovered by the Company comprise Ridge, McClaren and McIntyre satellite deposits.

Do Not Miss: Middle Island Announces Multiple High-Grade Gold Intercepts at Plum Pudding; Stock Soars by ~12%

The maiden estimates for Plum Pudding and Old Town Well deposits have been reported following the finalisation of the Phase 2 infill and extension drilling at the Sandstone project. The drilling is entirely targeted at the definition of additional open pit Mineral Resources at Sandstone before their inclusion for evaluation as Ore Reserves in the 2020 feasibility study.

Sandstone’s Existing Mineral Resource Expands to 692,000oz Au

The maiden Mineral Resources for the new Old Town Well and Plum Pudding satellite open pit deposits have added an additional 24,200oz of gold (Au) to Middle Island’s advanced Sandstone project. Consequently, the total existing mineral resource at Sandstone has increased to 692,000oz Au.

Mr Shaun Searle of Ashmore Advisory Pty Ltd prepared a summary of the maiden MREs for both Old Town Well and Plum Pudding gold deposits.

It is imperative to note that more than 90 per cent of the new resource is classified in the Indicated Resources category. The Indicated Mineral Resource has been defined in the areas of close-spaced reverse circulation (RC) and diamond (DD) drilling of less than 20m by 20m, and where the predictability and continuity of the lode positions were good.

Must Read: Middle Island Declares 13% Increase in Two Mile Hill Open Pit Mineral Resource, Stock Up 5%

On the other hand, the Inferred Mineral Resource has been assigned to areas where drill hole spacing was more than 20m by 20m, and where small isolated pods of mineralisation occur to geologically complex zones and outside the key mineralised zones.

Gold Mineralisation at Plum Pudding and Old Town Well

At the Plum Pudding deposit, gold mineralisation is associated with an unstructured sub-vertical zone of mesothermal and brecciation quartz veining, which seems to over-print an already existing zone of mild silicification connected with a north-trending shear zone.

However, at the Old Town Well deposit, gold mineralisation is related to mesothermal quartz veining within and marginal to the felsic dyke, invariably associated with silica-carbonate-chlorite-pyrite alteration in the key zone.

In both these deposits, most of the computed mineralisation occurs in the oxide and transitional profiles, comprising overlying laterite mineralisation.

Middle Island notified that additional geotechnical, engineering, geological and metallurgical studies are underway to further characterise gold mineralisation at these deposits. Moreover, these additional studies are targeted to establish the viability of mining these deposits. Significantly, prior pit optimisations indicate that both these deposits can be mined through open pit techniques.

At present, metallurgical testing is being undertaken at each deposit with results awaited. The Company expects to attain identical overall recoveries of 93 per cent from the nearby Goat Farm and Twin Shafts deposits, for which production records are available.

MDI’s Future Course of Action

Middle Island will now optimise the Plum Pudding and Old Town Well deposits to determine the in-pit Mineral Resources, which are expected to contribute to Ore Reserves in Sandstone’s 2020 feasibility study.

The Company is also in the process of completing resource estimates for the remaining deposits, including McClaren, Twin Shafts, Ridge, Goat Farm and Macintyre, following the receipt of final resource definition assay results.

As on 6 October 2020, Middle Island’s stock traded at $0.015.

Interesting Read: Sneak Peek into Middle Island’s 2020 Financial Report & Capital Raising Update

var facebook=”https://www.facebook.com/sharer/sharer.php?&sdk=joey&u=https://kalkinemedia.com/au/gold/middle-island-reports-maiden-mres-for-two-new-satellite-open-pit-gold-deposits-at-sandstone&display=popup&ref=plugin&src=share_button”;
var twitter=”https://twitter.com/intent/tweet?url=https://kalkinemedia.com/au/gold/middle-island-reports-maiden-mres-for-two-new-satellite-open-pit-gold-deposits-at-sandstone&text=Middle Island Reports Maiden MREs for Two New Satellite Open Pit Gold Deposits at Sandstone&original_referer=https://kalkinemedia.com/au/gold/middle-island-reports-maiden-mres-for-two-new-satellite-open-pit-gold-deposits-at-sandstone”;
var instagram=” http://www.instagram.com/?link=https://kalkinemedia.com/au/gold/middle-island-reports-maiden-mres-for-two-new-satellite-open-pit-gold-deposits-at-sandstone”;
var linkedin=”https://www.linkedin.com/shareArticle?url=https://kalkinemedia.com/au/gold/middle-island-reports-maiden-mres-for-two-new-satellite-open-pit-gold-deposits-at-sandstone”;

$(document).ready(function() {
var $window = $(window);
$window.scroll(function(){
var scroll = $window.scrollTop();
var winheight = $(window).height();
var documentheight = $(document).height();
var postcontent = $(“.entry-content”).height();
var post_side = $(“#post_side”).height();
var footer__widgets = $(“.footer–dark”).height();
var footersection=footer__widgets+post_side;
var footersectionmin=documentheight-(footer__widgets+post_side)-300;
if(postcontent>=1020 && (scroll >= 1020 && scroll<=footersectionmin) ){
$("#post_side").addClass("lead-generation-style");
}
else{
$("#post_side").removeClass("lead-generation-style");
}
});

$('.post-content-height img').on('click', function () {
var image = $(this).attr('src');
console.log(image);
$("#postContentImage").attr("src", image);
$('#imageModal').modal('show');
});
});

function shareButton(type){

if(type == 'facebook'){
// window.open(facebook,'facebook-share-dialog',"width=626, height=436");
$(document).ready(function() {
$.ajaxSetup({ cache: true });
$.getScript('https://connect.facebook.net/en_US/sdk.js', function(){
FB.init({
appId: '633927664153511',
version: 'v2.7'
});
// $('#loginbutton,#feedbutton').removeAttr('disabled');
// FB.getLoginStatus(updateStatusCallback);
FB.ui({
method: 'share',
href: "https://kalkinemedia.com/au/gold/middle-island-reports-maiden-mres-for-two-new-satellite-open-pit-gold-deposits-at-sandstone",
// href:"https://kalkinemedia.com/podcast/kalkine_weekly",
}, function(response){
console.log(response);
// Script after Sharing
});
});
});
}if(type == 'instagram'){
window.open(instagram,'facebook-share-dialog',"width=626, height=436");
}
if(type == 'twitter'){
window.open(twitter,'facebook-share-dialog',"width=626, height=436");
}
if(type == 'linkedin'){
window.open(linkedin,'facebook-share-dialog',"width=626, height=436");
}
}

https://platform.twitter.com/widgets.jshttps://platform.instagram.com/en_US/embeds.js
Source link

Leave a Reply