Middle Island Takes Sandstone Gold Project Over 730,000 Ounces
THE DRILL SERGEANT: Middle Island Resources (ASX: MDI) has taken the Resource inventory for the company’s Sandstone gold project in Western Australia to over 730,000 ounces of gold.
The upgrade comes by way of a maiden Mineral Resource for Sandstone’s new McIntyre satellite open pit deposit, and updated estimates for the existing Twin Shafts and Goat Farm deposits, which have combined to add a further 40,100 ounces of gold.
More than 91 per cent of McIntyre and 84 per cent of Twin Shafts’ estimates are classified in the higher confidence Indicated category, while Goat Farm has been classified as an Inferred Mineral Resource, due to rig access constraints precluding a higher drill density.
McIntyre represents the third of five new satellite open pit deposits measured by Middle Island’s 50,000m drilling campaign undertake in 2020.
All three deposits will now be optimised to determine the in-pit Mineral Resources likely to contribute to Ore Reserves in the current Sandstone feasibility study.
“The maiden Mineral Resource for the McIntyre satellite deposit, and updated Mineral Resources comprising the Twin Shafts and Goat Farm open pit deposits increase the total Sandstone project Mineral Resources to 732,000 ounces gold,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.
“The McIntyre and Twin Shafts deposits will now be optimised and mine designs prepared to determine Ore Reserves likely to contribute to the FS.
“The lower strip ratio anticipated at the McIntyre satellite deposit suggests it may be scheduled for mining and processing earlier in the mine life, making a very valuable contribution to the project.
“Mining of the Twin Shafts southern extension will provide for greater tailings capacity within the existing in-pit licenced storage facility, while a cut-back of the existing Goat Farm open pit will provide for a larger capacity in-pit tailings storage option, beyond the initial open pit production scenario, should it be required.
“Final resource definition samples for the Ridge and McClaren deposits have now been received from the assay laboratory.
“We look forward to compiling and announcing these results shortly, prior to finalising Mineral Resource estimates for these two remaining satellite deposits.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@middleisland.com.au