Join our daily newsletter At The Bell to receive exclusive market insights
- Middle Island Resources has commenced its first of a planned series of drilling programs at its Sandstone gold project in Western Australia
- The drilling campaign will target 17 identified prospects and deposits within the company’s existing Sandstone tenure
- All the phases of drilling are planned to be completed during the March quarter
- On market close, Middle Island remains steady and trading at 0.4¢ apiece
Middle Island Resources has commenced its first of a planned series of drilling programs at its Sandstone gold project in Western Australia.
The drilling campaign will target 17 identified prospects and deposits within the company’s existing Sandstone tenure. The campaign is supported by the recent and current capital raisings.
The aim of the drilling is to confirm, identify and quantify additional open-pit gold deposits and deposit extensions to supplement existing mineral resources prior to completing.
All the phases of drilling are planned to be completed during the March quarter.
The company said that the 17 identified open-pit gold targets and deposits extensions have been prioritised after a detailed internal and external technical review.
The first program is an aircore (AC), which is approximately 2,300 metres. This program commenced this week and is expected to take 1-2 weeks to complete.
Once the results have been received and completed, the second program will take place, followed by the third phase.
Managing Director Rick Yeates says the planned multi-phase drilling campaign has the potential to add significant open pit Mineral Resources
“With the Australian dollar gold price near-record levels, any additional Mineral Resources identified during the drilling campaign should significantly enhance the outcome of the updated PFS, which is planned to recommence in the June quarter of 2020, hopefully leading to a positive recommissioning decision once completed,” he said.
Middle Island Directors has acknowledged Stephen Copulos and his associates for their vision in identifying a more immediate gold production scenario and endorsing a broader vision to create a significant regional gold processing hub.
“I look forward to keeping you updated on progress with this extensive drilling campaign as results are forthcoming,” Rick said.
“By its very nature, results from initial AC drilling are unlikely to generate significant excitement, however it is reasonable to anticipate more significant results from the subsequent Phase 1 RC drilling program,” he added.
On market close, Middle Island remains steady and trading at 0.4¢ apiece.
