Join our daily newsletter At The Bell to receive exclusive market insights
- Middle Island Resources (MDI) has increased the Two Mile Hill open pit mineral resource estimate (MRE), within the Sandstone gold project
- The MRE now sits at 1.25 million tonnes at 1.36 grams of gold per tonne, with 55,000 ounces of contained gold
- The proportion of the MRE classified as indicated has also increased to 95 per cent
- Two Mile Hill is one of ten gold deposits at the project in WA which is being targeted in an ongoing 40,000 metre plus drilling campaign
- The program is focussed on defining additional open pit mineral resources for inclusion in the Sandstone feasibility study due this year
- Shares closed flat at two cents each
Middle Island Resources (MDI) has updated the Two Mile Hill open pit mineral resource estimate (MRE), within its Sandstone gold project.
It follows infill and extensional drilling at the gold deposit, within the company’s wholly-owned project in the central goldfields of Western Australia.
The updated MRE sits at 1.25 million tonnes at 1.36 grams per tonne (g/t) of gold, with 55,000 ounces of contained gold, calculated at a 0.7g/t cut-off grade.
The previous MRE for the open-pit deposit was completed in 2016, and at the same cut off grade estimated a 1.13 million tonnes at 1.33 g/t for 48,000 ounces of contained gold.
In the updated MRE, the proportion classified as indicated has also increased to 95 per cent.
Managing Director Rick Yeates said the marginal increase in grades and tonnage at Two Mile represents a positive outcome for the company.
“This is a very pleasing outcome, which when re-optimised, will make a further meaningful contribution to open pit Mineral Resources contributing to the feasibility study, the outcome of which is looking increasingly positive,” he said.
“Resource estimates for the five new satellite open pit deposits have commenced which, along with extensions to the Goat Farm and Twin Shafts deposits, will be progressively provided as final results from the Phase 2 drilling campaign are received and compiled,” he added.
Two Mile Hill is one of ten gold deposits at Sandstone which are being targeted in an ongoing 40,000 metre plus drilling campaign.
Middle Island Resources shares closed flat at two cents each.
