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MIDDLE ISLAND RESOURCES LIMITED

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Gold nugget weighing 13oz recovered from the Bullet Hill prospect.
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Significant nugget finds identify further bedrock targets at the Sandstone gold project, WA
  • Aggregate initial tribute gold production of 148.6oz in nuggets for the months of July and August 2017, of which Middle Island’s share is 22.2oz gold.
  • Production includes individual nuggets up to 13oz in weight.
  • Tribute activities have identified a further three potential bedrock gold targets at the Bullet Hill, Three Mile and McClaren prospects within the Sandstone gold project.
  • The McClaren prospect is of particular interest, with in-situ ironstone hosting an abundance of coarse platy, free gold that appears to be of primary origin.


Middle Island’s share of tribute production (12.2oz gold) for July 2017

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Wirraminna gold resource more than doubles following infill drilling at Sandstone project, WA

Column 1
  • The Mineral Resource (JORC 2012) at the Company’s Sandstone gold project’s Wirraminna deposit more than doubles to 550,000t at 1.3g/t Au for 23,000oz gold (at a 0.5g/t lower cut-off grade) following verification, infill and extension drilling.

  • 55% of the new Wirraminna Mineral Resource is classified as Indicated, with the balance in the Inferred category.

  • The updated estimate compares with a previous Inferred Mineral Resource estimate (JORC 2004) of 106,300t at 2.07g/t Au (10,674oz).

  • The increase in tonnage reflects a higher degree of mineralised zone continuity demonstrated by infill and extension drilling, and the application of a lower cut-off grade.

  • Pit optimisation of the Wirraminna deposit will now be completed to determine the deposit’s potential contribution to the planned Sandstone gold project production schedule.

  • Considerable opportunity remains to further extend and enhance the Wirraminna deposit via follow-up RC drilling, including confirming the location of historic higher grade holes and infill drilling of Inferred Mineral Resources.
Read the full ASX release.
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508.3m at 1.38g/t Au intersected in Two Mile Hill diamond drilling at Sandstone gold project, WA

  • Following completion of a 231m diamond core extension to hole MSDD156 (to a final depth of 730m), a revised gold intercept of 3m at 1.38g/t Au was intersected at the Two Mile Hill deeps deposit within Middle Island’s Sandstone gold project in WA.
  • MSDD156 is mineralised from the start of coring to 592m depth, including an intercept of 160m at 2.31g/t Au (from 432m to 592m depth).
  • When combined with the RC pre-collar (MSDD155) immediately adjacent to MSDD156, the extended mineralised intercept becomes 551m at 1.33g/t Au.
  • The intercept in MSDD156 is entirely consistent with previous diamond drilling at Two Mile Hill, including intersections of 7m at 1.52g/t, 230.4m at 1.62g/t, 353.3m at 1.04g/t, 141.0m at 2.30g/t and 156.3m at 1.14g/t Au.
  • Drilling confirms the presence of a substantial and ubiquitously mineralised system measuring 250m in strike and up to 90m in width that is mineralised to at least 713m depth and remains open beneath this level.
  • This latest drill intercept, along with encouraging results derived from recent metallurgical and mineralogical testwork, increases the potential for bulk underground mining beneath the proposed open-pit cutback at Two Mile Hill.

Full Announcement
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Second expansion for Sandstone with option to acquire nearby Dandaraga gold project

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Highlights
  • Middle Island has signed an Option Deed to acquire a 100% interest in the Dandaraga gold project, exercisable at any time within a three-year period upon payment of $200,000.
  • Dandaraga is situated 16km southeast of Middle Island’s Sandstone gold project and processing plant, and 4km south of the haul road from the Lord Henry and Lord Nelson deposits.
  • The Dandaraga geology comprises a succession of banded iron formations (BIFs), ultramafics, gabbros and, importantly, dolerites.
  • The Dandaraga project incorporates a series of historic gold workings that remain untested or poorly tested by modern gold exploration.
  • The more significant Agnes workings are developed on a zone of stockwork quartz veining within a dolerite unit, adjacent to which free gold has been identified in a highly brecciated, gossanous and quartz-veined BIF.
  • The Dandaraga project is largely well-exposed, facilitating rapid, conventional and cost-effective exploration for additional targets.
  • The Dandaraga acquisition presents both an immediate and attractive open pit exploration target at the Agnes gold prospect, and consolidates considerable exploration acreage into Middle Island’s well-endowed Sandstone gold tenure.
  • The transaction is entirely consistent with Middle Island’s strategy to extend and enhance the proposed production schedule for the Company’s 100%-owned Sandstone gold processing plant.
  • It will be the second such expansion, following the Company’s June signing of an option to acquire the Wirraminna gold project, situated immediately adjacent to the Sandstone project and within 1km of the processing plant.

Read the full market announcement.

Exceptional gold recoveries from new tests on Two Mile Hill tonalite deeps deposit, Sandstone gold project (WA)

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  • Positive metallurgical testwork results indicate gold recoveries of 93% to 97% for the Two Mile Hill tonalite deeps mineralisation at the Sandstone gold project.
  • >58% of gold is recoverable via gravity concentration prior to leaching.
  • Leach testwork exhibits rapid leach kinetics, with 90% of total gold extraction achieved within the first two hours on run-of-mine (ROM) composite samples following gravity gold recovery.
  • Bond ball mill work index of 16.4kWh/t confirms ore amenability for treatment through the Sandstone mill.
  • Low reagent consumptions and no deleterious elements indicate no issues for future treatment.
  • Diamond drilling underway to extend Two Mile Hill tonalite deeps mineralisation from 500m depth to at least 850m depth.

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415.2m at 1.34g/t Au intersected in Two Mile Hill diamond drilling at Sandstone gold project, WA

Diamond Drilling Results Announcement - 7 June 2017
  • Gold intersection of 415.2m at 1.34g/t Au, ending in mineralisation, encountered in deepest diamond hole, MSDD156, drilled to date at the Two Mile Hill prospect within Middle Island’s Sandstone gold project.
  • Cored portion of MSDD156 mineralised from start to finish and remains open at depth, with the final interval comprising 66.9m at 3.27g/t Au (from 432m to end of hole at 498.9m).
  • When combined with the RC pre-collar (MSDD155) immediately adjacent to MSDD156, the extended mineralised intercept becomes 457.9m at 1.28g/t Au.
  • Veining, alteration and associated gold mineralisation in MSDD156 is consistently developed throughout the entire hole.
  • The intercept in MSDD156 is entirely consistent with previous diamond drilling at Two Mile Hill, which includes:-
372.7m at 1.52g/t Au
230.4m at 1.62g/t Au
353.3m at 1.04g/t Au
141.0m at 2.30g/t Au
156.3m at 1.14g/t Au
  • Drilling confirms the presence of a substantial and ubiquitously mineralised system measuring 250m in strike and up to 80m in width that is mineralised to at least 500m depth.
  • Result increases the possibility of bulk underground mining beneath the proposed open-pit cutback at Two Mile Hill.
Drilling represents part of three-hole programme supported by WA Government drill funding.


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*Please refer to the Company’s ASX Announcements page
http://www.middleisland.com.au/html/s02_article/article_view.asp?keyword=InvestmentHighlights

Column 1
  • An Exploration Target of 24Mt to 34Mt at 1.1g/t to 1.4g/t Au, comprising between 0.9Moz & 1.5Moz of gold has been estimated between 140m and 700m depth for the Two Mile Hill tonalite deeps deposit at Middle Island’s Sandstone gold project in WA.
  • The potential quantity and grade of the Exploration Target is conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
  • The estimated Exploration Target follows the incorporation of results from diamond core hole MSDD156, which generated a gold intercept of 508.3m at 1.38g/t Au, including 160m at 2.31g/t Au.
  • The Exploration Target confirms the presence of a substantial and ubiquitously mineralised system measuring ~250m in strike and up to 90m in width at surface, which is mineralised to at least 713m depth and remains open beneath this level.
  • Within the Exploration Target, broader, sub-horizontal zones of higher grade mineralisation include approximate true width intercepts of 22m at 5.95g/t, 37m at 4.46g/t, 50m at 2.71g/t, 13m at 6.39g/t and 11m at 6.89g/t Au.
  • The new Exploration Target, along with encouraging results derived from recent metallurgical and mineralogical testwork, increases the potential for bulk underground mining beneath the proposed open-pit cutback on the Two Mile Hill tonalite deposit.
  • Formal resource updates for both the Two Mile Hill tonalite deeps and BIF deposits are being prepared by an independent consultant prior to completing the underground mining concept study.

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Investment Highlights
  • Potential near-term gold production at Sandstone requiring modest capital.
  • Considerable additional resource & exploration upside.
  • Opportunity to consolidate or toll-treat third-party deposits within Sandstone district.
  • Deeper Two Mile Hill potential represents significant project opportunity.
  • Ideally timed acquisition for an emerging developer in a more buoyant Australian gold market.
  • Strong, stable, supportive share register.
  • Highly experienced & credible exploration & project development team.
  • Optionality of 100%-owned Reo gold project in Burkina Faso.
Processing Plant

600,000tpa CIP plant. C&M since 2010. Conventional grinding, milling & leach circuits. Refurbishment costs of $8.05M, plus owner’s costs of $1.28M. Only processing plant for 150km.

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Infrastructure

Contract diesel-generated power plant. Fuel tanks, workshops, laboratory & mine offices. Substantial inventory of equipment & spares. Permitted in-pit tailings facility & bore field. Fully equipped camps (accommodating 100) in nearby Sandstone. Exploration Camp and core farm. Well-maintained airport to service FIFO operations.

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Sandstone Gold Project - Summary
  • A 100% interest in the Sandstone gold project in Western Australia.
  • Two adjacent, granted & fully permitted Mining Leases collectively covering 20 square kilometres.
  • Mineral Resources (JORC 2004) of ~11Mt grading 1.4g/t Au for 480,000 ounces of gold, plus considerable resource & exploration upside.
  • 600ktpa CIP gold processing plant on care & maintenance, associated infrastructure, spares & camps.
  • Near-term production potential.
  • Exceptional brownfields targets associated with the Two Mile Hill tonalite & BIF.
  • Numerous greenfields exploration targets within project & third-party deposits in the district.
Location & Tenure

*Please refer to the Company’s ASX Announcements page
http://www.middleisland.com.au/html/s02_article/article_view.asp?keyword=InvestmentHighlights
This is a paid advertisement. HotCopper does not endorse, approve or take responsibility for the statements made.
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