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Middle Island Resources Ltd.
Summary
| Project: | Sandstone | |
|---|---|---|
| Deposit: | Sandstone | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/25/2019 | |
| Report Code: | JORC | |
| Report Type: | Optimisation Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 25-10-2019: Middle Island Resources Ltd. announces a Optimisation Study report for its Sandstone deposit at the Sandstone project. Re-optimisation on the Sandstone gold project. Middle Island Resources Limited (MDI) is pleased to report that an independen | |
| Resources: | (Resource, I+I): 2.963Mt @ 1.32g/t Au | |
| CP/QP: | [Overall Report]: Beau Nicholls (Internal) | |
| ABSTRACT: | Middle Island Resources Limited (MDI) is pleased to report that an independent Whittle re-optimisation for MDI’s 100%- owned Sandstone gold project in Western Australia demonstrates that the Sandstone gold plant can be profitably refurbished utilising feed from MDI’s existing Mineral Resources (Appendix A). MDI engaged Mining Focus Consultants (MFC) to undertake a series of Whittle Optimisations based on two input parameters being updated from those applied in the PFS. The Two Mile Hill, Shillington and Wirraminna open pit deposits were included in the re-optimisation. However, the JORC 2004 Mineral Resources comprising the Plum Pudding, Eureka and Goat Farm deposits have not yet been re-assessed (Figure 1). The re-optimisation study utilised a range of contemporary gold prices from A$2,000/oz to A$2,500/oz, consistent with the current gold price of A$2,180/oz1 and considerably higher than the base-case gold price of A$1,600/oz utilised in the PFS. In addition to a contemporary gold price, geotechnical parameters applied in the recent study were adjusted to emulate the existing pit slope angles. These pits are still standing, more than 15 years since mining ceased. All other applied parameters are consistent with the PFS and are set out in Appendix B. Materially, the positive optimisation study captures approximately 90% Indicated (higher level of confidence) and only 10% Inferred Mineral Resources. | |
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