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Middle Island Resources Ltd.
Summary
| Project: | Sandstone | |
|---|---|---|
| Deposit: | Sandstone | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/8/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-12-2017: Middle Island Resources Ltd. announces a Resource Estimation report for its Sandstone deposit at the Sandstone project. Updated Mineral Resource report more than doubles resource oz.'s. Middle Island Resources Limited (ASX: MDI, Middle Island, | |
| Resources: | (Resource, 550Kt @ 1.3g/t Au for 23koz contained at Wirraminna | |
| CP/QP: | [Resources]: Shaun Searle (Ashmore Advisory Pty Ltd.) | |
| ABSTRACT: | Middle Island Resources Limited (ASX: MDI, Middle Island, the Company) advises that updated Mineral Resource estimates, reported in compliance with the 2012 JORC Code guidelines, have been completed for the Wirraminna deposit, situated immediately adjacent to the Company’s Sandstone gold project in Western Australia and within 1km of the processing plant. Following the completion of verification, infill and extension reverse circulation percussion (RC) and diamond core drilling, resource estimation of the Wirraminna deposit was undertaken by independent consulting firm, Ashmore Advisory Pty Ltd. Reported at a 0.5g/t Au lower cut-off grade, the updated Mineral Resource (JORC 2012) comprises 550,000t at 1.3g/t Au for 23,000oz gold. Some 55% of the estimate is classified as Indicated Mineral Resource, with the balance in the Inferred category, as summarised in Table 1 below. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration will result in the conversion of Inferred Mineral Resources to Indicated Mineral Resources. 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, combined with the application of a lower reporting cut-off grade. Conversely, the lower average resource grade reflects the application of a lower wireframe cut-off grade. | |
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