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Middle Island Resources Ltd.
Summary
| Project: | Sandstone | |
|---|---|---|
| Deposit: | Wirraminna | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/18/2018 | |
| Report Code: | JORC | |
| Report Type: | Optimisation Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 18-1-2018: Middle Island Resources Ltd. announces a Optimisation Study report for its Wirraminna deposit at the Sandstone project. Optimisation study returns 72,000t @ 1.97g/t Au for a strip ratio of 9:1. Middle Island Resources Limited (Middle Island, MD | |
| Resources: | (Resource, I+I): 550Kt @ 1.3g/t Au for 23Koz contained at Wirraminna deposit | |
| CP/QP: | [Overall Report]: Rick Yeates, Harry Warries (Internal;Independent) | |
| ABSTRACT: | Middle Island Resources Limited (Middle Island, MDI or the Company) is pleased to advise that it has received positive results from pit optimisation of the Wirraminna deposit Mineral Resources. The Wirraminna deposit is located immediately adjacent to the Company’s 100%-owned Sandstone gold project in WA and within 1km of the gold processing plant. Middle Island declared a JORC 2012 compliant Mineral Resource estimate of 550,000t at 1.3g/t Au for 23,000oz gold at a 0.5g/t Au lower cut-off grade for Wirraminna in December 2017, refer to Table 1 below and the ASX release of 8 December 2017 for details. Open pit optimisations using Whittle software were completed by Mining Focus Consultants Pty Ltd. The December 2017 Mineral Resource model (total resources) was optimised at a base case gold price of A$1,600/oz, utilising other input parameters derived from the December 2016 Sandstone project PreFeasibility Study. A summary of the key input parameters are included in Table 2 below. At a gold price of A$1,600/oz the optimal pit shell, based on the maximum undiscounted operating cash flow, includes 72,000 t at a grade of 1.97 g/t gold for a strip ratio of 9:1. This equates to a mill recovered 4,200 oz of gold. This pit shell depth is to a maximum of 45 m from surface and hence is wholly contained within the oxide zone. An isometric view of the optimal pit shell and the Mineral Resource model is shown in Figure 1 below. | |
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