The Middle Island Resources Limited [ASX:MDI] share price has climbed 33.33% higher today.
The small miner literally struck gold. In an announcement today, the ASX listed company reported on the recent find at their Two Mile Hill mine in Sandstone WA. The new vein was found in an existing deposit during a planned core drilling exercise. The goal was to examine just how deep the gold vein is, exceeding previous drilling depths.
Particularly of note is that as the company digs deeper, the grade of metal increases. With the last 67 meters averaging 3.27 grams per tonne. Significantly higher than the 1.34 gram average of the total 415 meter deposit.
Great news for the ongoing success of Middle Island and their investors.
What’s next for Middle Island Resources?
The discovery comes a day after the company announced it has acquired the Wirraminna gold project in the Sandstone area. Located within 1 kilometre of their processing plant. The acquisition is valued at $300,000 and is payable within a four-year period.
Middle Island plan to conduct further drilling at this site, and ongoing surveying over the next 18 months. With current vendors retaining any surface gold rights, at a depth of 2 meters.
Investors and the company alike will no doubt be looking for positive results from both projects, like todays, in future digs.
Junior Analyst, Money Morning
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