Middle Island Resources ASX:MDI Finds Pay Dirt

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.


Ryan Clarkson-Ledward,
Junior Analyst, Money Morning

PS: If you want to learn more about the gold market then look no further than resource expert, Jason Stevenson.

His new report, ‘The Right Time to Buy Gold Stocks in 2017’ will give you information to keep you ahead of the curve in trading. Giving you expert information on the best time to start investing and value of patience.

To get your copy click here.

Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

Ryan is also the Editor of Australian Small-Cap Investigator, a stock tipping newsletter that hunts down promising small-cap stocks by dissecting the latest events affecting the world.

To find out more about the publications Ryan works on and how you can subscribe, please click on the corresponding link here:

Money Morning Australia