The last eight months have seen significant activity at Middle Island Resources’ (“Middle Island” or “the Company”) Sandstone Gold Project (“Sandstone” or “the Project”), for which the strategy is to restart the existing 600,000 tpa mill, which is expected to require only in the order of A$10.3 million, including owners’ costs and contingencies, to refurbish.
The key plank in the strategy is to find suitable sources of feed to justify a restart of operations, and activities have been focussed towards this end. This has included a recent JORC 2012 compliant Mineral Resource Estimate (“MRE”) update, which includes 123,600 oz of open pit Resources (with 80% Indicated), and 500,000 oz of underground Resources, with current JORC 2004 Resources not included. A re-optimisation study completed in late 2019 determined that a restart would be viable at gold prices at that time, using the current JORC 2012 open cut Resources.
