Middle Island eyes Two Mile drilling
Exploration company Middle Island plans to drill three targets within its gold project at Two Mile Hill, about 20km south-west of Sandstone.
The company has obtained a grant of up to $150,000 from the State Government to fund half the cost of test drilling up to three separate targets under the Exploration Incentive Scheme
In a statement to the Australian Stock Exchange, Middle Island said it intended to complete a single diamond drill hole into each of the three gravity targets in 2019.
However, this “depended on market sentiment and available Company funding” to match the grant.
“Should adequate Company co-funding not be available to complete the entire programme, it is intended to drill one or more targets as circumstances permit,” the statement reads.
“There is no requirement to utilise all or any of the EIS grant funding.”