Middle Island Resources Ltd. said June 6 that its Sandstone Operations Pty. Ltd. unit signed an option to acquire the Wirraminna gold project, located adjacent to its existing Sandstone project in Western Australia.
The consideration for prospecting license application 57/1395 is the cash payment to two private individuals of A$300,000 within the next four years.
In addition, the company also signed a tribute agreement with one of the vendors, in which it will receive 15% of the gross value of any gold recovered in the Sandstone tenements M57/128 and M57/129.
Middle Island intends to upgrade the resource at the Wirraminna project to a JORC-compliant standard via verification, infill reverse circulation and diamond core drilling.