Middle Island Resources Kicks Off 2024 Drilling at Barkly Copper-Gold Super Project
MIDDLE ISLAND RESOURCES LIMITED (MDI) Share Update July 2024 Tuesday 30th
Middle Island Resources Commences Drilling at Barkly Copper-Gold Super Project
Middle Island Resources Limited (ASX: MDI) has announced the commencement of its 2024 drilling program at the Barkly Copper-Gold Super Project in the Northern Territory. This marks a significant milestone in the company's exploration efforts.
Instant Summary:
- First round of 2024 drilling commenced at Barkly Copper-Gold Super Project.
- Three-hole diamond drill program to test IOCG targets at Wilma, Pebbles, and Dino prospects.
- Drill targets extend to 650m depth, indicating potential for significant mineral deposits.
- Eight new drill-ready targets identified, with three additional priority targets for further surveys.
- Received $300,000 in co-funding from Northern Territory Government.
- Cash and share investments position at $3.27 million.
Drilling Program Overview
Post the end of the June quarter, Middle Island Resources commenced a three-hole diamond drill program at the Barkly Copper-Gold Super Project. The drilling aims to test Iron Oxide Copper Gold (IOCG) targets at the Wilma, Pebbles, and Dino prospects within the Georgina Project area. Each drill hole is designed to reach depths of 600-650 meters, targeting dense 'shoots' identified through detailed geophysical data interpretation.
The drill targets are spread across six prospects, indicating potential concentrations of sulphide or iron oxide minerals. These targets are based on well-defined density anomalies consistent with known examples of the target deposit types. All drill targets are 'blind,' lying beneath post-mineralization cover, presenting significant discovery opportunities.
New Targets and Co-Funding
Middle Island has identified eight new drill-ready targets and three additional priority targets that will undergo further surveys before drilling. The company received the maximum co-funding grant of $300,000 from the Northern Territory Government under the Geophysics and Drilling Collaborations program. This funding will support the initial drilling at the Wilma, Pebbles, and Dino prospects and a deep diamond drill hole at the Bedrock prospect.
Financial Position and Future Plans
As of 30 June 2024, Middle Island Resources held cash and share investments totaling $3.27 million, including $1.7 million in cash reserves and $1.4 million in shares of Aurumin Limited. The company plans to conduct additional field surveys, including soil sampling and ground geophysical surveys, in preparation for the next round of drilling at the Bedrock prospect later in 2024.
Corporate and Operational Activities
During the reporting period, Middle Island Resources focused on advancing its exploration planning and commencing the 2024 field programs. The company holds a 100% interest in 13 granted exploration licenses and three pending applications covering 6,918 sq km in the Barkly region. Additionally, the company has eight pending Exploration Permit for Minerals (EPM) applications in Queensland.
The commencement of drilling at the Barkly Copper-Gold Super Project is a significant step for Middle Island Resources. The potential discovery of substantial mineral deposits could positively impact the company's stock price. The co-funding from the Northern Territory Government also highlights the project's importance and potential.
Investor Reaction:
Analysts are likely to view the commencement of drilling as a positive development, given the project's potential for significant mineral discoveries. The co-funding grant further boosts confidence in the project's viability.
Conclusion:
Investors should keep an eye on the progress of the drilling program and any subsequent discoveries. Middle Island Resources' strategic focus on exploration and potential asset acquisitions could provide significant value to shareholders. Stay informed on the latest developments and consider the long-term potential of the Barkly Copper-Gold Super Project.