Middle Island Resources: October 26, 2021 – PDF Exploration Update

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Middle Island Resources Ltd

ACN 142 361 608

ASX code: MDI

www.middleisland.com.au

The capital structure:

122.4 million ordinary shares

22 million unlisted OOTM options

Cash and investments

$ 2.2 million (as of September 30, 2021) No debt

Directors and management:

Pierre Thomas

Non-executive chairman

Brad marwood

Executive director

Bruce stewart

Non-executive director

Dennis wilkins

Company Secretary

Contact:

Office: +61 (8) 9322 1430

[email protected]

Sandstone and Bark Exploration Update

Sandstone gold project

  • A total of 536 Auger geochemical holes were completed on 4 new untested targets, including 3 target areas in the sandstone permits and 1 target in the Jew well permit (located approximately 10 km south of the sandstone plant) .
  • All holes were analyzed by Semi-quantitative portable XRF (pXRF) for a 24 multi-element combination, and for gold by 30g Fire Assay.
  • 5 new gold prospects were identified in the sandstone permits with little or no historic drilling.
  • A 2 km nickel anomaly (open to the northeast) has been defined in the Jew Well permit describing a potential ultramafic complex.

Barkley Super Copper-Gold Project

  • Two new permit applications with grant authorization were approved by the Central Land Council (CLC). Middle Island has until October 31, 2023 to negotiate an Indigenous title agreement. This brings the Barkley project to a total of 5,220 km2. The two new permits are contiguous to the Crosswinds Copper discovery reported by Middle Island.
  • A detailed airborne magnetic and radiometric survey is planned for November / December 2021 and will be co-funded by the Northern Territory Geological Survey. This work will be followed by a detailed ground gravity survey to allow targeting by drilling.
  • An IP survey is planned through Crosswinds Prospect. The silica associated with the copper (malachite) mineralization at the surface indicates a hydrothermal source and will potentially highlight the source at depth of the 130m of malachite located at the surface. This will present a target ready for drilling in the coming months.

ASX version – October 26, 2021

AUGER GEOCHEMICAL DRILLING COMPLETED

In accordance with the ASX press release of July 7, 2021, the Company has completed the auger drilling program on the Sandstone and Jew Well permits. 4 of the 5 initial first pass programs for a total of 536 holes were completed in 3 weeks (the Juw Well North target has yet to be drilled). Holes ranged from 1 m to 14 m in depth and targeted interface sampling under the transported cover. Sandstone holes were made on a grid spaced 200 m by 100 m and the Jewish Well on a grid 400 m by 100 m.

The planned worm gear programs are shown in Figure 1 below:

Figure 1

Middle Island Tenure – Sandstone and Jew Well planned Auger geochemistry.

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ASX version – October 26, 2021

Sandstone

Middle Island undertook a portable XRF scan using an Olympus Delta pXRF. This analytical method has been undertaken on 1mm sieved samples and is semi-quantitative, but effective in highlighting basic elements and indicators of importance for early stage exploration.

In sandstone permits, the pXRF analytical exercise has highlighted several arsenic anomalies that can help to map structures, with arsenic often associated with gold mineralization in the area.

Samples were also sent to SGS for gold analysis by 30g Fire Assay. The following image highlights 5 new prospects identified by Auger geochemistry.

Figure 2

Sandstone Permit – Auger Au Results – 5 new prospects.

Prospects have highlighted 5 preliminary targets that require Auger fill geochemistry to refine anomalies. Auger targets are all taken more than 1.5m deep and considered to be of high quality and not contaminated by small-scale surface prospecting activities and material being transported. The defined targets are:

  • Nugget Patch 1 & 2 which are near historical nuggets exploited by surface prospectors without drilling;
  • Mount Kempt is a poorly tested historical target with minor drilling;
  • 3 Mile is a known nugget plot with limited drilling;
  • Wirraminna North is an interpreted fault shift of Wirraminna with shallow minor drilling;

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ASX version – October 26, 2021

  • 2 Mile West is a 600 m extension associated with the Banded Iron Ridge with limited drilling having been completed; and
  • A 6e prospect was defined north of Nungara, but lies on the edge of the historic abandoned town of Nungara. An additional permit is required to access this area.

The Jew Well program undertaken through the magnetic feature from government magnetic data, highlighted a 2 km long nickel anomaly from pXRF highlighting the potential of underlying ultramafic rocks.

The weak gold was associated with ultramafic, but the remainder of the high magnetic target did not return any significant gold and is considered to be associated with fragments of BIF sheared in the granite.

figure 3

Jewish Well License – Nickel Anomalies from pXRF

Interpretation of the historical data sets and the detailed magnetic and radiometric survey conducted in 2020 is underway and will provide additional context for the auger anomalies that will be sampled by fill and prioritized for drill testing.

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ASX version – October 26, 2021

BARK EXPLORATION

The Barkly Super Project has maintained its momentum over the past 2 months with the finalization of the scope of geophysical work, the terms and conditions of execution of the finalized work and the focus is now on identifying a weather window. optimal for best results. The current plan is to start the airborne magnetic and radiometric survey in November or December when the contractor is free. All contracts have been signed for this work.

Two new permit applications with grant authorization were approved by the Central Land Council (CLC). Middle Island has until October 31, 2023 to negotiate an Indigenous title agreement. This brings the Barkley project to a total of 5,220 km2. The two new permits are contiguous to the Crosswinds Copper discovery reported by Middle Island

RELEASE AUTHORIZED BY THE MDI OFFICE:

Forward-looking statements

Statements contained in this press release, particularly those regarding possible or expected future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Middle Island, the growth of industry or other trend projections are, or may be, forward-looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on various factors.

Declaration of the competent person

The reported exploration results were compiled by Beau Nicholls, a fellow of the Australian Institute of Geoscientists. Mr. Nicholls has sufficient experience which is relevant to the style of mineralization and type of deposit under study and the activity undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Ore Resources and Reserves’. Mr. Nicholls is a principal consultant to Sahara Natural Resources (Sahara), and the relevant person is independent of the company and, apart from the payment of fees for services related to the compilation of this report, he has no financial interest (direct or possible) in MDI.

New information or data

MDI confirms that it is not aware of any new information or data that significantly affects the information included in previous market announcements and, in the case of mineral resource estimates, that all material assumptions and technical parameters under- straining estimates in the relevant market announcement continue. to apply and have not changed significantly. The Company confirms that the form and context in which the competent person’s findings are presented have not changed significantly from the initial market announcement.

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Disclaimer

Middle Island Resources Limited published this content on October 26, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 26, 2021 01:25:04 AM UTC.


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