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Market Celebrates Middle Island Resources’ (ASX:MDI) Maiden Copper Discovery, Shares zoom 20%

Summary

  • Middle Island Resources Limited (ASX:MDI) has announced a maiden copper discovery within EL32297 at Barkly super-project - the Crosswinds prospect.
  • The Crosswinds discovery provides early support for IOCG potential of the Barkly super-project.
  • Middle Island intends to initiate exploration at the Barkly project during the next ‘dry season’ (April-October 2021).

Shares of Middle Island Resources Limited (ASX:MDI) are trading over 19.7% higher at $0.365 (as at 03:29 PM AEDT) following an update on maiden copper discovery at Barkly copper-gold project. Middle Island has recently identified significant surface copper oxide mineralisation within exploration licence EL32297 at its Barkly super-project in Northern Territory (NT).

The major surface copper discovery within EL32297 - the ‘Crosswinds prospect’ - is situated immediately close to the sealed Barkly Highway, about 13km to the southeast of Barkly Homestead. Interestingly, EL32297 represents one of the ten exploration licences comprising Middle Island’s 3,253km2 Barkly super-project.

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The Crosswinds discovery follows a reconnaissance site visit by the Company to better gauge the logistic and physiography considerations ahead of its scheduled 2021 ‘dry season’ exploration campaign.

Encouraging pXRF Results

At the time of the Crosswinds discovery, Spot pXRF readings ranging between 24.8% and 76.2% Cu were recorded at the prospect. These readings were validated by subsequent composite chip samples, ranging from 0.63% to 0.93% Cu and totalling 130m at 0.76% Cu.

The composite chip samples were amassed over continuous 20m to 65m intervals over a cumulative 130m traverse distance. The table below summarises the composite chip sampling results:

Copper Mineralisation at New Prospect

The surface copper oxide mineralisation identified at Crosswinds prospect encompasses malachite (copper carbonate) exposed in a table-drain alongside the Barkly Highway.

Besides, the copper mineralisation is closely associated with prevalent secondary calcrete and silcrete development, indicating surface expression of limestones encompassing the Cambrian-age Georgina Basin.

The surface copper mineralisation at the Crosswinds prospect is also interpreted to reflect copper’s secondary migration along growth faults. These faults extend from primary Cu-Au mineralisation within the Proterozoic basement rocks, via the otherwise unmineralised, younger Georgina Basin cover.

This interpreted setting seems to be broadly consistent with the setting that resulted in the discovery of the Osborne IOCG deposit, located southeast of Mount Isa in Queensland.

Next Steps Forward

Following the extremely promising results received from the recent reconnaissance site visit, Middle Island has triggered the formal grant of five Exploration Licences. These licences - EL32297, 32298, 32301, 32308 & 32309 – are located in the close proximity to the Barkly and Tablelands highways.

The easing of interstate coronavirus travel restrictions between Western Australia and NT also prompted the Company to proceed with the formal grant.

Middle Island intends to commence exploration at the Barkly super-project during the next ‘dry season’ (April-October 2021) following the release of results of the Federal and NT Government’s current 12-hole stratigraphic basement diamond drilling program. These results are expected to provide substantial additional clarification on the basement IOCG potential of the Barkly super-project.

Related Read: Major Breakthrough for MDI: NT Govt. Allocates Four Competing Applications within Barkly Super-Project


 


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