Cashed up Middle Island defines IOCG style drill targets

Middle Island Resources has defined multiple drill targets considered prospective for “IOCG” style copper-gold mineralisation at its Crosswinds project within the emerging Tennant Creek mineral hub in the NT. An induced polarisation geophysical survey identified the deep-seated targets below previously defined surface copper mineralisation. A recent cash injection has the company well-funded with plans now being drawn up to commence an aggressive drilling campaign of the area.

The Crosswinds copper prospect is part of the company’s wider Barkly Super project located just five kilometres south of Emmerson Resource’s Hermitage project where it recently hit a gigantic 117 metre discovery drill hole grading a whopping 3.38 per cent copper. Notably, that hole ended in mineralisation that is yet to be fully tested and included a 30m hit at a bonanza 7.25 per cent copper and 2.69 grams per tonne gold.

Ground IP geophysical surveying delineated a chargeable target starting at approximately 500m depth that the company says is an exciting prospect for massive and disseminated sulphides reflecting “Olympic Dam” type copper-gold deposits.

Additional IP lines are planned to be undertaken over the Crosswinds prospect area early this year that will enable 3D targeting to further define drill targets.

Geophysical surveying followed up on a 130m surficial copper discovery grading 0.75 per cent copper defined in a table drain cutting that runs parallel to the Barkly Highway. Surface mineralisation consisted of malachite or copper carbonate and is interpreted to reflect secondary migration of copper along growth faults that extend from the primary mineralisation below.

A MinexCRC hole drilled in 2020 located approximately 800m from the Crosswinds prospect interprets overlying cover sequence to be approximately 250m thick. MinexCRC are one of the world’s largest collaborative bodies that aim to bring together research, industry and government.

Results from the recent ground based induced polarisation survey suggests that less than 150m of overlying cover exists at the Crosswinds prospect. The thinning of the cover sequence towards the Crosswinds prospect is a positive sign for Middle Island if the recent geophysical interpretations are correct. It would mean less drill metres are required to reach the Proterozoic aged basement rocks where prospective mineralisation is interpreted to sit.

Following the completion of the sale of its Sandstone assets to Aurumin, Middle Island boosted its bottom line by $12 million. The sale was agreed upon late last year and Middle Island now plans to use the money to focus its exploration efforts on the company’s Northern Territory assets.

Intense exploration activities are currently underway by multiple ASX-listed explorers including Newcrest, Rio Tinto and Emmerson Resources in the area surrounding Middle Island’s Tennant Creek project tenure.

Middle Island Resources Executive Director, Brad Marwood said:

“The early-stage IP results are very encouraging for this very exciting new region. The anomalies defined are coincident with the geological model defined by MDI. Additional IP lines will be undertaken north and south of Crosswinds in early 2022 to allow 3D modelling and allow targeted drilling to be completed. MDI has identified a preferred drilling contractor and proposals are in place to commence drilling in May 2022.”

Emmerson’s hit running 117m at 3.38 per cent copper has put a neon sign above the area which has seen big time players all look to muscle in on local real estate. That could be good news for Middle Island and its Barkly Project that lies a stone’s throw away. The company will most likely be itching to drill test the area in order to further quicken the pulses in the Tennant Creek region.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au