THE BOURSE WHISPERER: Middle Island Resources has had all 10 exploration licences (ELs), that make up the company’s 100 per cent-owned Barkly super-project in the Northern Territory, approved by the Northern Territory Government for granting.
Middle Island explained the formal grant is now only dependent on the lifting of COVID-19 travel restrictions or at the company’s earlier election, however, at this stage MDI has elected not to trigger the formal grant at this stage.
The Barkly project comprises 3,253 square kilometres that extend semi-continuously for over 350 kilometres along the axis of the East Tennant basement ridge, extending east from Tennant Creek across the Barkly Tableland to the Queensland border.
Pre-competitive government research suggests the area is highly prospective for Tier 1 iron oxide-copper-gold (IOCG) deposits.
Of note is that the Middle Island ELs in the Barkly area surround or immediately adjoin those of Newcrest Mining, while those in the Tennant Creek area adjoin Rio Tinto tenure, providing strong endorsement of the project’s technical merit.
As exciting as the Barkly project may become, for now Middle Island’s immediate focus remains firmly in Western Australia at the company’s Sandstone gold project development.
“We are extremely pleased to confirm that all 10 Exploration Licences comprising the Barkly copper-gold project in the NT are now available for grant, making Middle Island one of the first movers and largest tenement holders along the highly prospective East Tennant Ridge,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.
“Middle Island has secured priority areas and targets in several cases, and the allocated areas also include or immediately adjoin several sites planned for much anticipated government stratigraphic basement drilling.
“The Barkly project represents a second string to Middle Island’s bow, with the immediate focus firmly on completing the feasibility study on the advanced Sandstone gold project in Western Australia, with a view to recommissioning that project early in 2021.”
TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE