THE BOURSE WHISPERER: Middle Island Resources (ASX: MDI) has been allocated between 19 per cent and 95 per cent of each of four competing exploration licence applications, located within the newly available IOCG-prospective former Barkly moratorium area of the Northern Territory.
Middle Island had already had a further six Middle Island exploration licence applications accepted in full (100%).
The latest Barkly super-project allocations to Middle Island comprise:
ELA32297 – 35 of 186 blocks allocated (19%), representing 110.92 square kilometres;
ELA32298 – 137 of 228 blocks allocated (60%), representing 443.37sqkm;
ELA32301 – 230 of 242 blocks allocated (95%), representing 740.7sqkm; and
ELA32304 – 21 of 73 blocks allocated (29%), representing 67.8sqkm.
The newly allocated Middle Island applications include three sites that have been reserved for government basement stratigraphic drilling in 2020, and five applications surround or immediately adjoin those of Newcrest Mining.
Subject to normal approval procedures, Middle Island’s awarded super-project blocks collectively comprise 10 applications covering 3,253sqkm, extending semi-continuously for over 350km along the axis of the East Tennant ridge from Tennant Creek east to the Queensland border.
Competing applications with Rio Tinto (in the Tennant Creek area) and Newcrest Mining (in the Barkly moratorium area) gave the applications a ringing endorsement of the project’s technical merit and strategy.
Middle Island believes the project represents a low entry cost and low initial exploration cost opportunity for the company to identify high value, Tier 1 IOCG targets of interest to major and mid-tier resources companies.
“We are extremely pleased with the outcome of what appears to have been a very equitable process involving the allocation of various competing exploration licence applications within the now former Barkly moratorium area,” 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 three sites planned for much anticipated government stratigraphic basement drilling during 2020.”