New Risk • Mar 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (261% increase in shares outstanding). Revenue is less than US$1m (AU$102k revenue, or US$73k). Minor Risk Market cap is less than US$100m (AU$36.8m market cap, or US$26.1m). Recent Insider Transactions • Feb 05
Non-Executive Chairman recently bought AU$414k worth of stock On the 3rd of February, Daniel Raihani bought around 10m shares on-market at roughly AU$0.041 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Daniel has been a buyer over the last 12 months, purchasing a net total of AU$2.3m worth in shares. Recent Insider Transactions • Dec 19
Non-Executive Chairman recently bought AU$125k worth of stock On the 18th of December, Daniel Raihani bought around 4m shares on-market at roughly AU$0.029 per share. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Daniel has been a buyer over the last 12 months, purchasing a net total of AU$1.6m worth in shares. New Risk • Nov 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 263% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Shareholders have been substantially diluted in the past year (263% increase in shares outstanding). Revenue is less than US$1m (AU$102k revenue, or US$66k). Minor Risk Market cap is less than US$100m (AU$30.8m market cap, or US$19.9m). Tillkännagivande • Nov 06
Middle Island Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.4 million. Middle Island Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 193,145,706
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,854,294
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Transaction Features: Subsequent Direct Listing Tillkännagivande • Oct 28
Middle Island Resources Limited, Annual General Meeting, Nov 28, 2025 Middle Island Resources Limited, Annual General Meeting, Nov 28, 2025. Location: allendale square, level 1, 77 st georges terrace, perth wa 6000, perth Australia Recent Insider Transactions • Sep 04
Non-Executive Director recently bought AU$122k worth of stock On the 2nd of September, Daniel Raihani bought around 4m shares on-market at roughly AU$0.035 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$766k more in shares than they have sold in the last 12 months. New Risk • Sep 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 31% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (31% average weekly change). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m (AU$153k revenue, or US$100k). Market cap is less than US$10m (AU$9.97m market cap, or US$6.49m). Tillkännagivande • Sep 02
Middle Island Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.4 million. Middle Island Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 193,145,706
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,854,294
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Transaction Features: Subsequent Direct Listing New Risk • Jun 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Revenue is less than US$1m (AU$153k revenue, or US$100k). Market cap is less than US$10m (AU$6.16m market cap, or US$4.01m). Minor Risk Share price has been volatile over the past 3 months (17% average weekly change). New Risk • Apr 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m (AU$153k revenue, or US$93k). Market cap is less than US$10m (AU$4.37m market cap, or US$2.65m). Minor Risk Shareholders have been diluted in the past year (26% increase in shares outstanding). Tillkännagivande • Apr 07
Middle Island Resources Limited Announces Board Changes Middle Island Resources Limited announced that the EGM held on April 7, 2025, approved Election of Mr. Daniel Raihani as a Director. Election of Mr. Bill Richie Yang as a Director. Messrs Peter Thomas and Bruce Stewart each voluntarily resigned as directors of MDI, with agreement that the resignations take effect immediately after the appointment of Messrs Daniel Raihani and Bill Richie Yang to the board. Consequently, Resolutions 3 and 4 (to remove Messrs Thomas and Stewart as directors of the Company) were not considered at the meeting. Tillkännagivande • Feb 19
Middle Island Resources Limited Receives Notice from 7 Enterprises Pty Ltd On February 18, 2025, Middle Island Resources Limited announced that advises that it has received the attached notice from 7 Enterprises Pty Ltd under 249D and 203D(1) of the Corporations Act 2001, that the directors of the Company call and arrange to hold a general meeting of the Company as soon as possible, and in any event in accordance with the requirements of the Corporations Act and the Company's constitution, for the purpose of considering the resolutions for the appointment of Daniel Raihani and Bill Richie Yang as a Director and for the removal of Peter Thomas and Bruce Stewart as a Director of the Company. Tillkännagivande • Oct 31
Middle Island Resources Limited, Annual General Meeting, Nov 29, 2024 Middle Island Resources Limited, Annual General Meeting, Nov 29, 2024. Location: at the celtic club, 48 ord street, west perth, wa., Australia New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m (AU$32k revenue, or US$22k). Market cap is less than US$10m (AU$3.49m market cap, or US$2.42m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). New Risk • Nov 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 78% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Revenue is less than US$1m (AU$32k revenue, or US$21k). Market cap is less than US$10m (AU$3.70m market cap, or US$2.44m). Tillkännagivande • Nov 02
Middle Island Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.054937 million. Middle Island Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.054937 million.
Security Name: Ordinary S
Security Type: Common Stock
Securities Offered: 70,329,111
Price\Range: AUD 0.015
Discount Per Security: AUD 0.00015
Transaction Features: Rights Offering Tillkännagivande • Nov 01
Middle Island Resources Limited, Annual General Meeting, Nov 30, 2023 Middle Island Resources Limited, Annual General Meeting, Nov 30, 2023, at 13:00 W. Australia Standard Time. Location: at The Celtic Club, 48 Ord Street West Perth Western Australia Australia Agenda: To receive and consider the Financial Report, together with the Directors' Report and the Auditor's Report, for the financial year ended 30 June 2023; to consider and adoption of remuneration report; to consider and re-election of peter thomas as a director; to consider and ratification of issues of shares; and to consider other matter also. New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.2m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m (AU$163k revenue, or US$105k). Market cap is less than US$10m (AU$3.38m market cap, or US$2.17m). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Jul 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings have declined by 29% per year over the past 5 years. Revenue is less than US$1m (AU$96k revenue, or US$66k). Market cap is less than US$10m (AU$3.94m market cap, or US$2.69m). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Tillkännagivande • Jul 17
Middle Island Resources Limited (ASX:MDI) completed the acquisition of East Tennant Project from Strategic Energy Resources Limited (ASX:SER). Middle Island Resources Limited (ASX:MDI) entered into a binding Sale and Purchase Agreement to acquire East Tennant Project from Strategic Energy Resources Limited (ASX:SER) for AUD 0.64 million on May 16, 2023. Middle Island proposes to purchase 100% of SER’s East Tennant Projects for 18,240,000 fully paid ordinary MDI shares at a deemed price of AUD 0.035 per share, this being the closing price of Middle Island Resources on Friday May 12, 2023. The Consideration Shares are to be issued within 5 business days following satisfaction of conditions precedent in the SPA. Completion will be subject to MDI completing due diligence within 60 days and being satisfied with its findings, Statutory consents being received in relation to the transfer of the tenements, Consents required from ASX and No event occurring prior to completion which materially and adversely affects the right or interests proposed to be acquired by MDI under the SPA. MDI shares proposed to be issued to SER will be subject to a voluntary escrow period of a minimum of 12 months from date of completion, or any ASX mandated escrow restrictions if this period exceeds 12 months. It is expected that the transaction will be completed within a period of 90 days from date of execution of the SPA.
Middle Island Resources Limited (ASX:MDI) completed the acquisition of East Tennant Project from Strategic Energy Resources Limited (ASX:SER) on July 17, 2023. SER now holds approximately 14.9% of the shares on issue in MDI. All the conditions of the SPA have been satisfied. Tillkännagivande • May 16
Middle Island Resources Limited (ASX:MDI) entered into a binding Sale and Purchase Agreement to acquire East Tennant Project of Strategic Energy Resources for AUD 0.64 million. Middle Island Resources Limited (ASX:MDI) entered into a binding Sale and Purchase Agreement to acquire East Tennant Project of Strategic Energy Resources for AUD 0.64 million on May 16, 2023. Middle Island proposes to purchase 100% of SER’s East Tennant Projects for 18,240,000 fully paid ordinary MDI shares at a deemed price of AUD 0.035 per share, this being the closing price of (ASX:MDI) on Friday May 12, 2023. The Consideration Shares are to be issued within 5 business days following satisfaction of conditions precedent in the SPA. Completion will be subject to MDI completing due diligence within 60 days and being satisfied with its findings, Statutory consents being received in relation to the transfer of the tenements, Consents required from ASX and No event occurring prior to completion which materially and adversely affects the right or interests proposed to be acquired by MDI under the SPA. MDI shares proposed to be issued to SER will be subject to a voluntary escrow period of a minimum of 12 months from date of completion, or any ASX mandated escrow restrictions if this period exceeds 12 months. It is expected that the transaction will be completed within a period of 90 days from date of execution of the SPA. Recent Insider Transactions • Feb 03
Insider recently bought AU$52k worth of stock On the 31st of January, Stephen Copulos bought around 905k shares on-market at roughly AU$0.057 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$499k more in shares than they have sold in the last 12 months. Tillkännagivande • Feb 01
Middle Island Resource Completes the Review of Drill Hole CWDD001 at the Crosswinds Prospect Middle Island Resource has completed the review of drill hole CWDD001 at the Crosswinds prospect. That drill hole, along with 3 others, comprised the Company's initial drill program at the Barkly Copper-Gold Project in the Northern Territory. All holes drilled within the first drill program were drilled at the Crosswinds Prospect, which in late 2020 4, was identified as a surface occurrence of malachite (copper carbonate). On discovering this copper occurrence, a number of samples were taken and spot pXRF results returned between 24.8% and 76.25% Cu with a composite chip sampling assay of 130m at 0.76% Cu returned from Intertek. The 4 holes drilled all intersected IOCG alteration (pyrite ± hematite ± silica) which appears to be of an IOCG affinity. Shown below is a basic break down of the geology of each of the holes. All holes intersected the Georgina Basin at the top of the hole, transitioning into the Helen Springs Volcanics which has an age range of around 511Ma and then transitioning into the Alroy Formation towards the bottom of the hole. Basement Alroy Formation lithologies consist of a thick sequence of red to green to blue sandstones through to red to purple siltstones and mudstones and white to cream limestones which are cut by varying amounts of carbonate, quartz and hematite veins. Three out of the four holes drilled also intersected metasediments/metasedimentary schists that have been subject to high metamorphic grades creating large amounts of secondary biotite along with shear planes and intense foliation (hole CWDD007 did not intersect foliated metasediments due to the interpretation of them being stoped out by mafic units). Further down the holes from these meta-sediments in the first three holes (hole CWDD007 excluded) intersected medium grained red to white/cream granites, whereas hole CWDD007 intersected fine to medium grained Mafics. Approximately 2km ESE of MDI's holes is a government hole, NDIBK10, which has been drilled into the same rocks that were identified in MDI's holes. Age dating has been undertaken on this hole and a graphical log with age ranges in the relevant positions of sampling. As can be seen, the Helen Springs volcanics have an age range of approximately 511Ma - the hole then transitioned in the underlying sediments with a maximum deposition age (U-Pb in Zircons) of above and below the unit A unconformity yielding ages of 902 ± 34 Ma (unit A) and 1649 ± 37Ma (unit E) respectively, based on youngest concordant zircon grains. This age dating indicates that the thin Unit A is Neoproterozoic (1000-500Ma) and likely represents a continuation of the Pre-Cambrian part of the Georgina basin in this area whereas the sediments represent sedimentation in the Meso and Paleoproterozoic (1000-2500Ma). Further detailed knowledge of the bottom of the 500 million-year- old Georgina Basin allows gravity and magnetic targets to be truncated at the contact with the underlying sediments (circa 1.3-1.8 billion years old) removing noise from the signatures and thus allowing for better target generation of the airborne geophysics undertaken. The occurrence of hematite-flooded, meta-sedimentary and volcanic units and the age range of rock units in the area Cross Winds prospect is considered by MDI to be of IOCG affinity, and is another positive result from the Company's reconnaissance drill program at the Barkly copper-gold project. As mentioned previously in this, and previous announcements, over 40,000 line-kms of aerial geophysics have been flown over the Barkley project. This survey has shown that the geology, magnetics and gravity is not as simple as first thought, opening up interesting possibilities in identifying and locating IOCG deposits. The aerial survey undertaken by MDI in 20225 highlighted numerous areas of magnetic and gravity features interpreted to be large "blind" batholithic granites which contain iron sulphide mineralisation. An internal review of the geophysical surveys highlighted that the gravity and magnetic features appear to extend from the basement geology (Red sediments, metamorphic sediments and schists) into the overlying unmetamorphosed and structurally unchanged Georgina basins sand/silt and limestones. Southern Geoscience has been given the task of downloading the open file SEEBASE survey which is a NT Government survey that takes into account geological mapping, regional and local geophysical surveys, be that IP, magnetics, gravity or seismic surveys, both 2D and 3D, deep petroleum well, shallower water wells along with government funded drilling to ascertain the depth of the recent (approximately 500Ma) cover over the greater Georgina Basin. This SEEBASE survey has been downloaded and a 3D model generated to ascertain the base of the Georgina Basin/underlying basement lithologies. Figure 5 shows a 3D representation of the Georgina Basin/underlying basement contact and, as can be seen, most of the basement contact within the tenure owned by MDI is within 500m of the current land surface. The next step is to collate all of the open file drilling data along with open file Seismic data in the region and correlate this SEEBASE surface to validate its surface. Once this has been done, the aerial survey undertaken by MDI will be remodeled using this basement/basin isosurface as a hard boundary to ascertain if the gravity and or magnetic features are present within the basin cover or the basement geology. This will produce Total Magnetic Intensity and spherical Cap Bouguer gravity 3D models and once this has been done, the priority targets will be ascertained and cross referenced with known drill holes in the vicinity to ascertain if the anomalies are due to batholitic granites which can then be ranked lower or are due to an unknown source which could potentially be IOCG mineralisation. The unconformity between the overlying Helen Springs Volcanics and Neo-Proterozoic basement rocks was intersected in all four of MDIs holes ranging from 220m to 300m down hole. These four boundaries will be used to validate the SEEBASE survey, and if they do differ, will be used as a hard point whereby the SEEBASE survey can be updated to reflect the correct depth of basin cover at that point data. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Bruce Stewart was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Oct 03
Middle Island Resources Limited, Annual General Meeting, Nov 30, 2022 Middle Island Resources Limited, Annual General Meeting, Nov 30, 2022. Tillkännagivande • Sep 13
Middle Island Resources Limited Completes Initial Drilling Program for the Crosswinds Target in the Barkly Tablelands in the Northern Territory Middle Island Resources Limited (MDI) announced that the initial drilling program for the Crosswinds target in the Barkly Tablelands in the Northern Territory has been completed. MDI achieved this with the completion of CWDD002, the 4th drill hole for a total of 3,025m, in the maiden drilling program. Following the announcement from 1st of August 2022 on the completion of the first drill hole, 3 subsequent holes have been completed. CWDD001 (drilled to 808.4m) was targeting the main IP target generated from work completed in May 2022 as well as the surface expression of the Copper oxide observed. MDI has undertaken additional drilling, CWDD004 (drilled to 810.8m), which was completed on the second IP target to the north-west (Crosswinds West). After drilling through the upper Georgina Basin limestone sequence and passing thorough the Helen Springs Volcanics, an additional thick sequence of sediments was intersected. This has been interpreted as an equivalent member to that of the Lower McArthur Basin (Blades et al). Below this the basement sediments were intersected at 604m. A sequence of interbedded sediments with minor intrusives were intersected at the start of the basement. Hematite alteration was also prevalent throughout this basement material. The basement material then transitions into granite/granodiorite, fine to coarse grained, for the remainder of the hole. Occasionally, it was observed to have strong hematite alteration and quartz veining with albite-sericite and hematite alteration. MDI also moved to the north to target a coincident gravity high and magnetic high. Drill hole CWDD007 was then drilled to the north and was ended at 855.5m. A malachite thumbnail has been observed at 156.5m within the vuggy limestone of the Georgina Basin. Deposition of this malachite could interpret a very similar system to that of the original discovery of surface malachite at Crosswinds. The Georgina Basin reached 219m in this hole with the base of the Helen Springs volcanics at 294m. A thick sequence of the equivalent, Lower McArthur Basin, was again intersected. This section reached down to 735m, before entering the basement dominated by Dolerite. This dolerite is altered with hematite and carbonate and continues to the end of the hole at 855.5m. Chalcopyrite/pyrite in a fracture at 848.6m has also been observed. A return to the first drill pad location saw the drilling of CWDD002 (drilled to 550.3m). The drill hole was re-oriented to drill to the north to test additional limits of the original IP anomaly. Tillkännagivande • Aug 10
Middle Island Resources Limited Announces Completion of Maiden Drilling Program At Crosswinds Middle Island Resources Limited announced that the 3,025m maiden drilling program for potential IOCG style mineralization near the Barkly Roadhouse has been completed. Core derived from that programme will be interrogated,logged and subjected to XRF measurements while assay results are awaited. The airborne geophysics analysis is expected soon and will provide a further layer to the weight of evidence to define and prioritize drill targets at the Barkly Copper-Gold Super Project. Tillkännagivande • Aug 02
Middle Island Resources Announces Program on the 100% Owned East Tennant Region At Barkly in the Northern Territory Begins and the First Drill Hole Completed Middle Island Resources Limited announced that the drilling program on the 100% owned East Tennant region at Barkly in the Northern Territory has begun and that the first drill hole has been completed. The primary objective was to test the Crosswinds target for the potential of hidden IOCG and/or SEDEX style mineralization to host a large-scale Copper-Gold deposit. This drilling was located based on geophysics from aeromagnetic and the Induced Polarization (IP) conducted earlier in the year. Drilling of the first hole at the Crosswinds prospect has been completed to 808.4m. The Crosswinds prospect was a discovery based on an initial expression of Malachite mineralization observed at surface as mentioned in ASX release 23 December 2020. The early geological interpretations of the Crosswinds prospect suggested there was a proximal source of mineralization beneath the overlying Georgina Basin with malachite at the surface. This secondary mineralization has migrated along growth fault structures bringing the oxide copper mineralization to surface. The drilling was very straight and kept to the target area. Some issues were incurred when transitioning from the base of the Georgina Basin (and basal Helen Springs Volcanics) to the Alroy Formation but this did not affect the drill direction and continued to the target area. Within the upper Alroy Formation, a sequence of thick hematite alteration zones was observed. This upper zone also showed fine micaceous (biotite) schist. Throughout the Alroy sequence small quartz veins were observed being in some cases brecciated and hematite altered. The first drill hole passes through hematite at 200m and again at 220m down hole. This is below the contact with the Georgina sediments into the Alroy Formation. IOCG deposits generally follow growth faults from fluid accumulation as deep as 5km. Along these growth faults, from closest to surface, can expect to see hematite, magnetite, disseminated sulphides to massive sulphides carrying economic metal content. It was expected that following the hematite would see a sequence of disseminated sulphides then massive sulphides. The absence of the sulphides may be due to intersecting the edge of the deposition. It is for this reason that MDI plans a second hole in the Crosswinds target drilling at in the opposite direction from the first hole aiming to intersect the potential middle of the sulphide zone. Tillkännagivande • Jun 28
Middle Island Resources Limited Announces Start of Drilling At the Crosswinds Prospect Middle Island Resources Limited announced that drilling at the Crosswinds prospect started on 25 June 2022. Tillkännagivande • Jun 04
Middle Island Resources Limited Announces Two Drill Ready Targets At Crosswinds Middle Island Resources Limited announced Two Drill Ready Targets at Crosswinds. The Crosswinds copper prospect is located 13km southeast of Barkly Homestead, immediately adjacent to the sealed Barkly Highway, within EL32297. The first discovery of copper in the region with 130m @ 0.75% Cu and grab samples to 73% Cu were defined in a table drain cutting. This surface copper mineralisation is interpreted to reflect the secondary migration of copper along growth faults that extend from primary mineralisation within the Proterozoic basement rocks through younger, Georgina Basin sediments. An IP line, conducted in December 2021, highlighted a potential chargeable target at approximately 500m depth. It is interpreted that this style of mineralisation is for massive and disseminated sulphides similar to IOCG "Olympic Dam" Type copper gold deposits. Induced Polarity Survey Planetary Geophysics Pty Ltd. completed one single 2.65km long 2D Induced Polarization /Resistivity line in December 2021. Rx Dipole Spacing was 200m apart with Tx Injection Spacing 100m apart. MDI now have an additional 24-line km of IP/Resistivity over 4 lines 500m apart, both north and south of the original line, also with an extension to the original line. This was undertaken to create a 3D model of the target to better define the IP anomaly and to bullseye the future drill holes. Several depth slices have been produced to indicate target areas. Not only does the original anomaly remain coincident with Crosswinds, but a second, larger, anomaly has been defined by this work and just a few hundred metres to the north-west. The materials that are most chargeable include sulphide minerals, clay-rich materials, and graphite. Ground Gravity Survey The Ground Gravity survey has also been completed which was conducted by Atlas Geophysics. The survey area includes that of the Crosswinds project and the area over the Barkly Homestead. Recent Insider Transactions • Apr 28
Insider recently bought AU$447k worth of stock On the 21st of April, Stephen Copulos bought around 3m shares on-market at roughly AU$0.15 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Tillkännagivande • Apr 27
Middle Island Resources Limited Announces Barkly Copper-Gold Super Project Operations Update Middle Island Resources Limited announced Barkly Copper-Gold Super Project Operations Update. The ground Induced Polarity (IP) survey commenced 7 March 2022 has been completed. The Aeromagnetic and radiometric work has recommenced with approximately 29,000km (of 40,000km) to complete the scope of testing. The ground gravity works have been completed - results awaited. Ground transport has been secured. Core logging, storage and accommodation facilities have been secured to service the Barkly Eastern and Western tenements for a very modest investment directed at cost effective drilling. MDI recently appointed Natural Resources Manager has been to Crosswinds, met with the local pastoralist and established communications with the indigenous leaders in the area. Permitting application preparation is well advanced and expected to be submitted in April with approval typically taking less than 2 months. MDI elected to defer commencement of drilling now projected for May to achieve best vectors for drilling with all the Crosswinds information. BARKLY COPPER-GOLD SUPER PROJECT (Northern Territory): The IP survey at Crosswinds included a total of 24,000 metres of new lines and a total of 5 lines in the Crosswinds survey. The results of this work will provide further information related to the target definition at Crosswinds. The IP survey assessment is expected to provide a three-dimensional outline of the anomaly. The assessment is expected to be completed in the next few weeks. MDI will present the findings once they have been validated. The airborne geophysics scope is significant with 40,000km to be completed. The work has been significantly delayed by weather conditions "across the top" of Australia. Further there was issues servicing, logistics and operational procedures and of course Covid 19, all resulting in a sequence of delays. MDI is pleased to advise that the airborne geophysics commenced late December 2021 and was expected to be completed before the end of February 2022 and this work is aimed at target generation rather than prospect definition. The ground gravity work at Crosswinds has been completed; the company awaits the data assessment. Once completed this information will be assessed with all other prospect indicator work and presented to shareholders. MDI recognises that other companies working the Barkly have spent millions of dollars establishing a base in the area. Rather than spending significant funds establishing service facilities at Barkly, MDI elected to rent storage, accommodation, and core cutting/logging facilities at Tennant Creek. This choice reduced the establishment cost to less than $100,000. Delivery arrangements for samples to laboratories has been arranged. The rented facilities are serviced with grid power, internet, telephonic communications, supermarket, clinic/hospital, and a pub! The transit to site is less than two hours and, given the nature of the drilling, will see 4 to 9 days drilling each hole with the geological support staff at hand to manage the drilling at key times in the programme. Should staff be faced with driving at night, arrangements have been made with the Barkly Roadhouse to rent a motel room as required. The majority of MDI`s Barkly holding sits on freehold land owned by a pastoralist. MDI has established a working relationship with the rancher so that the rancher will receive fees for services thus maintaining expenditure in the regions staying in the regions. Meetings have been scheduled with the Northern Land Council and Central Land Council and the local representatives of the indigenous community. MDI's ESG policies dictate that honouring the historical owners and find ways to work with them ensuring more of the expenditure remains local. MDI has engaged experts in the ESG fields to help establish mutually beneficial relationships. The Northern Territory requires a Mine Management Plan (MMP) to be submitted prior to any exploration works commencing on the ground. The MMP will be completed in April and submitted for approval. The plan must include a flora and fauna study with adequate detail of how endangered species will be managed. MDI has commissioned AMETS to complete the MMP and assist with ongoing management of the obligations. The approval is usually provided within a month, however given the Covid 19 status an extra month has been allowed for this approval. Consequent on the delay (to the originally projected February drilling start date) thrust upon MDI by the weather and in light of the then looming greater immediacy of IP and Ground gravity results, MDI re-evaluated all aspects of the information currently available to determine the optimum drilling orientation, location and depths and determined to substitute the announced date for drilling commencement to allow the further results that might assist drill vectors (seeking to ensure best bang for buck). In the result, DDH1 has agreed to mobilise to site when MDI so requests. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Bruce Stewart was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Mar 03
Middle Island Resources Limited Announces Barkly Copper-Gold Super Project Update Middle Island Resources Limited announced that Paul Frawley has been employed on a fulltime basis as Natural Resources Manager. In this role Paul will be responsible to manage all exploration and associated permitting relationship building and title management. Paul comes to MDI with a wealth of experience with setting up cost effective exploration activities in remote locations including remote parts of West Africa. MDI welcomes him. The five lines of ground IP work will be completed parallel to the existing line and will be at 400m spacing for 2.4km of coverage across strike. The results from this IP work at Crosswinds will provide further information about the induced polarity target (announced 10 January 2022) and offer indications of the dimensions in the "Y" direction to compliment the 1.2km width in the "X" direction. From this data MDI will finalise the plan for the first pass exploration drilling of the Crosswinds prospect. The aeromagnetic survey will provide a regional assessment of potential targets across MDI's 5,533 km sqaure holding at Barkly. A total of 39,500km will be flown (nearly twice around the globe!) of which 10,000km has already been flown. The extreme rains across north Australia have interrupted the flying of lines as water pooling at surface impacts the quality of results. Inca and Greenvale have completed their aeromagnetic work and advised they have generated over fifty targets from this work. MDI expects aeromagnetic work will prove an extremely useful tool to identify potential targets that can be followed up with ground IP and ground magnetics to provide weight of evidence prior to drilling. Ground magnetic work is planned across the Crosswinds prospect in March. The results will be assessed to provide support for the drill site locations at Crosswinds. MDI has secured a contract for two drills with the first available from early April after an overhaul has been completed. The second rig will be moved in from mid-April. Both rigs will initially drill Crosswinds then move to other targets yet to be identified. MDI has budgeted to drill from April to November 2022. Tillkännagivande • Dec 21
Middle Island Resources Limited Announces Barkly Super Project Exploration Update Middle Island Resources Limited (MDI) is now focused on exploration at the exciting Barkly Copper Gold Super-Project, Northern Territory. As advised in the 2021 Annual General Meeting presentation, the Barkly region is considered prospective for large copper-gold discoveries. Olympic Dam style IOCG is the target albeit with significantly less cover than in the Olympic dam region. Right now, the Barkly-Tennant region is being intensely explored by multiple ASX listed explorers, including Newcrest Ltd. and Rio Tinto Ltd, the Elliot JV (Encounter-BHP) and Emmerson Resources Limited. The recent announcement by Emmerson Resources Limited of 117m at 3.38% from drill hole HERC003 at its Hermitage Prospect further underpins the prospectivity of MDI's tenements in the Tennant Creek area. The Hermitage Prospect is located 5km south of Middle Islands granted EL32290. The company's extensive Barkly tenements are comparable in scale to adjacent tenure held by Newcrest and Encounter Minerals. The company has initiated exploration at the Crosswinds prospect with an orientation IP survey; results due this month. A detailed aeromagnetic survey has commenced with funding support from the NT government Collaborations Programme. Ground gravity is planned, initially in the priority Crosswinds Prospect area, with other surveys to follow. Upon processing and interpretation of the geophysical data, it is anticipated that drilling targets will be identified and tested in the first half calendar 2022. Reported Earnings • Oct 01
Full year 2021 earnings released: AU$0.058 loss per share (vs AU$0.053 loss in FY 2020) Full year 2021 results: Net loss: AU$6.82m (loss widened 115% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Jun 03
Middle Island Resources Limited Announces Sandstone Gold Project Plan Middle Island Resources Limited announced Sandstone Gold Project Plan as follows: Strategy for Sandstone remains to re-commission the mill; Target: additional >25,000oz Au by exploration, and/or toll treatment and/or asset/corporate consolidation to improve the Feasibility Study's result; Middle Island has defined the exploration program for Sandstone gold project in Western Australia for the remainder of 2021; Five near-mill geochemical targets have been defined for first pass exploration, including the Jew Well Central target (10km south of plant) that hosts 5km of completely untested greenstone belt; Middle Island estimates over 70% of the Sandstone region is covered by transported cover with historical soil geochemistry being ineffective. Middle Island will utilise low cost first pass auger drilling geochemistry up to 20m depth to define gold targets below transported cover; Aircore and RC drilling will follow-up any identified targets from this geochemical work; Planning is underway for a deep ~700m diamond hole to assess untested portions of the tonalite-hosted mineralisation below the existing Resource at the Two Mile Hill deeps deposit; On-going discussions with explorers in the region to explore mutually attractive milling or corporate arrangements. The overall aim for the Sandstone gold project in Western Australia remains for Middle Island Resources Limited (MDI or the Company) to re-commission the Sandstone mill and become a gold producer. To increase the gold production target above that reported in the recently completed Feasibility Study (FS), being 2,068kt of mill inventory at 1.32g/t Au; with a weighted average gold recovery of 92.9% results in gold produced of 81,500o, requires one or more of the following: Further organic exploration to build on the success achieved in 2020; Mill feed from other regional explorers, above 1.5g/t head grade, on a toll treat or profit share basis; A corporate transaction of sufficient scale to justify not only the re-commissioning the mill but to upgrade the mill throughput to 750ktpa. Tillkännagivande • May 26
Middle Island Resources Limited Announces on Barkly Super Project - Drill Results Released At AGES Conference in NT and Middle Island Secures Additional Ground Middle Island Resources Limited announced that an application has been lodged by Barkly Operations Pty Ltd. (a wholly owned subsidiary of MDI) for an additional Exploration Licence along strike from the recently completed, copper-mineralised MINEX CRC drillhole NDIBK04 and the Company's recent Crosswinds copper discovery. The new application, EL32680, covers a further 809km2, taking MDI's aggregate 100%-owned Barkly project tenure to 13 Exploration Licences (including those in the application phase) comprising 5,220km2. The AGES Conference in Alice Springs was attended by over 220 people, making it the AGES event to date. A feature of the conference was the research focus on the rapidly emerging East Tennant (Barkly) region for its potential to host Tier 1 iron oxide-copper-gold (IOCG) deposits. Northern Territory Geological Survey (NTGS) Geoscience Australia (GA) along with Minex CRC "Drilling for Future" program enabled the completion of 10 pre-collared stratigraphic diamond core holes for over 4,000m of drilling. The figure below shows the drillhole collars with respect to Middle Island's tenure and the Crosswinds Copper prospect. The preliminary results from the Minex CRC stratigraphic drilling program vindicate MDI's first mover status in the Barkly area. The regional scale structures identified from new geophysical data and
favourable, often highly altered, basement lithologies considered by Geoscience Australia as fertile for Tier 1 IOCG and sedimentary exhalative (SEDEX) base metal deposits. Middle Island was present for the unveiling of the MINEX CRC diamond core. All holes provide significant, and invaluable, stratigraphic information, with Proterozoic basement rocks intercepted between 80m and 200m depth, broadly consistent with modelled predictions. Although yet to be confirmed via age- dating and other studies, the basement rocks have been tentatively and variously correlated with those of the Warramunga Province, South Nicholson Basin and the Lawn Hill Platform, while others remain
unassigned as Alroy Formation. Hole NDIBK04 is interpreted by Geoscience Australia to be located ~50km ENE along stratigraphic strike from Middle Island's Crosswinds copper discovery and on the same major structure. NDIBK04 includes widespread disseminated to blebby sulphides below 89.5m depth to the end of hole at 416.3m, including pyrite, pyrrhotite, marcasite, chalcopyrite (a copper sulphide) and arsenopyrite (possible pointers to mineralisation). Middle Island also identified minor galena (lead sulphide) and bornite (another copper sulphide). The most persistent and visually evident aspect of the NDI East Tennant drill core is the widespread development of haematite and magnetite alteration within Proterozoic sediments and felsic intrusives in almost all holes. This style of alteration is a key indicator of IOCG-style mineralisation and is consistent with the gravity and magnetic signatures on which MDI's target selection will be based. Numerous sections of diamond core across multiple holes would not look out of place within BHP's core farm at the giant IOCG deposit of Olympic Dam in South Australia. Examples of mineralised and altered diamond core. The photo of the core from Government drill-hole NDIBK04, shows core at 339.5m depth from surface. The core has been cut in half and one half has been cut again. A quarter-core sample every metre has
been submitted for multi-element analysis. The photo of the core from Government drill-hole NDIBK05, shows core at 200m depth from surface. The photo of the core from Government drill-hole NDIBK07, shows core at 271.3m depth from surface. Significantly, all Barkly NDI stratigraphic drill holes, were directed at evincing basin wide stratigraphy. They were not designed to be discovery holes. They remain unassayed, aside from limited pXRF base
metal readings of visual sulphide mineralisation and hy-logger multispectral data. No grades are inferred from this very preliminary review of core photography and visual assessment sulphide-bearing core. Following the release of pre-competitive government drilling data and the AGES Conference in April 2021, Middle Island has submitted NT Government co-funding applications to complete detailed airborne magnetic and ground gravity surveys, along with possible airborne electromagnetic surveys, during the 2021 dry season. This exploration is planned refine and prioritise basement IOCG targets in advance of drilling in 2022. Tillkännagivande • Mar 05
Middle Island Resources Limited Announces Feasibility and Scoping Study Updates Sandstone Gold Project Middle Island Resources Limited announced Feasibility and Scoping Study Updates Sandstone gold project. Final contract mining costs, received last week, are to be reviewed and incorporated into the Feasibility Study (FS) to re-commission, and the Scoping Study (SS) to expand, the Company's wholly-owned Sandstone gold processing plant in central WA. FS technical work, including pit geotechnics, water supply, tailings storage, metallurgy and environmental aspects, is complete, with no material issues identified. The SS, which evaluated Sandstone's existing gold plant being expanded to 750ktpa, indicates a particularly attractive outcome, once additional mill feed can be identified, including from third parties. Accessing proximal third party deposits and broader consolidation of the Sandstone district remains a priority for Middle Island, and discussions to that effect are continuing. Both FS and SS reports will be finalised in the next few weeks. Is New 90 Day High Low • Feb 17
New 90-day low: AU$0.26 The company is down 19% from its price of AU$0.32 on 19 November 2020. The Australian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 21% over the same period. Executive Departure • Feb 01
Non-Executive Director has left the company On the 31st of January, Beau Nicholls' tenure as Non-Executive Director ended after 10.8 years in the role. As of September 2020, Beau personally held 916.30k shares (AU$337k worth at the time). Beau is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Jan 29
New 90-day low: AU$0.28 The company is down 25% from its price of AU$0.37 on 30 October 2020. The Australian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 23% over the same period. Tillkännagivande • Jan 22
Middle Island Resources Limited Announces Director Resignations Middle Island Resources Limited announced that Non-Executive Director, Mr. Beau Nicholls has provided notice of his resignation from the Board of Middle Island, effective 31 January 2021. Whilst he is standing down from his Board duties, Mr. Nicholls will continue to provide his expertise to the Company as a Technical Geologist on a casual `as needs' employee basis. As Mr. Dennis Wilkins was appointed as an alternate director for Mr. Nicholls, his appointment as an alternate director also ceases on 31 January 2021. Tillkännagivande • Jan 13
Middle Island Resources Limited Broadens NT Copper-Gold Footprint After Recent Crosswinds Copper Discovery Middle Island Resources Limited announced that applications have been lodged by Barkly Operations Pty Ltd. for a further two Exploration Licences proximal to the Company's recent Crosswinds copper discovery within EL32297 at its 100%-owned Barkly copper-gold project in the Northern Territory (NT). The new applications, EL32626 and EL32627, cover a further 1,158 kilometer square, taking the aggregate 100%-owned Barkly project tenure to 12 permits comprising 4,411 kilometer square. The new applications lie immediately south of the Crosswinds copper prospect, securing the remaining available tenure proximal to the recent discovery where spot pXRF readings between 24.8% and 76.2% Cu were recorded, along with a composite chip sampling interval of 130m at 0.76% Cu. Mineralisation occurs as malachite (copper carbonate), interbedded with calcrete and silcrete representing the surface expression of limestones comprising the Georgina Basin. The surface copper mineralisation is interpreted to reflect the secondary migration of copper along growth faults that extend from primary mineralisation within the Proterozoic basement rocks, through the otherwise barren, younger Georgina Basin cover. Given the recent Crosswinds copper discovery, and the lifting of interstate COVID-19 travel restrictions between WA and NT, an application for the formal grant of an initial five Exploration Licences in the immediate vicinity of the Tablelands Highway (EL32297, 32298, 32301, 32308 & 32309) was lodged with the NT Department of Industry, Tourism and Trade (DITT) late in December 2020. Written confirmation of the formal grant of these tenements was received within 24 hours of the request. A further five Exploration Licences are pending grant at the Company's election, while the two new applications have been accepted and will be processed in due course. Following further open file research and the anticipated release of pre-competitive government drilling data in March/April 2021, the Company intends to complete detailed airborne magnetic and electromagnetic surveys, and a ground gravity survey during the 2021 dry season, to refine basement iron-oxide copper-gold (IOCG) targets in advance of drilling. Tillkännagivande • Nov 18
Middle Island Resources Limited Estimates Have Been Prepared for Its Ridge and McClaren Satellite Open Pit Gold Deposits Middle Island Resources Limited announced that the company estimates have been prepared for its Ridge and McClaren satellite open pit gold deposits at the Company's wholly-owned Sandstone gold project in the central goldfields of Western Australia. The updates take Sandstone's Mineral Resources to a new level of 746,500 ounces of gold. The estimates follow completion of the Phase 2 infill and extension drilling program, representing part of the 50,000m 2020 exploration and resource definition drilling campaign. That drilling was exclusively focussed on the definition of additional open pit Mineral Resources for assessment as Ore Reserves in the 2020 feasibility study (FS). The location of the various deposits (including Ridge and McClaren) and prospects assessed under the 2020 drilling campaign, all of which are within 3km of the Company's wholly-owned processing facility. The maiden Mineral Resource estimates (MREs) for the Ridge and McIntyre gold deposits were independently prepared for Middle Island by Mr. Shaun Searle of Ashmore Advisory Pty Ltd. The Sandstone Gold Project occurs within the Sandstone Greenstone Belt (SSGB); which is a triangular belt interpreted as a north-plunging antiform located at the northern end of the Southern Cross province, which forms the central spine of the Archaean Yilgarn block. The SSGB consists of mafic volcanic and intrusive rocks with subordinate ultramafic, banded iron formation (BIF) and siliciclastic sediments. Granitoid plutons intrude the southern margin of the belt. The metamorphic grade is greenschist facies,
although amphibolite facies assemblages are locally developed along the flanks of the belt. At the Ridge and McClaren deposits, gold mineralisation is mainly hosted within BIF units, generally occurring at fault intersections, with some peripheral gold mineralisation occurring in the mafic country rock. At the Ridge deposit, the mineralised BIF units are steeply dipping and highly contorted by folding at the southern end, becoming more tabular, predictable and shallow northwest dipping units towards the northern end. The majority of mineralisation occurs in oxidised zones with some overlying laterite mineralisation. At the McClaren deposit, gold mineralisation is predominantly associated with the lower of two, flat to gently undulating BIF units, with the upper unit exposed at surface being largely unmineralised. Drilling between the McClaren and topographically lower McIntyre deposit to the east suggests that the
mineralised BIF unit at McClaren is the same as the strongly mineralised BIF unit occurring at shallow depth at McIntyre. For earlier drilling completed by Herald Resources and Troy Resources, RC samples were passed directly from the in-line cyclone through a rig-mounted, multi-tier riffle splitter. Samples were collected in 1m intervals into bulk plastic bags and 1m calico splits (which were retained for later use). From the bulk sample, a 5m composite sample was collected using a split PVC scoop and then submitted to the laboratory for analysis. The 1m calico splits were submitted to the laboratory if the composite sample returned assay values equal to or greater than 0.2g/t Au. In certain cases, selected samples from some holes were passed from the cyclone through a rig-mounted, multi-tier riffle splitter, and samples collected into calico bags at 1m intervals were submitted directly for analysis. The remaining bulk sample was placed on the ground in 1m intervals. The estimates are based on good quality reverse circulation (RC) and diamond (DD) drilling data. Drill hole spacing is predominantly 20m by 20m across the breadth of the known mineralisation. RC drilling was conducted with a 140mm face-sampling hammer bit and DD drilling was conducted with HQ3 core diameter barrel with standard tube. The block models were created and estimated in Surpac using Ordinary Kriging (OK) grade interpolation. The mineralisation was constrained by wireframes prepared using a nominal 0.3g/t Au cut-off grade with a minimum down-hole length of 3m. Samples were composited to 1m based on an analysis of sample lengths inside the wireframes. After statistical analysis of individual lodes, it was determined that high grade cuts ranging between 15g/t and 20g/t Au were warranted for some domains, resulting in 4 composites being cut at each of Ridge and McClaren. The block dimensions used in the models were 5m EW by 10m NS by 5m vertical with sub-cells of 1.25m by 1.25m by 1.25m. These dimensions were selected based on Kriging Neighbourhood Analysis. The Ridge block model was rotated on a bearing of 335° and the McClaren block model was rotated on a bearing of 320° to match the approximate strike of the mineralisation. At Ridge, bulk densities ranging between 1.6t/m3 and 3.0t/m3 were assigned in the block model dependent on lithology and weathering. At McClaren, bulk densities ranging between 1.85t/m3 and 3.0t/m3 were assigned in the block model dependent on lithology and weathering. These densities were applied based on average bulk density measurements obtained from core drilled at the respective deposits. Tillkännagivande • Oct 10
Middle Island Resources Limited Announces Further Significant Gold Results Middle Island Resources Limited announced further significant gold results emerging from the Company's Phase 2 reverse circulation (RC) drilling campaign at its 100%-owned Sandstone gold project in the central goldfields of Western Australia. Middle Island has completed more than 50,000m of drilling in Phase 1 and Phase 2 to date in 2020, extending several existing Sandstone deposits and identifying five new satellite open pit deposits. The Phase 2 RC and diamond drilling program was predominantly focussed on upgrading existing deposits and infilling and extending the five new satellite open pit deposits, McClaren, McIntyre, Ridge, Old Town Well and Plum Pudding, identified by the Phase 1 RC drilling campaign in the first half of CY2020. The Phase 2 drilling campaign was designed to upgrade existing deposits and infill and extend the five new satellite open pit deposits to an Indicated Mineral Resource classification (nominal 20m x 20m drill pattern). Reconnaissance RC drill traverses were also completed across elements of the 1.1km-long Shillington Gap target, interpreted from high resolution airborne magnetic data to lie beneath shallow transported cover between the Shillington and Ridge gold deposits. The new results reported in this ASX Release are derived from Phase 2 infill and extension drilling completed at the Shillington and Twin Shafts deposits. RC drilling at the Shillington deposit comprised a further 20 RC holes (1,218m) designed to infill and upgrade two panels of Inferred Mineral Resources lying within the optimum pit shell (to allow them to be considered as Ore Reserves), and confirm a limited extension of the deposit at its northern extremity. Tillkännagivande • Oct 02
Middle Island Resources Limited Announces Plum Pudding & Old Town Well Resources Take Sandstone Aggregate to 692,000 Oz Gold Middle Island Resources Limited advised that maiden Mineral Resource estimates have been prepared for its Plum Pudding and Old Town Well satellite gold deposits. The maiden estimates follow completion of the Phase 2 infill and extension drilling program, representing part of the 50,000m 2020 exploration and resource definition drilling campaign at the Company's wholly-owned Sandstone gold project in the central goldfields of Western Australia. The drilling is exclusively focussed on the definition of additional open pit Mineral Resources prior to their inclusion for assessment as Ore Reserves in the 2020 feasibility study (FS). Geology and Geological Interpretation: The Sandstone Gold Project occurs within the Sandstone Greenstone Belt (SSGB); which is a triangular belt of geology interpreted as a north-plunging antiform located at the northern end of the Southern Cross province, which forms the central spine of the Archaean Yilgarn block. The SSGB consists of mafic volcanic and intrusive rocks with subordinate ultramafic, banded iron formation (BIF) and siliciclastic sediments. Granitoid plutons intrude the southern margin of the belt. The metamorphic grade is greenschist facies, although amphibolite facies assemblages are locally developed along the flanks of the belt. The Plum Pudding deposit is predominantly hosted within ultramafic rocks, regionally metamorphosed to greenschist facies. Gold mineralisation is associated with an amorphous sub-vertical zone of brecciation and mesothermal quartz veining, which appears to over-print a pre-existing zone of mild silicification associated with a north trending shear zone. The majority of quantified mineralization occurs in the oxide and transitional profiles, including overlying laterite mineralisation. The geology of the Old Town Well deposit comprises an amorphous, northeast trending felsic dyke that intrudes a succession of ultramafic rocks, regionally metamorphosed to greenschist facies. The felsic dyke is suspected to have intruded along a pre-existing shear zone within the predominantly mafic/ultramafic succession. Gold mineralisation is associated with mesothermal quartz veining within and marginal to the felsic dyke, invariably accompanied by silica-carbonate-chlorite-pyrite alteration in the primary zone. The majority of quantified mineralisation occurs in the oxide and transitional profiles, including some overlying laterite mineralisation. Sampling and Sub-sampling Techniques: For earlier drilling completed by Herald Resources and Troy Resources, RC samples were passed directly from the in-line cyclone through a rig mounted multi-tier riffle splitter. Samples were collected in 1m intervals into bulk plastic bags and 1m calico splits (which were retained for later use). From the bulk sample, a 5m composite sample was collected using a split PVC scoop and then submitted to the laboratory for analysis. The 1m calico splits were submitted to the laboratory if the composite sample returned assay values equal to or greater than 0.2g/t Au. In certain cases, selected samples from some holes were passed from the cyclone through a rig mounted multi-tier riffle splitter, and samples collected into calico bags at 1m intervals were submitted directly for analysis. The remaining bulk sample was placed on the ground in 1m intervals. For MDI RC drilling, sampling was undertaken by collecting 2-3kg of RC chips off the drill rig's cone splitter; the 1m samples were then composited to 4m interval samples with a two-tier riffle splitter, but intervals of expected mineralisation were sampled at 1m intervals. Where 4m composites returned assays greater than 0.2g/t Au, the 1m bulk samples were split down to 2-3kg sub-samples using a two-tier riffle splitter and submitted for analysis. For diamond drilling, HQ core was sampled as quarter core, cut using a diamond core saw and sampled at 1m intervals or to geological contacts. The core samples were always collected from the same side of core for consistency. Drilling Techniques: The estimates are based on good quality reverse circulation (RC) and diamond (DD) drilling data. Drill hole spacing is predominantly 20m by 20m across the breadth of the known mineralisation, with some minor infill drilling to 10m by 10m at Plum Pudding. Some down-dip portions of each deposit are delineated by 40m by 40m hole spacing. RC drilling was conducted with a 140mm face sampling hammer and DD drilling was conducted with HQ3 diameter core barrel with triple tube. Classification Criteria: The Plum Pudding and Old Town Well Mineral Resources were classified as Indicated and Inferred Mineral Resource based on data quality, sample spacing, and lode continuity. The Indicated Mineral Resource was defined within areas of close spaced RC and DD drilling of less than 20m by 20m, and where the continuity and predictability of the lode positions was good. The Inferred Mineral Resource was assigned to areas where drill hole spacing was greater than 20m by 20m, where small isolated pods of mineralisation occur outside the main mineralised zones, and to geologically complex zones. The extrapolation of the lodes along strike has been limited to a distance equal to half the previous section drill spacing or to 20m. Extrapolation of lodes down-dip has been limited to a distance equal to the previous down-dip drill spacing or to 40m. Areas of extrapolation have been classified as Inferred Mineral Resource or were not classified. Tillkännagivande • Oct 01
Middle Island Resources Limited announced that it expects to receive AUD 2 million in funding from Acuity Capital Pty. Ltd. Middle Island Resources Limited (ASX:MDI) announced that it has entered into a controlled placement agreement of standby equity capital for an aggregate gross proceeds of AUD 2 million in July 2017. The issue price shall be the greater of the floor price and a discount of 10% to the volume weighted average price on market sale price. The company will raise funds in one or more tranches. The transaction includes participation from Acuity Capital Pty. Ltd.. The transaction is expected to close on December 31, 2019. Reported Earnings • Oct 01
Full year earnings released - AU$0.002 loss per share Over the last 12 months the company has reported total losses of AU$3.17m, with losses widening by 20% from the prior year. 