Middle Island Reports $2.7M Cash Position Amid Barkly Exploration
Middle Island Resources reports steady progress in its Barkly Copper-Gold Super Project with ongoing drilling and modeling, supported by a recent $819K capital raise and government co-funding.
- Completed maiden drilling at Barkly’s Georgina Project testing IOCG targets
- Received first installment of $300K Northern Territory Government co-funding
- Raised approximately $819K via share placement to strengthen cash reserves
- Cash and share investments total $2.716 million as of December 31, 2024
- Exploration focus expanded to include advanced copper-gold projects in Australia
Exploration Progress at Barkly
Middle Island Resources Limited (ASX: MDI) has delivered its quarterly update for the period ending 31 December 2024, highlighting continued exploration momentum at its flagship Barkly Copper-Gold Super Project in the Northern Territory. The company completed its maiden diamond drilling program within the Georgina Project area, targeting Iron Oxide Copper Gold (IOCG) mineralisation at the Wilma, Pebbles, and Dino prospects.
While the drilling did not encounter visible economic sulphides, the presence of trace copper sulphides and alteration at the Pebbles prospect provides encouraging signs. These findings are now being integrated into refined geophysical models to guide future drilling campaigns, with the aim of unlocking the significant potential of this under-explored region.
Financial Strength Bolstered by Capital Raise and Grants
Financially, Middle Island has fortified its position through a share placement that raised approximately $819,000 before costs, completed early in the quarter. This capital injection complements the company's existing cash and share investments, which stood at $2.716 million at the end of December 2024.
Additionally, Middle Island secured the maximum $300,000 in co-funding grants from the Northern Territory Government’s Geophysics and Drilling Collaborations program. The first installment of $125,000 was received for drilling activities at the Georgina Project, supporting the company’s exploration efforts and reducing financial risk.
Strategic Expansion and Future Outlook
Beyond Barkly, Middle Island is actively screening advanced copper-gold projects across Australia to complement its existing portfolio. Despite assessing several opportunities, none have yet matched the scale and quality of the Barkly pipeline, which spans nearly 7,000 square kilometres and hosts multiple high-priority targets.
Looking ahead, the company plans further drilling at the Pebbles and Bedrock prospects, pending access and seasonal conditions. Systematic field surveys, including soil sampling and ground geophysics, will continue to refine target selection. In Queensland, newly granted tenements at Ridgelands and Greenbank are being prepared for reconnaissance exploration in 2025, expanding Middle Island’s footprint in prospective copper-gold provinces.
Operationally, Middle Island reported no safety or environmental incidents during the quarter, maintaining its commitment to responsible exploration and community engagement in Tennant Creek and Alice Springs.
Bottom Line?
Middle Island’s solid financial footing and methodical exploration approach position it well to advance Barkly’s potential and pursue complementary assets in 2025.
Questions in the middle?
- Will follow-up drilling at Pebbles confirm the presence of economically viable mineralisation?
- How will seasonal and logistical challenges impact the timing of Bedrock prospect drilling?
- What criteria will Middle Island use to evaluate and potentially acquire advanced copper-gold projects?
