Middle Island Advances Barkly Drilling, Secures Queensland Permits, and Refreshes Board

Exploration Progress Amid Wet Season Pause

Middle Island Resources Limited (ASX: MDI) reported a quiet March quarter in terms of field activity, largely due to the northern Australian wet season. Despite the pause in on-ground exploration, the company focused on detailed analysis and reporting of its 2024 drilling campaign at the Barkly Copper-Gold Super Project in the Northern Territory. This included the maiden diamond drilling program within the Georgina Project area, where two holes were completed at the Pebbles and Dino prospects.

While no economic visible sulphides were encountered, the presence of trace copper sulphides and alteration at Pebbles is encouraging. The data is now being integrated into geophysical models to refine targets and guide the next phase of drilling, highlighting the under-explored potential of the region.

Government Support and Future Drilling Plans

Middle Island’s drilling efforts benefited from co-funding grants totaling A$300,000 from the Northern Territory Government’s Geophysics and Drilling Collaborations program. The final report for the Georgina Project drilling was submitted and positively received, underscoring the value of this partnership. However, drilling at the Bedrock prospect was postponed due to weather and logistical challenges, resulting in a lapse of the second grant, though the company retains the option to reapply.

Looking ahead, Middle Island is planning further drilling at both the Pebbles and Bedrock prospects, supported by ongoing soil sampling and ground geophysical surveys. The company’s systematic approach aims to unlock the significant pipeline of copper-gold targets across its extensive 6,918 square kilometre Barkly tenure.

Expansion into Queensland with New Permits

In addition to its Northern Territory activities, Middle Island secured three new exploration permits in Queensland during 2024 and early 2025. These include the Ridgelands, Greenbank, and Cockatoo projects, all selected for their potential to host porphyry copper-gold and epithermal gold deposits. The Ridgelands Project covers a historic goldfield near Rockhampton, while Greenbank and Cockatoo target areas near Bundaberg and south of the Cracow gold mine respectively.

The company has begun compiling historical data and landholder information to prepare for reconnaissance fieldwork planned later in 2025, signaling a strategic expansion of its copper-gold footprint beyond the Barkly region.

Corporate Developments and Financial Position

Post-quarter, Middle Island underwent a significant board renewal following a shareholder-initiated meeting under Section 249D of the Corporations Act. Two long-serving directors resigned, replaced by Daniel Raihani and Bill Richie Yang, marking a new chapter in governance. The implications of this leadership change on strategic direction will be closely watched by investors.

Financially, Middle Island reported a solid cash and share investment position of A$2.454 million as at 31 March 2025, including A$2.103 million in cash reserves. Exploration and evaluation expenditure for the quarter was modest at A$48,000, reflecting the seasonal slowdown and focus on data analysis.

Strategic Outlook

Middle Island continues to pursue its strategy of generating shareholder value through exploration success and complementary asset acquisitions. The company is actively screening advanced copper-gold projects across Australia to complement its Barkly portfolio, although none have yet matched the greenfields potential of its existing holdings. With a robust pipeline of targets and government support, Middle Island is positioning itself for a potentially transformative exploration phase once field conditions improve.