Phase 2 Drilling Targets 1,500m of Polymetallic Mineralisation at Bobija Mine

Exploration Momentum Builds at Bobija

Middle Island Resources Limited (ASX:MDI) has kicked off its 2026 field season with a robust exploration program across its Bobija Project area in Serbia. The company has mobilised a reverse circulation drill rig to commence Phase 2 drilling beneath the historic Bobija open pit mine, aiming to delineate extensions of high-grade gold, silver, base metals, and barite mineralisation identified in late 2025.

This follow-up drilling program comprises 17 holes for up to 1,500 metres, building on encouraging Phase 1 results that included intercepts such as 52 metres at 1.17 grams per tonne gold, 26 grams per tonne silver, and 1.01% zinc. These findings underscore the polymetallic potential of the deposit, which remains under-explored despite its granted mining lease status.

Expanding Soil Sampling at Tisovik

Concurrently, Middle Island has initiated step-out soil sampling across the Tisovik area, located approximately 4 kilometres northeast of the Bobija Mine. This program targets extensions to a recently defined 5-kilometre-long soil anomaly rich in silver, lead, zinc, and antimony. Initial assays from previous sampling revealed peak values including 7.1 grams per tonne silver and over 4,600 parts per million lead, highlighting the prospectivity of this emerging polymetallic system.

The soil sampling campaign aims to extend coverage to the northern and eastern boundaries of the Bobija and Bobija East licences, with future infill sampling planned to refine drill targets. This systematic approach reflects Middle Island’s strategy to unlock the full potential of its extensive licence portfolio within the Western Tethyan Mineral Province, a region renowned for world-class deposits.

Scaling Up Operations and Infrastructure

To support the anticipated surge in exploration activity, Middle Island is expanding its in-country team and upgrading infrastructure. This includes recruiting additional geologists and field technicians, deploying portable XRF analysers for rapid field sample assessment, and enhancing sample processing and transport capabilities. The company is also establishing diamond drill core processing facilities in preparation for future drilling phases.

These operational enhancements are designed to accelerate the pace of exploration, enabling simultaneous programs across multiple targets and increasing the flow of news and data to the market throughout 2026.

Context Within a World-Class Mineral Province

Middle Island’s Bobija Project is strategically situated in a prolific mineral belt that hosts significant deposits such as Zijin Mining’s Cukaru Peki and Rio Tinto’s Jadar projects. The company’s portfolio spans 14 licences covering approximately 620 square kilometres, including exploration and mining leases with a 10-year option agreement in place.

While the Bobija deposit has historic mining and exploration activity dating back decades, recent drilling and geochemical programs have revealed previously unrecognised continuity and grade of polymetallic mineralisation. The ongoing work aims to better define the resource potential, particularly the gold component, which has yet to be fully quantified.

Awaiting Critical Assay Results

Middle Island is currently awaiting assay results from its Phase 2 drilling at Bobija, as well as from soil sampling programs targeting copper and silver-lead-zinc-antimony anomalies. These forthcoming data points will be pivotal in guiding subsequent exploration phases and refining the company’s resource models.

Chief Executive Officer Peter Spiers expressed optimism about the year ahead, highlighting the company’s readiness to accelerate exploration and deliver meaningful updates to shareholders as results emerge.