Middle Island Resources Ltd

ACN 142 361 608

ASX code : MDI

www.middleisland.com.au

Capital Structure:

122,418,222 ordinary shares

Cash & Investments

$9.9 million (as of 30 June 2022) No debt

Directors & Management:

Peter Thomas

Non-Executive Chairman

Brad Marwood

Executive Director

Bruce Stewart

Non-Executive Director

Rudolf Tieleman

Company Secretary

Contact:

Brad Marwood

Office: +61(8) 9322 1430

brad@middleisland.com.au

ASX Release - 1 August 2022

DRILLING INDICATES IOCG POTENTIAL

  • First hole CWDD001 completed at Crosswinds to 808.4m.
  • Iron Oxide-Copper-Gold (IOCG) alteration styles intersected in first drill hole at Crosswinds.
  • Host rock Alroy Formation sediments intersected showing hematite alteration.
  • Alroy Formation overlies granitic rocks with increasing veining and alteration, including chlorite, hematite, potassic feldspar, quartz and carbonate.

Figure 1

Project Location

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ASX Release - 1 August 2022

Introduction

Explorer, Middle Island Resources, is pleased to announce 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-scaleCopper-Gold deposit. This drilling was located based on geophysics from aeromagnetic and the Induced Polarization (IP) conducted earlier in the year.

Drilling

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.

Table 1

Project

Hole ID

East

North

RL

Depth

Azimuth

Dip

Target

Crosswinds

CWDD001

597125

7812820

240

808.4

225

-80

IP target with low level magnetic

high under a malachite surface

expression

The interpreted IP depth slices were used to determine the depth of drilling to target. The depth of the

IP anomaly was close to 500m below surface as seen in Figure 2.

Figure 2

CWDD001 drilling through the IP chargeability target under the Malachite outcrop that was the discovery of

Crosswinds

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ASX Release - 1 August 2022

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, we can expect to see hematite, magnetite, disseminated sulphides to massive sulphides carrying economic metal content. It was expected that following the hematite we 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.

Figure 3 Typical IOCG Deportment of Mineralisation

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ASX Release - 1 August 2022

Figure 4

Core Samples

Hematite alteration with

Qtz, Hem, Chl vein in chl

Hem, Chl altered schistose

Hematite and chlorite

weakly sheared Qtz Hem

carb altered Sediments,

sediments, 440m

within qtz, carb vein,

Carb vein, 366m

404m

462m

Crackle Breccia with qtz,

Strong Hem altered

Weakly altered Granite,

Large 3m wide Qtz veins

Hem, Carb infill, 485m

Granite host with Hem Qtz

575m

with Hem, kspar, Chl infill,

vein infill, 555m

749m

The lower part of the hole from 500m intersected granodiorite-granite till the end of hole with many quartz veins within. These quartz veins showed discontinuous brecciation along with a matrix of carbonate and hematite.

The core has been delivered to the logging shed in Tennent Creek where the geological interpretation will be completed, core cut and samples prepared to be sent to the SGS laboratory in Adelaide. The results are expected to take approximately two months. The results will be announced once established.

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ASX Release - 1 August 2022

Comments from the Executive Director - Brad Marwood

"The commencement of drilling at the highly prospective Crosswinds prospect has been anticipated for a few months. The results of assays will take a further few months to obtain. The geological inspection of the core from surface provides invaluable insights to the IOCG system potential at Crosswinds. The core demonstrates that multiple sequences of deformations occurred providing fracturing for deportment of mineralisation. The drilling continues seeking to define a IOCG deposit at Barkly Copper-Gold Super Project"

RELEASE AUTHORISED BY THE MDI BOARD:

Contacts:

+61 (8) 9322 1430

info@middleisland.com.au

WEBSITE: www.middleisland.com.au

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Middle Island, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

Competent Person Statement

The reported Exploration Results were compiled by Paul Frawley, a Member of the Australian Institute of Geoscientists. Mr. Frawley has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Frawley is a full-time employee of MDI, and the Competent Person for the Company and other than being paid fees for services in cash and shares for compiling this report, he does not have any financial interest (direct or contingent) in MDI.

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Middle Island Resources Limited published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 02:23:08 UTC.