Middle Island Resources : Jun 2022 Quarterly Report PDF

		QUARTERLY REPORT
		For the period ended 30 June 2022
Middle Island Resources Ltd		HIGHLIGHTS
ACN 142 361 608
BARKLY
ASX Code: MDI	∙	Five (5) Induced Polarisation (IP) lines were completed over the Crosswinds
		Copper Prospect in the Barkly Copper-Gold Super Project, Northern Territory.
Office:		These IP lines highlight two drill ready targets at Crosswinds.
Suite 1, 2 Richardson Street	∙	The Ground Gravity survey over Crosswinds area was completed during the June
WEST PERTH WA 6005
	Quarter.
Postal Address:	∙	The aeromagnetic survey was completed during the June Quarter providing a
	regional assessment of potential targets across MDI's 5,533km2 holding at
PO Box 1017
	Barkly. A total of 39,500km was flown.
WEST PERTH WA 6872
∙	MDI received its co-funding from the Northern Territory Government for its
T: [phone]		Round 14 Geophysics and Drilling programme Grant.
	Drilling commenced at the Barkly Copper-Gold Super Project during the quarter.
E: [e-mail]	∙
www.middleisland.com.au	∙	MDI was successful in its application for Round 15 of the Northern Territory
	Government's Geophysics and Drilling programme Grant.
Capital Structure :	CORPORATE
122,418,222 ordinary shares	∙	During the June Quarter MDI hired a Manager Natural Resources who then
Board Members:		proceeded to build his drilling team for the first round of drilling at Barkly
	Copper-Gold Super Project.
Peter Thomas	∙	MDI is fully funded for the planned business activities for the next two years.
Non-Executive Chairman		Should drilling at Barkly hit a bonanza hole then drilling will be accelerated and
Brad Marwood		current funds will not cover the expanded scope.
∙	MDI as 25% shareholder of AUN continues to support AUN efforts to bring the
Executive Director
Bruce Stewart		Sandstone Project into production.
Non-Executive Director
Rudolf Tieleman
Company Secretary

Page 1

QUARTERLY REPORT ended 30 June 2022

Operating Activities

Corporate

Finances

Middle Island Resources Limited (ASX: MDI, Middle Island or the Company), held aggregated cash and share investments of A$9.01M as of 30 June 2022, comprising A$4.89M in cash and A$4.12M in ordinary shares held in Aurumin Limited (ASX:AUN) (A$4.02M) and Tajiri Resources Corporation (TSXV:TAJ) (A$97k).

ASX Additional Information

ASX Listing Rule 5.3.1: Exploration and evaluation expenditure during the June 2022 quarter was $437k.

ASX Listing Rule 5.3.2: No substantive mining production or development activities were undertaken during the June 2022 quarter.

ASX Listing Rule 5.3.5: During the June 2022 quarter, the Company made cash payments of $325k to related parties and their associates, being the aggregate amount paid to Directors, including salary, directors' consulting fees, special services fees, and related statutory superannuation.

Tenure

MDI was granted three applications during the June quarter. MDI now holds 100% in 14 granted exploration licences covering 4,375.87km2 and 2 pending applications covering 1,157.72km2 within the Barkly region of the Northern Territory.

Figure 1

MDI Tenement Map

QUARTERLY REPORT ended 30 June 2022

Strategy

MDI's strategy is to increase the value of the Barkly Copper-Gold Super Project via exploration and assessing complimentary assets to expand MDI foundation of land holding.

Barkly Copper-Gold Super Project (100%) - Northern Territory

Induced Polarity Survey

Planetary Geophysics Pty Ltd. (www.planetarygeophysics.com), completed one single 2.65km long 2D Induced Polarization (IP) /Resistivity line in December 2021. Rx Dipole Spacing was 200m apart with Tx Injection Spacing 100m apart. The location as shown in Figure 2.

Figure 2

Crosswinds Cu-Au Project - 13 km SE of the Barkly Homestead - showing Gravity survey (Highlight) and IP Lines

MDI now has an additional 24-line km of IP/Resistivity over four 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 drill holes. Several depth slices were 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.

A photo of the IP equipment used by Planetary Geophysics at the Crosswinds Prospect terrain as shown in the Figure 3 below.

QUARTERLY REPORT ended 30 June 2022

Figure 3

Crosswinds Copper Gold Project - IP/Resistivity line - Collection Photo

Figure 4 below, shows the chargeability results indicating two significant chargeable targets at approximately 500m depth. The images below show depth slices created at the -180m RL and the - 230m RL (~450-500m below surface) which show the modelled anomaly. These targets have been refined from the initial IP line completed in December 2021.

The materials that are most chargeable include sulphide minerals (both massive and disseminated), clay- rich materials, and graphite.

Figure 4a

Crosswinds Copper Gold Project - IP -230m RL depth slice

QUARTERLY REPORT ended 30 June 2022

Figure 4b

Crosswinds Copper Gold Project - IP -180m RL depth slice

Ground Gravity Survey

The Ground Gravity survey was completed during the June quarter which was conducted by Atlas Geophysics. This survey was added to our datasets and better defines the drill targets. The survey area includes that of the Crosswinds project and the area over the Barkly Homestead (See Figure 5).

Figure 5

Conducting Gravity Survey, Crosswinds Copper Prospect