Middle Island Resources Limited (ASX: MDI or 'Middle Island') is pleased to update shareholders on our Barkly Project exploration and targeting programme.

The work is targeting prospective areas for IOCG and Sediment Hosted Cu-Zn-Pb-Ag deposits at Tennant Creek and Barkly. The company's exploration holdings in the region now covers some 6,918 sq kms with the addition of new application EL33585 to secure a new target (Zermatt).

High priority exploration targets have been identified for immediate follow-up. A total of 55 targets have been identified for ongoing assessment. Targeting was based on deposit conceptual model parameters evidenced by magnetic, gravity and structural model signatures. Rankings consider the character, amplitude and size of the target signatures in addition to simplicity to explore including depth to target. Targets are predominantly 'blind' beneath post-mineralisation cover ranging from 100-400m but include several targets in areas of outcropping prospective basement or shallow cover. Of note are new shallow targets, Eiger and Zermatt, identified within EL32291 and new application EL33585 where extensive areas of anomalous silver - up to 3m at 52.3g/t silver and 1m at 87.2g/t silver - are recorded in top of bedrock samples from historical vacuum drilling (refer to Appendix 1 for details).

Many of the high-grade copper-gold deposits in the Tennant Creek region contain significant silver, for example the nearby recently discovered Hermitage Project.

The ranked targets will inform MDI's exploration strategy. Initial field testing of the targets applying soil sampling has commenced using sampling and analytical methods that may detect low level metal anomalies in unmineralised cover above 'blind' deposits.

The soil sampling programmes have started on the new shallow targets in addition to further work on the Crosswinds Prospect copper occurrence which was drilled in 2022. Commenting on the company's exploration programme, MDI Chief Executive Officer, Roland Bartsch said; 'On joining MDI in April, one objective was to reassess the many Barkly Project exploration opportunities. The advancement to prospect scale work on the assembled portfolio of priority targets, that includes shallow opportunities, is an exciting next step toward drill plans on a spread of drill targets. The systematic approach adopted is integral to MDI's exploration strategy to add value through growth of scientific understanding and concepts, enabling resources and future drilling to be focused on the top targets, maximising the potential for exploration drilling success.'

Contact:

Tel: +61 (8) 9322 1430

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 Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Roland Bartsch, BSc(Hons), MSc, MAIG. Mr Bartsch is a fulltime employee of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking 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 Bartsch consents to the inclusion in the report of the matters based on their information in the form and context in which it appears

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