Final Report - Geophysics Funding Agreement 2021 Between Barkly Operations Pty Ltd and Northern Territory of Australia 18 December 2021 to 7 June 2022

Abstract

In May 2021 co-funding through the Geophysics and Drilling Collaborations Program was awarded to Barkly Operations Pty Ltd for detailed aeromagnetic and radiometric capture. The survey was designed to cover EL 32297, EL 32298, EL 32301, EL 32308 and EL 32309 (GR559). MagSpec Airborne Surveys Pty Ltd was contracted to fly the survey. Production started on 18th December 2021 and ended on 7th June 2022, with a hiatus over February-March 2022 for the wet season. The Project is located approximately 200km east of Tennant Creek, straddling the Barkly and Tablelands highways. The area can be accessed from Tennant Creek via the Stuart Highway north to Three Ways, thence east, via the sealed Barkly Highway, to Barkly Homestead. Barkly Operations Pty Ltd, (wholly-owned subsidiary of Middle Island Resources Limited) is the operator. The exploration target is primarily Tier 1 IOCG deposits hosted within the Proterozoic basement. The model is largely predicated on the existence of deposits of similar affinity within the Warramunga Province to the west and Mt Isa Block to the east. The surface geology of the project area constitutes limestones and clastic sediments of the Georgina Basin. Initial data derived from the recently completed NDI basement diamond coring program has confirmed the basement in the project area is dominated by prospective Proterozoic rocks. Previous exploration for base metals is extremely limited, other than the extensive work recently completed under Government Exploring for the Future (EFTF) initiative, which investigated the basement geology and architecture. Raw data processing and image generation has been completed. Initial review of images has confirmed the survey achieved its objectives and will provide the platform required for future targeting. The Barkly Project GR559 remains highly prospective for significant IOCG or Sedex style deposits. Interpretation and modelling of the co-funded aeromagnetics will guide follow up ground gravity surveys and drill targeting.