EL 32292 Annual Report For the Period 22 April 2021 to 21 April 2022

Abstract

Exploration Licence EL 32292 is centered approximately 297km east of Tennant Creek and 125km east of Barkly Homestead (Figure 1). The licence can be accessed from Tennant Creek east along the Barkly Highway then via the Ranken Road. The tenement area is gently undulating. Soils are generally shallow lithosols, but fine grained alluvial soils occur in the valleys and surrounding plains. The licence is held by Barkly Operations Pty Ltd, a wholly-owned subsidiary of Middle Island Resources Limited. The target of exploration in the Barkly area is primarily Tennant Creek style mineralisation and IOCG deposits hosted within the Proterozoic basement. Extensive flat areas dominate the western licence area, largely covered by colluvium, scree, sheetwash and dune sand, sandy soil, alluvial deposits. The centre of the licence is dominated by arcuate hills of the Short Range. Exploration work completed during the 2021-2022 reporting period comprised collation of the available datasets and review of the previous exploration history. No historical surface sample locations are located on EL 32292. Historical drilling close to the licence area was targeted at phosphate. Mantle Mining Corporation Limited targeted phosphate in the Georgina Basin between 2007 and 2012. Drill holes adjacent to EL 32292 did not penetrate basement. The basement rocks on EL 32292 are considered to be prospective for IOCG and Tennant Creek Style Cu-Au mineralised systems. Modern datasets covering the East Tennant area provide excellent initial targeting platforms and will enable early exploration focus.