Nanocap explorer Middle Island Resources (ASX:MDI) has kicked off drilling at its “Barkly Super Project” in the NT – a potential iron ore-copper-gold (IOCG) style asset for the top end.
IOCG projects are seen as a gold standard among geologists given the basket of high-value metals they can produce. De Grey Mining rose to fame on its Hemi discovery which is an IOCG play; so are some of Australia’s best known mines.
Whether or not Middle Island can shore up a mineral resource rivalling De Grey’s is by no means guaranteed, at all, and only batch after batch of drill results showing high grades in intercepts at relatively shallow depths will bring the company out of its current state bordering on a ‘penny stock.’
The maiden diamond drill rig program will sink 3 holes at Barkly to test interpreted IOCG targets at three prospects of interest called Wilma, Pebbles and Dino. One hole will be sunk at each target.
With that said, the diamond rigs are being brought on-site to do what they’re meant to – test depths RC and aircore drills can’t reach. The first three holes will terminate at maximum depths of 650 metres.
Management described a “pipeline of drill targets” sitting on MDI’s radar.
“The commencement of drilling at the Georgina Project area is exciting for the Barkly Copper-Gold Super Project, where MDI moves to the next stages of systematically testing the established substantial pipeline of drill targets, to unlock the potential of this significantly under-explored region,” MDI CEO Roland Bartsch said.
MDI last traded at 1.7cps – an increase of 21% from close on Thursday.