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Middle Island to demerge Barkly copper-gold assets

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Global Mining Review,

The Board of Middle Island Resources Ltd has resolved to demerge Barkly Operations Pty Ltd (BOPL) and ultimately IPO BOPL on the ASX, subject to shareholder approval at a Middle Island Shareholder Meeting expected to be held late-April 2021.

BOPL, a wholly owned subsidiary of Middle Island, is the holder of the Barkly copper-gold project in the Northern Territory (NT).

Barkly comprises 12 exploration licences and applications, collectively covering 4411 km2. The project has Tier 1 iron oxide-copper-gold (IOCG) targets, predicated on extensive government research undertaken by Geoscience Australia (GA) and the Northern Territory Geological Survey (NTGS) under the Exploring for the Future (EFTF) initiative.

The IOCG potential extends along the interpreted, fault-bounded East Tennant Ridge and is principally defined by magnetic, gravity and magneto-telluric anomalies beneath the Georgina Basin, between Tennant Creek in the NT and Mt Isa in Queensland.

It is anticipated that Eligible Shareholders of MDI will be entitled to receive free shares in BOPL in the same proportions as their respective holding in Middle Island, as well as priority entitlement to apply for shares in the future Barkly IPO. Further information will reportedly be provided in an upcoming Notice of Meeting to be sent to all MDI shareholders.

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This article has been tagged under the following:

Australian mining news Copper mining news Gold mining news