Mithril Resources Ltd

Published : November 03rd, 2015

• Doray farming in to Mithril's new Meekatharra gold project

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• Doray farming in to Mithril's new Meekatharra gold project


ASX Release - 4 November 2015

Doray farming in to Mithril's new Meekatharra gold project

  • Doray Minerals (ASX: DRM) to earn up to 85% of Mithril's Duffy Well Project by reimbursing Mithril's tenement acquisition costs and completing exploration expenditure of $500,000 over 3 years

  • Duffy Well covers the southern end of the Gnaweeda Greenstone Belt where Doray Minerals has recently intersected 3m @ 10.1g/t gold from 149 metres, 5m @ 17.4g/t gold from 71 metres, and 4m @ 17.9g/t gold from 45 metres

  • Two gold prospective areas comprising zones of structural complexity and coincident bedrock gold + arsenic anomalism identified for follow-up during the current Quarter

Mithril Resources Ltd (ASX: MTH) is pleased to advise that it has executed a Farm-in and Exploration Joint Venture Agreement with Doray Minerals Limited ('Doray' - ASX: DRM) whereby Doray is entitled to earn up to an 85% interest in Mithril's recently-granted Duffy Well Gold Project by reimbursing Mithril's tenement acquisition costs and completing exploration expenditure of $500,000 over 3 years.

Duffy Well (EL51/1649) is located 30 kilometres east of Meekatharra WA (Figure 1) and covers the interpreted southern extension of the Gnaweeda Greenstone Belt where Doray has recently intersected high-grade gold mineralisation in RC drilling at the Turnberry Prospect including 3m @ 10.1g/t gold from 149 metres, 5m @ 17.4g/t gold from 71 metres, and 4m @ 17.9g/t gold from 45 metres (see Figure 2 and Doray ASX Announcement dated 11 June 2015).

Mithril's review of previous exploration at Duffy Well (which comprises reconnaissance RAB and aircore drill traverses with little or no follow-up) has identified two gold-prospective areas for initial follow-up.

Lying within the northern and central portions of the project, both areas are characterised by zones of structural complexity within favourable greenstone rocktypes.

The areas have also returned coincident bedrock gold (+50ppb) and arsenic (+100ppm) anomalism within wide- spaced drillholes (see Figure 3 and Mithril ASX Announcement dated 14 September 2015).

Doray plans to conduct a field inspection of the two targets before the end of the December 2015 Quarter.

Figure 1: Mithril Project Location Plan

The terms of the Farm-in and Exploration Joint Venture Agreement are as follows:

  • Doray will reimburse Mithril its tenement acquisition costs - $22,634 (inclusive of GST).

  • Doray can earn an initial 51% interest by completing expenditure of $300,000 within 2 years.

  • Doray can elect to earn an additional 34% interest through further expenditure of $200,000 over a further year (in total 85% by spending $500,000 over 3 years).

  • If Doray elects not to earn a further 34% interest, then Mithril has the right to contribute on a pro rata basis or dilute as per an industry standard formula.

  • Once Doray has earnt its 85% interest, Mithril has the right to contribute on a pro rata basis or dilute as per an industry standard formula. If Mithril's interest dilutes below 10% it will be deemed to have withdrawn and will be entitled to receive a 1.5% Net Smelter Royalty on all Precious and Base Metals.

  • Doray is required to keep the tenements in good standing at all times and can only withdraw after it has spent a minimum of $100,000 in the first year.

  • The agreement is subject to both parties obtaining Ministerial Consent within 30 days of executing the Agreement (Condition Precedent).

Andy Well Gold Mine (DRM)

Turnberry Prospect (DRM)

Duffy Well (Mithril)

Figure 2: Location and Geology Plan showing Mithril's Duffy Well Project (red outline), Doray Minerals' tenements (green outline), Turnberry Prospect and Andy Well Gold Mine. 20 kilometre grid squares.

Figure 3: Duffy Well Project showing maximum downhole gold (ppb) on a RTP NE shade (linear) magnetic image.

Target Areas highlighted as red polygons. 5 kilometre grid squares.

Drill hole colours - pink (+50ppb Au) / red (25 - 50ppb Au) / orange (10 - 25ppb Au) / blue (5 - 25ppb Au) / grey (less than 5ppb Au).


For Further Information Contact:

Mithril Resources Ltd

David Hutton, Managing Director

[email protected]

22B Beulah Road

Norwood, South Australia 5067 ABN: 30 099 883 922

T: (61 8) 8132 8800

F: (61 8) 8132 8899

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 David Hutton, who is a Competent Person, and a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Hutton is Managing Director and a full-time employee of Mithril Resources Ltd.

Mr Hutton has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Hutton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

About Mithril Resources Ltd:

Mithril Resources Ltd is an Australian exploration company focused on the discovery and development of base metal deposits primarily copper. Mithril is a frontier explorer with a small but highly experienced team based in Adelaide. Combining advanced technology with a proven field‐based approach ensures the bulk of the company's expenses go directly into the ground.

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Mithril Resources Ltd

ISIN : AU000000MTH3
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Mithril Res is a nickel and copper exploration company based in Australia.

Mithril Res holds various exploration projects in Australia.


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Corporate Presentations of Mithril Resources Ltd
7/31/2007Fourth Quarte Activities Report
Annual reports of Mithril Resources Ltd
• Full Year Statutory Accounts
2008 Annual Report
Financials of Mithril Resources Ltd
9/14/2016• Half Year Report June 2016
10/21/2015MTH Update - Quarterly Activities & Cash Flow Report Sep 201...
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10/8/2013MTH Exploration Update
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7/26/2016• Quarterly Activities & Cash Flow Report June 2016
4/20/2016• Form 605 Ceasing to be a Substantial Holder
1/26/2016• Quarterly Activities & Cash Flow Report Dec 2015
11/3/2015• Doray farming in to Mithril's new Meekatharra gold project
10/23/2015• Notice of Meeting/Proxy Form
10/23/2015• Annual Report 2015
10/20/2015• Quarterly Activities & Cash Flow Report Sep 2015
10/20/2015• Half Year Report June 2015
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10/7/2015• Cleansing Statement - Share Placement
10/6/2015• Appendix 3B - Placement
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9/17/2015• Extension to Share Purchase Plan
9/7/2015• SPP Investor Update Presentation
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8/29/2015• SPP Offer Documents
8/26/2015• Dispatch of Share Purchase Plan Documents
7/29/2015• Geophysical surveys underway at Stark regional targets
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4/13/2015• What next for the Stark Discovery - SAREIC Presentation
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12/22/2014• Board Changes
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12/1/2014• Part Placement of Shortfall
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11/28/2014• AGM Notification of Results 2014
11/28/2014• AGM Chairman's Address
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11/12/2014• Dispatch of Rights Issue Documents
10/21/2014• BRR Interview September Quarterly Report Discussion
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1/24/2014MTH Update - BRR Interview Dec 2013 Quarterly
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9/3/2013MTH Update - BRR Interview Successful Capital Raising
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7/17/2013MTH Update - BRR Interview June 2013 Quarterly Report Discus...
7/16/2013MTH Resources Update - Quarterly Activities and Cash Flow Re...
6/17/2013MTH Investor Update June 2013
4/30/2013MTH Update - 2013 SAREIC Conference Presentation
4/15/2013MTH Update - East Arunta Fieldwork Commences
4/15/2013MTH Company Update Presentation April 2013
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3/20/2013(Huckitta)MTH Update - MMG Aeromagnetic Survey Underway at Huckitta
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11/29/2011News Release
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8/30/2011News Release
8/1/2011Rescources Update
5/3/2011News Release
4/29/2011News Release
2/15/2011News Release
2/14/2011News Release
6/19/2009Investor Update
2/17/2009Cash Sale of Mineral Sands Interests
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12/12/2008application for quotation of additional securities
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