Mithril Resources Ltd

Published : July 26th, 2016

• Quarterly Activities & Cash Flow Report June 2016

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

• Quarterly Activities & Cash Flow Report June 2016

20160630 Mithril Quarterly June 2016 FINAL

Quarterly Report

For the Period Ending 30 June 2016

Key Points

Lignum Dam Project (Gold)

  • Recently granted, wholly owned project with multiple gold targets identified directly along strike from KalNorth's Lindsay's Gold Project (Resources of 3.97Mt @ 1.7g/t gold - 215Koz gold)

  • Targets prioritised on basis of surface geochemistry and existing bedrock gold mineralisation in historic drilling that include:

    o FFB008 - 3m @ 1.40g/t from 17 metres including 1m @ 2.26g/t at the bottom of hole

  • The targets remain largely underexplored with results awaited from recent geological mapping and sampling programme

    Coompana (Nickel - Copper)

  • OZ Minerals Limited (ASX: OZL) entered into a Heads of Agreement with Mithril to explore South Australia's far western Coompana Province for magmatic nickel - copper deposits.

    Spargos Reward (Lithium)

  • Historic lithium mineral occurrences and targets identified 18 kilometres south of NeoMetals Ltd.'s Mt Marion Lithium Project

  • Four targets display strong similarities to Mt Marion with no recent exploration

    Duffy Well (Gold)

  • Doray Minerals (ASX: DRM) undertook a high-resolution aeromagnetic survey over the project area to prioritise gold targets ahead of RAB / aircore drilling planned for the September 2016 Quarter

    Exploration Outlook

  • Ongoing evaluation of the Company's Kalgoorlie lithium, gold and nickel opportunities, as well as commencement of Coompana target generation activities will be the Company's primary focus for the September 2016 Quarter.

    Corporate and Cash

  • Cash reserves of $0.63M at 30 June 2016

22B Beulah Road

T:

(61 8) 8132 8800

ASX Code:

MTH

Norwood, South Australia, 5067

F:

(61 8) 8132 8899

Issued Shares:

566,879,066

Page 1 of 9

www.mithrilresources.com.au

E:

[email protected]

Market Capital:

A$4.53 million

Exploration Overview

Mithril Resources ("Mithril") and its joint venture partners are exploring for gold, lithium, and nickel - copper - PGE's primarily throughout the Kalgoorlie and Meekatharra Districts of Western Australia (Figure 1).

During the June 2016 Quarter (the "Quarter") Mithril identified and field checked new gold and nickel sulphide targets at Lignum Dam and Grey Dam South (Kalgoorlie), identified new lithium targets at Spargos Reward (Kalgoorlie), and highlighted the lithium potential of the Leaky Bore Project (East Arunta).

Doray Minerals (ASX: DRM), Mithril's gold exploration partner at Duffy Well (Meekatharra) prioritised gold targets for drill testing in the September 2016 Quarter and Chesser Resources (ASX: CHZ), identified new gold and nickel targets at Kurnalpi (Kalgoorlie).

Subsequent to the Quarter's End, OZ Minerals Limited (ASX: OZL) entered into a Heads of Agreement with Mithril to explore South Australia's far western Coompana Province for magmatic nickel - copper deposits.

Corporate

Figure 1: Project Location Plan

During the Quarter, the Company spent $0.13M on its exploration activities outlined in this report and at 30 June 2016, the Company had cash reserves of $0.63M.

Lignum Dam Project (Gold)

(Mithril 100%)

Located 50 kilometres NNE of Kalgoorlie in Western Australia (Figures 1 and 2), Lignum Dam covers a package of gold and nickel prospective Archaen mafic, ultramafic, and felsic rocktypes directly along strike from KalNorth GoldMines' (ASX: KGM) Lindsay's Gold Project ("Lindsay's") within a defined structural corridor prospective for gold mineralisation.

At Lindsay's, KalNorth has defined Total Resources of 3.97Mt @ 1.7g/t gold for 215,100 ounces of contained gold including the high-grade Parrot Feathers deposit (401,000t at 4.2g/t Au for 54,000 ounces of contained gold). Historic drill intercepts at Parrot Feathers include 4m at 7.88g/t Au and 3m at 7.89g/t Au. (KalNorth ASX Announcement dated 10 May 2016).

Mithril's review of previous exploration activity undertaken over Lignum Dam has identified multiple gold targets including coherent surface gold geochemical anomalies and highly anomalous gold in shallow historic drilling up to 2.26g/t over individual metres.

Of note is historic drill hole FFB008 that finished in 3m @ 1.40g/t gold from 17 metres with the last metre returning 1m @ 2.26g/t. The hole occurs at the end of a drill traverse and has not been followed up.

Significantly all of the targets lie within a prospective corridor (interpreted from aeromagnetic and gravity data) that extends in a north westerly direction from Lindsay's through the project area.

Despite their location, the targets remain largely underexplored with previous exploration typically comprising wide - spaced shallow reconnaissance drilling, surface geochemical sampling and geophysics.

At the end of the Quarter, Mithril conducted a small programme of geological mapping and surface sampling of the targets, the results of which are awaited.

Coompana Project (Nickel-Copper-PGE's)

(OZ Minerals / Mithril)

Subsequent to the Quarter's End, OZ Minerals Limited (ASX: OZL) entered into a Heads of Agreement with Mithril to explore seven exploration licences in South Australia's far western Coompana Province for magmatic nickel - copper sulphide deposits (Figures 1 and 4).

Mithril will undertake a target generation exercise at Coompana in the first instance, with a view to identifying potential drill targets on the relevant tenements. OZ Minerals will invest $250,000 as part of the stage one targeting.

If Mithril identifies potential drill targets, and the outcome of the exercise is acceptable to both parties, then negotiations would advance to a formal joint venture to undertake exploration on the relevant tenements. Initial drill testing could be conducted by Mithril in the early half of 2017 and Mithril can elect to earn 20% interest by funding $400,000 of a $2m exploration program with the balance funded by OZ Minerals.

If the partnership extends to the drill testing phase, OZ Minerals will assist Mithril Resources to undertake a capital raising in support of the program.

Spargos Reward Project (Lithium)

(Mithril 35%, Corona Minerals 65%)

Spargos Reward is located 18 kilometres south of Neometals Ltd.'s (ASX: NMT) Mt Marion Lithium Project (approximately 55 km south of Kalgoorlie, Western Australia - Figures 1 and 2) and is prospective for both gold and lithium mineralisation.

A review of historical data conducted during the Quarter has identified multiple lithium targets that have been prioritised on the basis that they display strong similarities to the Mt Marion lithium deposits (NeoMetals Ltd.'s website and ASX Announcement dated 29 January 2016) in that they are pegmatite intrusions within a mafic - ultramafic rocks, cross cutting structural features, coincident radiometric (potassium) anomalies, and historic tin - tantalum - lithium mineral occurrences (see ASX Announcement dated 2 May 2016).

Despite occurring within close proximity to Mt Marion and the Spargos Reward Gold Deposit, none of the targets have received any modern-day lithium exploration and field evaluation is planned for the September 2016 Quarter

Corona Minerals and Mithril Resources are exploring the Project under the terms of the Spargos Reward Tenement Sale and Joint Venture Agreements whereby:

  • Corona has earnt a 65% interest in the Project tenements by paying Mithril $100,000 cash, and completing exploration expenditure of A$150,000 by 11 May 2016,

  • Corona has also elected to earn a further 20% equity (for a total of 85%) by sole funding exploration through to the completion of a positive scoping study on a 2012 JORC Code Compliant Mineral Resource.

The Spargos Reward Project comprises P15/4876-4883, 4886, 5763, 5791, and E15/1423. Minotaur Exploration Ltd (ASX: MEP) holds the nickel rights to P15/4876-4883, and 4886 which are excluded from the joint venture agreement on all other metals.

Duffy Well Project (Gold)

(Mithril 100%, Doray Minerals earning up to 85% and operating)

At Duffy Well, Doray Minerals Limited ("Doray" - ASX: DRM) is earning up to an 85% interest in Mithril's Duffy Well Project by completing exploration expenditure of $500,000 over 3 years.

Duffy Well (EL51/1649) is located 30 kilometres east of Meekatharra WA (Figures 1 and 3) and covers the interpreted southern extension of the Gnaweeda Greenstone Belt where Doray has 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 (Doray ASX Announcement dated 11 June 2015).

Previous exploration throughout the project area has comprised reconnaissance RAB and aircore drill traverses with little or no follow-up. Mithril's review of Duffy Well has identified two gold targets for initial follow-up.

Lying within the northern and central portions of the project, both targets are characterised by zones of structural complexity within favourable greenstone rocktypes and coincident combined bedrock gold (+50ppb) and arsenic (+100ppm) anomalism within wide-spaced drillholes.

During the Quarter, Doray completed a high-resolution aeromagnetic survey over the project area to prioritise gold targets ahead of RAB / aircore drilling planned for the September 2016 Quarter.

Kurnalpi Project (Nickel-Gold)

(Mithril 100%, Chesser Resources earning up to 80% and operating)

At Kurnalpi, Chesser Resources Limited ("Chesser" - ASX: CHZ) is entitled to earn up to an 80% interest in two recently granted tenements (EL28/2506 and PL28/1271) located at Kurnalpi (located 60 kilometres north east of Kalgoorlie, WA - Figures 1 and 2) by reimbursing Mithril's tenement acquisition costs and completing exploration expenditure of $250,000 over 4 years.

The Kurnalpi Project tenements are both wholly-owned by Mithril and cover Archaen ultramafic / mafic sequences which are prospective for both nickel sulphide and lode gold mineralisation.

During the Quarter, Chesser field checked a number of gold and nickel sulphide targets that had been identified from a review of historical exploration data. At the time of writing, the results of the field work (including rock chip sampling) were awaited.

Grey Dam South (Nickel)

(Mithril 100%)

Grey Dam South is located at Kurnalpi immediately south of the Grey Dam Nickel Laterite Resource (14.5Mt @ 0.7% nickel - KalNorth Gold Mines ASX Announcement dated 25 October 2013) (approximately 65 kilometres

Read the rest of the article at www.publicnow.com

Mithril Resources Ltd

EXPLORATION STAGE
CODE : MTH.AX
ISIN : AU000000MTH3
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

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

Mithril Res holds various exploration projects in Australia.

Its main exploration properties are MUSGRAVE, DOMINION JV, CASEY PROJECT, SILVER SWAN NORTH, HAMMER HILL, HUCKITTA, PARDOO (HIGHWAY AND SUPPLY WELL), HOME OF BULLION, PROSPECT D and KALLI in Australia.

Mithril Res is listed in Australia, in Germany and in United States of America. Its market capitalisation is AU$ 5.1 millions as of today (US$ 3.7 millions, € 3.2 millions).

Its stock quote reached its highest recent level on January 28, 2011 at AU$ 0.21, and its lowest recent point on September 01, 2017 at AU$ 0.00.

Mithril Res has 848 099 968 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
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...
7/22/2015MTH Update - Quarterly Activities & Cash Flow Report Jun 201...
4/15/2015MTH Update - Quarterly Activities & Cash Flow Report Mar 201...
1/23/2014MTH Update - Quarterly Activities & Cash Flow Report Dec 201...
4/29/2013MTH Update - Quarterly Activities and Cash Flow Report March...
7/25/2012MTH Quarterly Activities and Cash Flow Report June 2012
Project news of Mithril Resources Ltd
9/10/2015• Gold exploration to commence at Spargos Reward
2/17/2014MTH Update - New Nickel Targets at West Kambalda
12/18/2013MTH Update - New Results Reinforce High-Grade Potential of N...
12/11/2013MTH Update - New Gold Targets at West Kambalda
12/5/2013MTH Update - Acquisition of Advanced Copper Project
11/26/2013MTH Update - Mithril Resources Ltd AGM 2013
10/8/2013MTH Exploration Update
10/4/2013MTH Update - MMG East Arunta Nickel Drilling Underway
9/9/2013MTH Update - East Arunta Copper Drilling Underway
8/19/2013MTH Update - East Arunta Copper Drilling Program
8/7/2013MTH Update - BRR Interview East Arunta Drilling Program Upda...
8/1/2013MTH Update - East Arunta Copper Drilling Update
6/3/2013MTH Update - BRR Interview Mithril discusses its Copper Targ...
5/27/2013MTH Update - Fieldwork Rapidly Progressing NT Copper Targets
1/22/2013MTH Update - BRR Interview High-grade gold intersected at Sp...
1/21/2013MTH Update: High-grade gold intersected at Spargos Reward
12/11/2012BRR Interview Drilling commences at Spargos Gold Mine
10/23/2012Strong exploration results reinforce prospectivity of Yambah...
10/7/2009(Huckitta)Drilling Update
1/30/2009(Huckitta)(angl) Additional nickel-copper-PGE mineralisation discovere...
8/21/2008(Pardoo (highway And Supply Well))PARDOO DRILLING RESULTS
7/4/2008(Hammer Hill)HUCKITTA DRILLING UPDATE
6/16/2008(Pardoo (highway And Supply Well))COMMENCES DRILLING ON THE PARDOO NICKEL PROJECT
6/2/2008(Hammer Hill)HAMMER HILL DRILLING UPDATE – INITIAL ASSAYS
5/20/2008(Hammer Hill)Drilling at Hammer Hill intersects sulphide mineralisation
7/26/2007(Kalli)Drilling Commences on the Kalli Mineral Sands Joint Venture
Corporate news of Mithril Resources Ltd
8/1/2016• Company Exploration Update August 2016
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
10/15/2015• Farm-in partner for new Kurnalpi Nickel-Gold Project
10/7/2015• Cleansing Statement - Share Placement
10/6/2015• Appendix 3B - Placement
10/6/2015• Appendix 3B - Share Purchase Plan
10/1/2015• Completion of Share Purchase Plan and Placement
9/17/2015• Extension to Share Purchase Plan
9/7/2015• SPP Investor Update Presentation
9/2/2015• Two new regional targets confirmed at Stark
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
7/22/2015• Quarterly Activities & Cash Flow Report Jun 2015
4/15/2015• Quarterly Activities & Cash Flow Report Mar 2015
4/13/2015• What next for the Stark Discovery - SAREIC Presentation
3/26/2015MTH: Spargoville JV Withdrawal
3/22/2015• Latest results confirm high-grade Cu-Ni-PGE potential at S...
3/18/2015• Spargoville JV Withdrawal
3/11/2015• Half Year Report December 2014
3/6/2015• BRR Interview New tenement expands land holding at the Sta...
1/20/2015• BRR Interview - Stark Copper Nickel PGE Discovery
12/22/2014• Board Changes
12/1/2014• BRR Interview Meekatharra Drilling Discussion
12/1/2014• Part Placement of Shortfall
11/30/2014• Meekatharra Drilling Underway
11/28/2014• AGM Notification of Results 2014
11/28/2014• AGM Chairman's Address
11/28/2014• Shortfall Notification
11/12/2014• Dispatch of Rights Issue Documents
10/21/2014• BRR Interview September Quarterly Report Discussion
2/18/2014MTH Update - MD's Presentation to RIU Explorers Conference
1/24/2014MTH Update - BRR Interview Dec 2013 Quarterly
12/20/2013MTH Update - MTH Expands Landholdings within Murchison Distr...
11/20/2013MTH Update - Harts Range JV Completion
10/28/2013MTH Recent ASX Announcements
10/17/2013MTH Update - East Arunta Copper Drilling Results
9/12/2013MTH Update - MMG Expands East Arunta Nickel Search
9/3/2013MTH Update - BRR Interview Successful Capital Raising
9/3/2013MTH Update - Successful Capital Raising
8/5/2013MTH Investor Update August 2013
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
3/27/2013MTH Update - Further High Gold at Spargos Reward
3/20/2013(Huckitta)MTH Update - MMG Aeromagnetic Survey Underway at Huckitta
3/19/2013MTH Update - MTH AGES Conference Illogwa IOCG Presentation
2/13/2013MTH Update - RIU Explorers Conference 13 February 2013
7/6/2012MTH Investor Update Presentation
4/17/2012News Release
3/2/2012News Release
2/27/2012News Release
12/12/2011News Release
11/29/2011News Release
9/6/2011News Release
8/31/2011News Release
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
12/15/2008are pleased to report that additional rockchip sampling
12/12/2008application for quotation of additional securities
12/7/2008News Release
12/1/2008SA Explorers Conference
11/17/2008Asx Release
10/2/2008awarded drill funding for Indiana Property
9/30/2008acquires further exploration interests in the vicinity of Bl...
9/15/200815 September 2008
9/5/2008EXECUTIVE CHANGES
8/25/2008NEW VANADIUM-MAGNETITE PROSPECT
7/28/2008 REPORT FOR THE QUARTER ENDING 30 JUNE 2008
5/16/2008Resources Update
4/29/2008Quarterly Report March 2008
3/18/2008Musgrave Exploration Update
2/11/2008 Commences Aircore Drilling on Musgrave Tenements and Receiv...
10/30/2007 Quarterly Activities Report
10/2/2007Drilling Commences on the Silver Swan North JVContent-class:...
8/6/2007 to Float NSW Copper-Gold Assets with Meridian Minerals Limi...
8/6/2007Drilling Commences at the Pipeline Copper Prospect
8/3/2007Drill Results from the Dominion JV Confirm Presence of Nicke...
7/27/2007South Australia Musgrave Access
7/2/2007Further Drilling Planned on the Silver Swan North JV
4/30/2007Drilling Commences on the Dominion Joint Venture
3/23/2007Adds Four Tenements to its South Australia Musgrave Explorat...
3/16/2007Drilling Commences on Silver Swan North Joint Venture
3/9/2007Formulates Joint Venture on the Indiana Project Northern Ter...
2/28/2007Approval to Proceed with Applications for Access to Musgrave...
3/8/2006(Pardoo (highway And Supply Well))Nickel sulphide joint venture with Yilgarn Mining Limited
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AUSTRALIA (MTH.AX)BERLIN (MV7.BE)
0.006+20.00%0.0000
AUSTRALIA
AU$ 0.006
08/08 11:04 -
20%
Prev close Open
0.005 0.006
Low High
0.006 0.006
Year l/h YTD var.
0.005 -  0.016 -62.50%
52 week l/h 52 week var.
0.005 -  0.019 -66.67%
Volume 1 month var.
83,333 20.00%
24hGold TrendPower© : -37
Produces
Develops
Explores for Copper - Gold - Nickel - Palladium - Platinum
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 1/12/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-66.67%
2021-18.18%0.040.01
2020144.44%0.060.00
201980.00%0.020.00
2018-90.00%0.070.01
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.02+1.08%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.62+0.96%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.49-1.41%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59+1.74%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-25.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.79-0.36%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.85+0.44%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+1.72%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28+5.66%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.11+0.48%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 56.65+3.96%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :