ASX Release - 1 December 2014
Meekatharra drilling underway
1,700 metre RC drill program testing 4 priority copper-nickel targets now underway
Drill targets include new ground EM conductors beneath surface mineralisation at the Stark copper-nickel prospect
Results expected by mid - late January 2015
Mithril Resources Ltd (ASX: MTH) advises that a 1,700 metre reverse circulation drill program to test four priority copper-nickel targets at the Nanadie Well Project, is now underway.
Nanadie Well is located 80 kilometres south east of Meekatharra, WA (Figure 1) and includes the Stark copper- nickel prospect and the Nanadie Well Copper Deposit (151,506 tonnes copper metal)*.
Drilling commencement follows last week's successful Rights Issue which raised $523,524 (ASX Announcement dated 28 November 2014).
The details of the drill targets (the Northern, Central and Southern EM conductors, and Nanadie Well North) are given in an ASX Announcement entitled "Meekatharra drill program to commence first week of December" (dated 21 November 2014) and their locations are shown in Figure 2.
The Company looks forward to providing further drilling updates with first results expected by mid - late January
2015.
Stark and the Nanadie Well North are located on tenements subject to a Farmin and Joint Venture Agreement with Intermin Resources Limited (ASX: IRC).
Under the terms of the joint venture, Mithril can earn up to a 75% interest in the project tenements by completing expenditure of $4M over 6 years with a minimum expenditure of $250,000 required by 14 April 2015 and before any withdrawal (ASX Announcement dated 6
December 2014).
Figure 1: Stark Prospect / Nanadie Well Location Plan
58 King William Road
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T:
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(61 8) 8378 8200
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ASX Code:
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MTH
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Goodwood, South Australia, 5034
www.mithrilresources.com.au
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F:
E:
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(61 8) 8378 8299
[email protected]
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Issued Shares:
Market Capital
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316,657,750
isation: $2.53million
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Page 1 of 3
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692.000mE 694,000 IT'E
OPEN o
Nanadie TMI image
6,996,000 mN
Nanadie Well Copper Deposit
151,506t copper metal
6,994,000 mN o
OPEN
•
• •
o
o
c::::J Mithril JV tenement
(MTH earmng 75%) o
o RAB drillhole collar
RC drillhole collar o- Proposed drillhole c:J Resource outline
(0.1% eu Cut off)
Bedrock copper minerelised zone (+0.1%Cu)
-Subcroppi ng copper-nickel z:one
MITHRIL
R ESOU RCii.S LTD
WESTERN AUSTRALIA
STARK COPPER-NICKEL PROSPECT
EM Summary Pian
18 Novernber 2014
Figure 2: Stark prospect area showing the surface mineralised zone, Nanadie Well Copper Deposit, ch18
EM image (Z-axis) with bedrock EM conductors labelled and proposed drill holes. Background image is
TMI magnetics.
58 K1n g W llllam Road T: (618) 8378 8200 ASX Code: MTH
Goodwood, South Australia, 5034 F : (618) 8378 8299 lssued Shares: 316,657,750 Page 2 of 3 www.m1thnlresources.com. au E: admm@ m1 th nlresources. com. au Market Cap1 tal1sat1on: $2.53 milllon
* A 2004 JORC Code Compliant Inferred Resource of 36.07Mt @ 0.42% copper (151,506 tonnes copper / 74,233 ounces gold) was estimated for the Nanadie Well Copper Deposit by Intermin in September 2013. Refer to Intermin Resources' ASX Announcement "Initial Res ource Estimate for the Nanadie Well Cu-Au Project" dated 19 September 2013.The information pertaining to the Nanadie Well Copper Deposit Inferred Resource was prepared and first disclosed by Intermin Resources under the JORC Code 2004. It has not been updated si nce to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
ENDS
For Further Information Contact:
Mithril Resources Ltd
David Hutton, Managing Director
[email protected]
58 King William Road
Goodwood, South Australia 5034
ABN: 30 099 883 922
T: (61 8) 8378 8200
F: (61 8) 8378 8299 www.mithrilresources.com.au
Competent Persons Statement:
The information in this report that relates to Mineral Resources is based on information compiled by Mr David O'Farrell who is a full‐time employee of Intermin Resources Limited and a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr O'Farrell has more than five years' experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".
Mr O'Farrell consents to the inclusion in the report of the matters based on his information in the
form and context in which it appears.
The information in this report that relates to Exploration Targets and Exploration Results 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.
58 King William Road
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T:
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(61 8) 8378 8200
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ASX Code:
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MTH
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Goodwood, South Australia, 5034
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F:
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(61 8) 8378 8299
|
Issued Shares:
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316,657,750
|
Page 3 of 3
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www.mithrilresources.com.au
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E:
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[email protected]
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Market Capital
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isation: $2.53million
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