Quarterly Activities and Cashflow Report Sep 2017
Murchison Project (Gold / Copper)
- At the Kombi Gold Prospect, RC drilling intersected shallow high-grade gold mineralisation;
o 4m @ 12.76g/t gold from 20 metres in NRC17004, and
o 1m @ 5.44g/t gold from 20 metres in NRC17001
- Kombi remains open in all directions with follow-up drilling scheduled for late October - early November 2017
- Currently awaiting statutory approvals (Heritage Clearance Survey) for Fenceline Gold Prospect where surface rock chip samples have returned up to 8.22g/t gold
- Diamond drilling at the Nanadie Well Copper Deposit and Stark Copper Prospect returned broad zones of copper mineralisation;
o 127.75m @ 0.40% copper, 0.11g/t gold from 42.80 metres including 4.90m @ 1.80% copper, 0.25g/t gold (Nanadie Well), and
o 30.40m @ 0.52% copper, 0.13% nickel, 0.36g/t 3PGE's from 248.50 metres including 5.40m @ 1.25% copper, 0.26% nickel, 1.21g/t 3PGE's (Stark)
- RC drilling at the new Sandman Zinc Prospect intersected zinc anomalism within a host rock sequence that suggests a possible Volcanic Massive Sulphide (VMS) origin;
o 12m @ 0.26% zinc from 97 metres including 1m @ 2.36% zinc, and 5m @ 0.59% zinc from 118 metres.
Billy Hills Project (Zinc)
- New 100% - owned tenement application adjoining the Pillara Zinc Mine (pre-mine resource of 18.05 million tonnes at 7.7% zinc and 2.4% lead)
- Billy Hills covers interpreted southern extension to key faults that control the Pillara mineralisation in an area of relatively limited historic exploration activities.
Exploration Plan for next Quarter
- Follow-up drilling at the Kombi Gold Prospect
- Heritage Clearance Survey for the Fenceline Gold Prospect
- Commencement of target generation activities for the new Billy Hills Zinc Project
Corporate and Cash
- Cash reserves of $0.65M at 30 September 2017.
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About Mithril Resources Limited
The Company and its exploration partners are actively exploring throughout the Kalgoorlie, West Kimberley and Murchison Districts of Western Australia for economic nickel, copper, zinc, and vanadium deposits.
In the Kalgoorlie District, Mithril is exploring for nickel on the Kurnalpi, Lignum Dam and North Scotia Projects which lie along strike from, or adjacent to previously mined high-grade nickel at the Silver Swan and Scotia Nickel Deposits.
In the West Kimberley, Mithril is exploring for zinc on the Billy Hills Project which lies adjacent to the previously mined Pillara Zinc Deposit.
In the Murchison, Mithril is exploring for copper, nickel and zinc mineralisation on the Nanadie Well Project and for copper, silver, zinc and lead on the Bangemall Base Metal Project. Mithril's exploration partner – Monax Mining Ltd is also exploring for vanadium on the Limestone Well tenements.
Mithril Resources Limited