2017 Annual Report
During the year under review the company continued its focus on the Murchison Project where drilling was undertaken at the Nanadie Well Copper Deposit and the adjacent Stark Copper Prospect. Significant copper mineralisation was intersected at both prospects providing further confirmation that the area is host to two large copper mineralised systems less that 1km apart that remain open at depth and along strike. Prospecting and sampling on the Murchison Project also identified two new gold prospects, Fenceline and Kombi which are a priority for follow up and will be the focus for future exploration in the area.
In addition to our efforts at Murchison, Mithril's exploration partners carried out aircore drilling for gold at Duffy Well, estimated a new JORC Mineral Resource at Spargos Reward and identified a new gold target at Kurnalpi.
Also, a scientific drilling program was under taken at Coompana by the Geological Survey of South Australia together with Geoscience Australia. Coompana is an underexplored region in the far southwest corner of South Australia, and Mithril has an agreement with OZ Minerals Limited to assess this area for magmatic nickel - copper deposits.
To support our exploration activities, the Company raised $0.54M via a Share Purchase Plan and an additional $0.80M through a Share Placement pursuant to Section 708 of Corporations Act during the year. New shares were issued at a price of $0.005 (0.5 cents) for both the SPP and Placement. It was very pleasing to see that the Capital Raisings were well supported by a number of existing shareholders as well as new investors.
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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