Mithril has three projects in the Kalgoorlie District - Lignum Dam, Kurnalpi and Spargos Reward.
Lignum Dam is located 50 kilometres north-northeast of Kalgoorlie and covers a package of gold and nickel prospective Archaean mafic, ultramafic, and felsic rocktypes directly along strike from the Lindsay's Gold Mining Centre and the high grade Silver Swan nickel deposit.
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.
Kurnalpi is located 60 kilometres north east of Kalgoorlie and cover Archaen ultramafic / mafic sequences which are prospective for both nickel sulphide and lode gold mineralisation.
Chesser Resources Limited (ASX: CHZ) is entitled to earn up to an 80% interest in two recently granted tenements (EL28/2506 and PL28/1271) located at Kurnalpi by reimbursing Mithril's tenement acquisition costs and completing exploration expenditure of $250,000 over 4 years.
A number of gold and nickel sulphide targets identified from historical data review were being advanced by Chesser.
Spargos Reward is located 55 km south of Kalgoorlie and is prospective for both gold and lithium mineralisation.
The project area is located on the Kunanalling Shear, a regional shear zone that hosts significant gold mineralisation 20km to the north at Ghost Crab (1999 Total Resources of 1.2Mozs gold @ 4.7g/t gold), 16km to the south at Wattle Dam (total production of 262Koz gold @10.9g/t from 2006 to 2012), and at Spargos Reward which lies within the project area (total production of 30Koz gold @ 8 g/t from during the 1940's and early 1980's).
Corona Minerals and Mithril are exploring the Project under the terms of the Spargos Reward Tenement Sale and Joint Venture Agreements whereby:
• Corona has earned 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.
Copyright © 2010 Mithril Resources Limited | website by JOiE Creative