To ensure that Mithril remains focussed on the Copalquin Project, exploration activities on the majority of the Company’s Australian projects are being sole funded and advanced by a number of exploration partners – namely Auteco Minerals Ltd (AUT.ASX) at Limestone Well, Great Boulder Resources Ltd (GBR.ASX) at Lignum Dam and most recently, Carnavale Resources Ltd (CAV.ASX) at Kurnalpi.

In addition, Mithril is exploring the Billy Hills Zinc Project (located in the West Kimberley District of Western Australia) for large scale zinc + lead + silver deposits along strike from existing surface and bedrock mineralisation.

Billy Hills is relatively under-explored with the bulk of historic drilling and geophysical testing carried out on the adjacent Pillara Mine Lease (not owned by Mithril) which hosts the Pillara Zinc Deposit. Pillara had a pre-mine resource of 18.05 million tonnes at 7.7% Zn and 2.4% Pb and produced 10.3 Mt @ 6.9% Zn, 2.3% Pb from June 1997 to October 2003 (See Mithril’s ASX Announcement dated 21 August 2017).

Mithril’s work has reinforced the project’s prospectivity with the identification of several new prospects including the Firetail Prospect, where high-grade surface mineralisation (assay values up to 30.3% zinc, 127g/t silver and 3.0% lead) occurs at the surface within a 300 metre – long subcropping zone of siliceous gossan and weathered colloform-banded sulphides (See Mithril’s ASX Announcement dated 1 July 2019).

At Limestone Well (located 90 kilometres southeast of Meekatharra, WA, Auteco Minerals has the right to earn up to 80% of the project by spending $2.5M over 5 years and is exploring for economic vanadium – titanium mineralisation directly along strike from the Barrambie Titanium Vanadium Deposit (2012 JORC Inferred + Indicated Resource of 280.1Mt @ 9.18%TiO2 and 0.44%V2O5 – Neometals Limited ASX Announcement dated 17 April 2018).

Drilling undertaken by Auteco during the September 2019 Quarter successfully intersected multiple broad zones of shallow high-grade vanadium-titanium mineralisation including:

  • 20m @ 0.48% V2O5 & 6.5% TiO2 from 12 metres and 72m @ 0.46% V2O5 & 8.6% TiO2 from 52 metres in LWRC003,
  • 12m @ 0.72% V2O5 & 8.5% TiO2 from 12 metres and 24m @ 0.50% V2O5 & 6.2% TiO2 from 48 metres, and 56m @ 0.46% V2O5 & 6.1% TiO2 from 164 metres in LWRC005,
  • 20m @ 0.50% V2O5 & 6.5% TiO2 from 64 metres and 116m @ 0.36% V2O5 & 11.0% TiO2 from 104 meters in LWRC006.

See Auteco’s ASX Announcement dated 14 October 2019 for details of the drilling and all required JORC information.

At Lignum Dam (located 60 kilometres northeast of Kalgoorlie, WA), Great Boulder Resources has the right to earn up to 80% of the project by spending $1M over 4 years and is exploring for economic gold and nickel sulphide mineralisation along strike from the previously mined high-grade Silver Swan nickel deposit.

During the December 2019 Quarter, Great Boulder Resources commenced a program of data review and targeting prior to field work commencing in 2020.

At Kurnalpi (located 80 kilometres northeast of Kalgoorlie, WA), Carnavale Resources can acquire an initial 80% interest in the project by keeping the tenements in good standing and paying Mithril $250,000 cash within a three-year period.

Kurnalpi is prospective for nickel sulphide mineralisation and lies along strike from the Carnavale’s Grey Dam Nickel Cobalt Deposit (14.6Mt @ 0.75% Ni and 0.049% Co for 110,000t nickel metal and 7,200t cobalt metal – see Carnavale’s ASX Announcement dated 26 February 2019). The ultramafic host rock that underlies the Grey Dam Deposit is interpreted to extend onto the Kurnalpi tenements and Mithril understands that Carnavale will explore Kurnalpi in conjunction with their ongoing activities at Grey Dam.

Mithril also retains a small project 150km east of Alice Springs in the Northern Territory (“Leaky Bore”) which contains the Basil Copper Cobalt Deposit (JORC Code 2004 – Inferred Resource of 26.5Mt @ 0.57% copper, 0.05% cobalt – see Mithril’s ASX Announcement dated 21 March 2012).

Australian Project Locations