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: