Mithril Resources Ltd is pleased to advise that recent ground electromagnetic surveying has confirmed two new targets along strike from, and adjacent to the Stark copper-nickel-PGE prospect.
The new regional targets are in addition to a series of bedrock EM conductors that have already been identified adjacent to semi-massive and massive sulphide mineralisation at Stark.
Target A is a new 200-metre long EM anomaly that lies on the eastern margin of a N NW-trending, east dipping mafic / ultramafic unit within which blebby copper sulphides (Figure 3 and 4) have been identified in surface outcrops. The target has not been previously drilled.
The significance of the new anomaly is unknown until follow-up fieldwork and drilling is carried out; however its position relative to outcropping mineralisation and favourable rocktypes suggest that it may be indicative of further copper sulphide mineralisation beneath the surface.
Target D is an area of poorly exposed copper-gold mineralised quartz veins that can be mapped for approximately 130 metres at surface within a series of shallow historic prospecting pits approximately 2 kilometres ESE of Stark. The mineralisation has not been tested with two historic RAB holes failing to drill deep enough to reach the target.
Rock chip sampling of the mineralisation returned 12.85% copper, 6.97g/t gold in Sample NAN15O6-04 and 7.91% copper, 2.95g/t gold in Sample NAN15O6-07.
Interpretation of the new EM data has identified a large-scale structure that occurs immediately adjacent to the surface mineralisation.
The structure is likely to be a major control on the distribution of copper-gold mineralisation within the area and as such, is a priority for follow-up.
Follow-up evaluation of both targets is planned for the December 2015 Quarter, subject to the successful completion of the Company’s current capital raising which closes at 5.OOpm 21 September 2015.
Target A lies within a tenement that is wholly owned by Mithril Resources and is not part of the Nanadie Well Farmin and Joint Venture.
Stark and Target D lie within tenements subject to the Nanadie Well Farmin and Joint Venture with Intermin Resources Limited.
Under the terms of the joint venture, Mithril can earn an initial 60% interest in the project tenements by completing expenditure of $2M by 14 April 2018, and an additional 15% by completing further expenditure of $2M over a further 2 years.