Wednesday, March 21st, 2012 - Mithril Resources Ltd
Base metals explorer Mithril Resources Ltd (Mithril/Company) is pleased to advise that a JORC code compliant Inferred Mineral Resource estimate has been completed for the Rotten Hill and Peaks zones of the Basil copper-cobalt deposit on its Huckitta Project in the Northern Territory (Figure 1).

The Company commissioned Mining Plus Pty Ltd (Mining Plus) to undertake the resource estimate for the Basil copper-cobalt deposit and the result is presented in Table 1 at two different cut-off grades. The resource has been classified as an Inferred Mineral Resource and this classification is based on criteria including geological and grade continuity, the quality of the data and the confidence of the estimation.

The Inferred Mineral Resource is composed of both interpolated and extrapolated resources and has been reported in accordance with the JORC Code (2004) and JORC/ASX Companies Update Number 03/07. A resource estimation summary is provided in the attached appendix.

A portion of the mineralisation has been extrapolated beyond the extents of the drilling to reflect the expected geological continuity. The proportion of the resource that is based on extrapolated data is approximately 41% and 99% of the blocks used for the extrapolated portion of this resource lie within 275m of an existing drill hole. A diagrammatic representation of the Inferred Resource outlining the extrapolated part of the estimated resource is shown in Figure 2.

The resource is open down dip and along strike and the final report from Mining Plus has highlighted a number of areas that may warrant further drill testing. Mithril is evaluating these targets in light of geophysical modelling and downhole electromagnetic surveys. The highlighted areas include down dip of the current resource in the vicinity of LB022DD and another potentially mineralised horizon in the hanging wall amphibolite package where the Peaks and Rotten Hill mineralised zones meet (Figure 1).

“The Inferred Resource estimate for Rotten Hill/Peaks, covering 30% of the Basil mineralised trend, demonstrates the potential of the Huckitta region to host large mineral deposits near surface” said Managing Director Graham Ascough. “The scale at Basil is quite considerable, consequently work will focus on locating higher grades both at Basil and elsewhere on the Huckitta Project”.

As a first step in the exploration season, field work is now underway approximately 30km south of Basil on the near surface Illogwa iron-oxide-copper-gold targets and the Company looks forward to providing further updates on exploration results as they become available.

Contact Profile

Mithril Resources Ltd

Mithril Resources Ltd is an Australian exploration company focused on the discovery and development of base metal deposits - primarily nickel and copper. Mithril is a frontier explorer in the Northern Territory and Western Australia, with an experienced team operating out of Adelaide.


Graham Ascough, phone:08 8378 8200
email: [email protected]

Richard Sproull
phone: (08) 8267 6888
mobile: 0418 585517
email: [email protected]

Graham Ascough at the Huckitta Project, NT
Richard Sproull, Michels Warren Public Relations
P: (08) 8267 6888
M: 0418 585517


Field work at Huckitta Project



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