Mithril Resources Ltd Managing Director David Hutton has announced that that its Nickel Rights joint venture partner, MMG Limited (MMG) has commenced a high-resolution aeromagnetic survey at the Huckitta Project, which is located within Mithril’s Eastern Arunta Project Area.
Mithril Resources Ltd (ASX:MTH) is pleased to advise that its Nickel Rights joint venture partner, MMG Limited (MMG) has commenced a high-resolution aeromagnetic survey at the Huckitta Project, which is located within Mithril’s Eastern Arunta Project Area, approximately 150 kilometres east of Alice Springs, Northern Territory (Figure 1).
The 15,236 kms² survey is being flown on 50-metre line spacings with the aim of identifying a new generation of bedrock nickel targets within the Huckitta Project area.
The survey follows MMG’s successful 2012 field program of regional stream sediment sampling and geological reconnaissance which identified a number of new nickel targets which will be assessed during the forthcoming 2013 field season.
At Huckitta, MMG can earn up to 80% of the nickel rights on Mithril’s wholly owned tenements (excluding EL28335, EL28369, EL24194 and EL24427); by completing expenditure of $4 million and a Pre–Feasibility study on a JORC Indicated Mineral Resource. Under the terms of the joint venture agreement, MMG must spend a minimum of $1.5 million by 31 October 2013. If MMG doesn’t satisfy this requirement then it is obliged to pay Mithril the difference between actual expenditure and the $1.5 million.
The joint venture is significant as it allows Mithril to remain focussed on exploring for high-grade gold mineralisation within the Kambalda District of Western Australia (where it is currently drilling), and high-grade copper–gold mineralisation at the Illogwa IOCG Area, which lies approximately 40 kilometres to the south of the MMG work area.
Competent Persons Statement:
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr David Hutton (Managing Director), who is a full?time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr D Hutton has more than five years’ experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Mr Hutton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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.
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David HuttonP: 08 8378 8200