Wednesday, April 18th, 2012
Base metals explorer Mithril Resources Ltd (“Mithril”/ The Company) is pleased to advise that ground field work and airborne surveys on the Illogwa iron-oxide-copper-gold (‘IOCG’) target area at the Company’s Huckitta Project in the Northern Territory has identified multiple targets for further work, including a new area of outcropping copper mineralisation.

Geological mapping and surface sampling 500m south east of the Austin Copper Prospect* has identified anomalous copper (0.15% to 1.0%) and gold (33ppb to 280ppb) mineralisation in magnetite rich veins within granitic rock types that are intensely magnetite altered. The association of mineralisation with such alteration has not been previously identified on the project but is again consistent with an IOCG mineralising system. Mapping and sampling in this area is on-going with the view to commence drilling at Austin in May 2012. The copper mineralisation at and around Austin is associated with a >15km long east northeast-west southwest trending major fault that is clearly delineated in the recently acquired airborne magnetic data.

Induced polarisation surveys completed in 2011 indicate anomalous responses at the Austin Prospect coincident with outcropping copper mineralisation and are interpreted to represent sulphide accumulations. These and the gravity and magnetic anomalies immediately south of Austin are priority exploration targets for drill testing.

“This phase of work at Huckitta is focused on uncovering high quality targets that will be drilled in the coming months” said Mithril Resources Managing Director Graham Ascough.

“Exploration activities are on-going and will focus on the mineralised structures, known prospects as well as other magnetic and gravity features.”

Priority targets, including Austin and Bigglesworth will be drill tested in May-June of this year.

MMG-Mithril Nickel JV

MMG Exploration Pty Ltd (‘MMG’) has commenced nickel exploration on the 100% owned Mithril tenements of the Huckitta Project. This work is initially focused on ground assessment (geological mapping and surface geophysics) of 10 geophysical (VTEM) target areas to advance them to the drill stage in 2012. MMG is a wholly owned subsidiary of Minmetals Resources Limited (HKSE 1208), an international upstream base metals company that entered into a farm-in joint venture for nickel-only on selected 100% owned Mithril tenements at Huckitta. Under the joint venture, Mithril retains the rights to all non-nickel related minerals. More details on the joint venture can be found in Mithril’s ASX release of 27 September 2011.

East Pilbara

Drilling at the East Pilbara Project in Western Australia will target base metals at the Talga East and Gorge prospects and is expected to commence in May. This program was delayed slightly due to Cyclone Lua which recently passed through the project area.

“With an excellent team in place and cash in excess of $6M we are well placed to test the exciting targets currently being outlined at Huckitta as well as those in the East Pilbara,” Mr Ascough said. “We look forward to providing investors with further updates as results become available.”

*The Austin Prospect is located on EL25643 where Mithril may earn an 80% interest under a joint venture with Sammy Resources Pty Ltd, a wholly owned subsidiary of ASX-listed Cazaly Resources Ltd (ASX:CAZ).

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

Contact Profile

Graham Ascough, Managing Director, Mithril Resources

P: 08 8378 8200





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