MITHRIL RESOURCES LIMITED - ASX: MTH

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Description

Mithril is an Australian resources company focused on growth through the discovery and development of mineral deposits. The Company has consolidated an extensive land holding throughout Australia and is primarily focused on nickel-copper sulphide exploration on three core project areas. These are:

• The Huckitta Project where the Company has recently discovered a number of new nickel-copper mineral occurrences suggesting a large, fertile magmatic event has occurred within the project with the potential to host significant nickel-copper sulphide deposits. The new occurrences include Blackadder where rockchips returned 3.8% nickel, 9.6% copper and 1.7 g/t platinum+palladium. No drilling has been completed on the project to date but will commence in September 2009.

• The East Pilbara Project comprises 4 granted exploration licences and two pending exploration license applications that cover ~701km2. The project tenements are well located in regards to infrastructure and are easily accessed by road and station tracks.

An initial field program has identified new mineralisation through surface rock chip sampling. Assay results indicate anomalous values of nickel, copper, silver, gold, platinum and palladium from a number of prospects. The copper bearing sulphide chalcopyrite was observed in outcrop at the Gorge Prospect and assays returned high grade copper and anomalous nickel values. This area has not been drill tested.

A key part of the company's growth strategy is the early identification and aggressive exploration of areas and projects that are prospective for economic mineral deposits. Core to this is an experienced board and exploration team with strong technical and project development skills.

The recently formed Musgrave Minerals Ltd is on schedule to conduct an initial public offering of shares and seek admission to the official list of the Australian Securities Exchange (ASX) and quotation of its shares prior to April 30, 2011. It will be a dedicated mineral explorer in the Musgrave Region of South Australia with exploration interests covering more than 50,000km2 in this under-explored terrain.

Musgrave Minerals Ltd has been formed through a joint initiative by Mithril, Independence Group NL, Goldsearch Limited (PD) Australia Ltd, Integra Mining Ltd (IGR: ASX) and Argonaut Resources Ltd (ARE:ASX ) to accelerate exploration in the highly prospective Musgrave region of South Australia.

Mine For

nickel, copper, platinum, palladium

Location of operation(s)

South Australia, Northern Territory

Address

60 King William Rd
GOODWOOD, SA, AUSTRALIA

Phone

(61 8) 8378 8200

Email

Website

http://www.mithrilresources.com.au

Last Updated

22/03/2011