Cobalt Potential Highlighted at Nanadie Well Copper Deposit
Adelaide, Mar 28, 2017 AEST (ABN Newswire) - Mithril Resources Ltd (
ASX:MTH) is pleased to advise that a review of previously completed drill hole sampling has highlighted the cobalt potential of the Nanadie Well Copper Deposit (2004 JORC Code Compliant Inferred Resource of 36.07Mt @ 0.42% copper, 0.064 g/t gold - 151,506 tonnes copper and 74,233 ounces gold estimated by Intermin Resources Limited ASX:IRC in 2013) which is located 80 kilometres southeast of Meekatharra, Western Australia (see Figure 1 in the link below).
- Selective resampling of drill spoils returns elevated cobalt including;
o 1m @ 2.97% copper, 1.27g/t gold, and 0.15% cobalt, and
o 1m @ 5.71% copper, 0.86g/t gold, and 0.07% cobalt
- Previous exploration activities focussed primarily on copper with vast majority of higher grade copper intervals not analysed for cobalt
- Nanadie Well hosts an existing 2004 JORC Inferred Resource of 36.07Mt @ 0.42% copper, 0.064 g/t gold - 151,506t copper and 74,233ozs gold (see note below)
- Diamond drilling to test for further high-grade copper and associated cobalt planned for the June 2017 Quarter
Previous drilling at Nanadie Well has focused on copper and gold, with the overwhelming majority of higher grade copper intervals (i.e. greater than 1% copper) never having been analysed for cobalt.
Mithril's selective resampling of historic RC drillholes within the deposit has returned elevated cobalt as well as nickel, platinum and palladium, the best results being (see Table 1 and Figure 2 in the link below);
- 1m @ 2.97% copper, 1.27g/t gold, 0.15% cobalt, 0.47% nickel and 478ppb platinum + palladium ("PGE's") from 128m hole NRC12015 (grab sample),
- 1m @ 5.71% copper, 0.86g/t gold, 0.07% cobalt, 0.49% nickel and 128ppb PGE's from 146m in NRC12013 (grab sample), and
- 1m @ 4.50% copper, 0.87g/t gold, 0.06% cobalt, 0.82% nickel and 168ppb PGE's from 128m in NRC12015 (grab sample),
While the resampling results highlight the deposit's cobalt potential, further work is required to better understand the grade and distribution of cobalt, nickel and PGE mineralisation at Nanadie Well and with this in mind, diamond drilling to test for further high-grade copper and associated cobalt is planned for the June 2017 Quarter.
About the Nanadie Well Copper Deposit
Intermin Resources Limited estimated a 2004 JORC Code Compliant Inferred Resource for the Nanadie Well Copper Deposit in September 2013 (see Intermin's ASX Announcement "Initial Resource Estimate for the Nanadie Well Cu-Au Project" dated 19 September 2013).
The information pertaining to the Nanadie Well Copper Deposit Inferred Resource was prepared and first disclosed by Intermin under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
The Inferred Resource is within a few meters of the surface and has been defined over 1 kilometre strike length, 50 - 150 metres (true width) and to a maximum depth of 220. The deposit remains open in all directions and lies within a broader 2 kilometres long mineralised zone (see Figures 2 and 3 in the link below) that has been identified by wide spaced reconnaissance drilling.
Nanadie Well's prospectivity is further enhanced by the presence a second parallel copper - mineralised trend 500 metres east called the Stark prospect.
Refer to Mithril's ASX Announcements "Drilling extends Cu-Ni-PGE massive sulphides at Stark" dated 21 December 2015, and "Priority copper-nickel-targets at Stark" dated 1 June 2015 for further information on the Stark Prospect.
About the Nanadie Well Project
The Nanadie Well deposit and Stark prospect lie on tenements subject to a Farmin and Joint Venture Agreement (Nanadie Well Joint Venture) with Intermin Resources Limited (ASX:IRC). Under the terms of the joint venture, Mithril can earn a 60% interest in the project tenements by completing expenditure of $2M by 14 April 2019, and an additional 15% by completing further expenditure of $2M over a further 2 years.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/5X9114E0
About Mithril Silver and Gold Limited
Mithril Resources Limited (ASX:MTH) (CVE:MSG) is an Australian resources company whose objective is the creation of shareholder wealth through the discovery of mineral deposits.
The Company and its exploration partners are actively exploring throughout the Kalgoorlie, West Kimberley and Murchison Districts of Western Australia for economic nickel, copper, zinc, and vanadium deposits.
In the Kalgoorlie District, Mithril is exploring for nickel on the Kurnalpi, Lignum Dam and North Scotia Projects which lie along strike from, or adjacent to previously mined high-grade nickel at the Silver Swan and Scotia Nickel Deposits.
In the West Kimberley, Mithril is exploring for zinc on the Billy Hills Project which lies adjacent to the previously mined Pillara Zinc Deposit.
In the Murchison, Mithril is exploring for copper, nickel and zinc mineralisation on the Nanadie Well Project and for copper, silver, zinc and lead on the Bangemall Base Metal Project. Mithril's exploration partner – Monax Mining Ltd is also exploring for vanadium on the Limestone Well tenements.
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