Drilling results reinforce Nanadie Well copper potential
Adelaide, Aug 1, 2017 AEST (ABN Newswire) - Mithril Resources Ltd (
ASX:MTH) is pleased to advise positive assay results have been received from diamond drilling recently carried out at the Nanadie Well Deposit and adjacent Stark Prospect which are both located on the Company's Murchison Project located 80 kms SE of Meekatharra, Western Australia.
Drilling results reinforce Nanadie Well copper potential
- Drill hole within central portion of the Nanadie Well Copper Deposit returns:
o 4.90m @ 1.80% copper, 0.25g/t gold, within a broader intercept of 127.75m @ 0.40% copper, 0.11g/t gold
- Southernmost drillhole at the Stark Copper Prospect returns:
o 5.40m @ 1.25% copper, 0.26% nickel, 1.21g/t gold + platinum + palladium ("3PGE's") within a broader intercept of 30.40m @ 0.52% copper, 0.13% nickel, 0.36g/t 3PGE's
- Latest drilling in combination with previous results demonstrates the presence of two very large copper mineralised systems that remain open in all directions
- 13 kilometres of untested magnetic anomalies extending south from Nanadie Well and Stark to be focus of future exploration
Three holes (NDD17001 - 003 / 656.7 metres) were drilled to confirm previous mineralised intercepts and better understand the geological setting of the deposit and test the significance of new bedrock EM conductors ("M1" and "M3") at
Stark.
At Nanadie Well, NDD17001 was drilled within the central portion of the deposit and intersected a broad zone of copper - gold mineralisation. This is the first diamond drillhole into the deposit and confirmed the mineralisation is hosted within a structurally - deformed sequence of mafic intrusive rocks (gabbro and amphibolite), assaying of which returned (downhole widths - Figure 2);
- 4.90m @ 1.80% copper, 0.25g/t gold from 88.40 metres, within a broader intercept of 127.75m @ 0.40% copper, 0.11g/t gold from 42.80 metres
At Stark, NDD17002 was drilled at the southern end of the prospect to test the M1 EM conductor and intersected a zone of copper - nickel mineralisation at the modelled conductor depth. Assays returned (downhole widths - Figures 3 and 4);
- 5.40m @ 1.25% copper, 0.26% nickel, 1.21g/t (gold + platinum + palladium "3PGE's") from 257.70 metres within a broader intercept of 30.40m @ 0.52% copper, 0.13% nickel, 0.36g/t 3PGE's from 248.50 metres.
NDD17003 was drilled at the northern end of Stark to test the M3 EM conductor and intersected a zone of copper - nickel mineralisation at the modelled conductor depth. Assays returned (downhole widths);
- 10.70m @ 0.41% copper, 0.09% nickel, 0.28g/t 3PGE's from 92.00 metres.
Management discussion and regional exploration targets
The diamond drillhole at Nanadie Well has provided critical geological information about the deposit and also a context to the previous mineralised intercepts and untested targets identified along strike to the deposit.
At Stark, by intersecting further mineralisation south of that previously identified, the diamond drilling clearly demonstrates the presence of a very large copper mineralised system that remains open in all directions.
The new geological knowledge this drilling has provided will underpin future exploration throughout the project area.
Recent interpretation of newly reprocessed aeromagnetic data has identified a series of discrete linear magnetic features (that are spatially associated with existing mineralisation at both Nanadie Well and Stark) that extend for 13 kilometres along strike to the south from Nanadie Well and Stark under a thin soil veneer (Figure 5).
These southern magnetic features have not been previously explored and are compelling targets that will be a priority for Mithril's ongoing exploration within the Murchison Project.
Table 1 drillhole specifications and significant Intercepts are in the link below.
About the Nanadie Well Copper Deposit and Stark Copper Prospect
The Nanadie Well Copper Deposit and Stark Copper Prospect lie within Mithril's Murchison Project (500 km2 area and located 80 kms SE of Meekatharra, WA) which covers a NW trending belt of Archaen mafic and metasedimentary units with demonstrated prospectivity for both magmatic copper - nickel - PGE mineralisation and lode - gold mineralisation.
The project also contains the Fenceline Gold Prospect.
Intermin Resources Limited (ASX:IRC) 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).
Nanadie Well Inferred Resource
2004 JORC Code Tonnes (Mt) Cu% Au ppm Contained Cu (t) Contained Au (oz)Inferred 36.07 0.42 0.064 151,506 74,233
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 that has been identified by wide spaced reconnaissance drilling.
Nanadie Well's prospectivity is enhanced by the Stark Copper Prospect which lies within a parallel mineralised belt 1,000 metres east. At Stark, massive copper - nickel sulphide mineralisation lies within a poorly constrained south - plunging "shoot" that has been drilled down to 250 metres (vertical) beneath a zone of surface mineralisation.
At Fenceline, a zone of sub-cropping ferruginous and brecciated quartz veining has been mapped and sampled over approximately 120 metres strike length with rock chip results ranging from 0.43 g/t gold to 8.22g/t gold. The zone which has never been drilled has an estimated surface width of up to 5 metres and remains open along strike, to the south east where it passes under an area of alluvial sheet wash and drainage.
The Nanadie Well Deposit and Stark 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 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.
The Fenceline Gold Prospect and southern magnetic targets referred to in this Report lie on tenements 100% - owned by Mithril Resources.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/715A23J4
About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
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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