New Copper-Zinc Project Strengthens Exploration Portfolio
Adelaide, June 5, 2018 AEST (ABN Newswire) - Mithril Resources Ltd (
ASX:MTH) is pleased to advise that it has applied for a new 100% - owned Exploration Licence (EL09/2315 - Genoa Bore Copper Zinc Project) that lies west of Galena Mining Limited's Abra Deposit within a similar geological setting (located 300 kms north west of Meekatharra, WA - see Figure 1 in link below).
- New 100% - owned tenement application named "Genoa Bore" west of the Abra Lead Silver Deposit
- Genoa Bore covers interpreted western extension of large regional scale structure that controls mineralisation at Abra
- Prospectivity of new project highlighted by strong indications of copper and zinc mineralisation in historic work
- Strengthens the Company's exploration portfolio which includes the Kurnalpi Nickel Project where Mithril is planning to test priority nickel sulphide targets in late June.
Mithril's new Genoa Bore Project (340km2) covers the interpreted western extension of the Lyons River Fault Zone, a large regional scale structure that controls mineralisation at Abra 140 km to the East, within an area of similar Proterozoic sediments that host the Abra deposit (See Figure 2 in link below).
A 2012 JORC Code Compliant Indicated and Inferred Resource of 36.6Mt @ 7.3% lead, 18g/t silver has been recently estimated for the Abra Deposit (see ASX Announcement by Galena Mining Limited dated 14 March 2018).
At Genoa Bore, Mithril is targeting an economic accumulation of copper and zinc mineralisation. The area's prospectivity is highlighted by historic surface rock chip sampling and wide spaced drilling, some of which has returned strong indications of copper and zinc mineralisation, see Tables 2 - 3, and Figure 3 in link below;
- Rock chip samples with individual assay values up to 17.5% copper, 2.4% lead, 3.70% zinc, and 120ppm silver
- Drilling - 48m @ 2,709ppm Zn from 54 metres in ISBD1, 5m @ 5,940ppm Zn from 130 metres in ISBD2, and 21m @ 3,488ppm Zn from 315 metres in ISBD3
Mithril will now conduct a data compilation, review and target generation exercise at Genoa Bore ahead of the tenement's grant which is expected within the next 12 months.
The addition of the new project strengthens Mithril's exploration portfolio which includes the Kurnalpi Nickel Project (two targets prioritised for drill testing and EM geophysics in late June 2018), and the Billy Hills Zinc Project (target generation continuing ahead of expected tenement grant in the September 2018 Quarter) (see Table 1 in link below).
To view figures, please visit:
http://abnnewswire.net/lnk/18TA68JT
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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