This stock has lost its audience, EM survey started last week... how long will it take? Are drilling contractors being talked to? The market needs to know these small details and timelines to keep the focus on the stock and keep momentum going, other wise it just dies in the ass like this with low volume. Everytime there is an anouncement that is a chance for the company to tell a bit of its story and they missed that oppurtunity in the last quarterly, some guidance around time lines would have certainly slowed the blow.
Okay ill ignite the conversation and post some of my findings because at ~5mil MC this is just basement prices. So, ive done a bit of research around Mithrils land in Kurnalpi, the company, and the surrounding tenements. So as a couple posters here before have suggested, the system is about 3-4km long... this is true, there is potential for the system to be 4km long in 'our' land. But the whole system including the Grey Dam resource (14.5MT @ 0.7Nickel) which is attached to our system is around 10km long, but only about 3-4km (the middle of the system) of that runs through our tenement. I'll touch on this a bit lower.
Here is a picture of the 'system', around 10km long... notice the
Ultramafic rock, this is the rock that hosts the Nickel. The Grey Dam resource only takes up a fraction of this system and is still 14.5MT @ 0.7Ni, so there is potential for this system to be huge and high grade, dont forget, the closest Nickel mine is the Silver Swan Nickel mine, and thats the highest grade Nickel mine
in the world.
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Silver Swan Nickel mine...
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The right post code for Nickel Sulphide....
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Okay so moving on, now we know the system runs through our tenement, but whos our neighbour that hosts the rest? Kalnorth Gold Mines (KGM), now the good thing about KGM is their focus is Gold, not Nickel and MTH and KGM had done a joint venture in the past on another Nickel deposit back in May 2015, called the Spargoville JV which was around the Kalgoorlie area as well. David Hutton, the current MD of Mithril was at the helm when this deal was struck up so we know these sort of deals are on the table and fortunately KGM is in a spot of trouble with money as they have a con note maturing soon. So it would seem in both parties best interest to strike up a JV/Farm In agreement over the Nickel rights, which would then really blow this stock up.
Below is KGM tennement position, i have drawn in where i
think Mithrils tenement is in relation to Kalnorths, but i am not sure of the little 'L' shape kick out at the bottom right corner, so take this with a grain of salt. My mapping skills are pretty much non-existant so maybe someone with some mapping skills could help out here...
@Tazaus you seem to know what your doing here, if you dont mind lending a hand to piece this puzzle together?
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So as we can see we hold about 3-4km of the host rock which is significant in itself, the EM survey should be due next mid next week i think, as it should take about 2 weeks (assuming it started mid last week) and that should give some pretty compeling drill targets. The company has said the drilling would start immediately after the EM survey, so i think the drill piece should start drilling early Feb... but we will wait to hear from the company on this one. Another interesting piece of information i found out was that in our T10 we have a drilling company on our register that is also based in Kalgoorlie, so logic would say we would be using them for our drilling (i think MTH has used them in the past as well). This keeps our interest and there interest aligned, obviously not much they can do about whats in the floor but you can be sure they will drill it properly and cost effectively. I have seen companies issue shares to drilling contractors in lieu of money, maybe this is something Mithril would be open to, i think i saw this at CGM once and the market really liked that, it spelt confidence.
Anyways, if MTH can strike up a deal with KGM this will be a Hail Mary, but even with out it, 3-4km strike length is still enough to give this a decent re-rating. Gaps now closed at 4.2 and for a crirca 5mil this is just to cheap to go un-noticed. I think the last raise was done to some pretty weak hands that have just flipped the stock and we all know how important a strong register is to make a SP move, with only ~123 SOI it shouldnt take much to get the right people on board on the weak hands off the boat to make this move. I took the chance this morning to top up, the sell off was just panicked and stupid IMO, just need a bit more direction from the company to get the interest back into the stock, im here for the Hail Mary, but we need the company to caress the market a bit more. GLTAH
