News: Mithril Resources discovers copper-nickel-PGE in Western Australia

Mithril Resources’ (ASX:MTH) drilling has confirmed the Stark Prospect at the Nanadie Well Copper Gold Project in Western Australia as an emerging magmatic copper-nickel-PGE discovery.

The company is earning a 75% interest in the project from Intermin Resources (ASX:IRC) by completing expenditure of $4 million over six years with a minimum expenditure of $250,000 required by 14 April 2015.

Strong assay results were returned from each of the holes drilled including higher grades as follows:

- 16 metres at 0.81% copper, 0.09% nickel, and 0.39 grams per tonne PGE from 183 metres in NRC14008 including 4 metres at 1.91% copper, 0.18% nickel, and 0.96g/t PGE from 194 metres;
- 13 metres at 0.44% copper, 0.08% nickel, and 0.24g/t PGE from 144 metres in NRC14003 including 2 metres at 1.04% copper, 0.18% nickel, and 0.49g/t PGE from 152 metres;
- 10 metres at 0.49% copper, 0.05% nickel, and 0.45g/t PGE from 151 metres in NRC14008; and
- 2 metres at 1.32% copper, 0.03% nickel and 0.80g/t PGE from 76 metres in NRC14007.

Downhole EM surveying carried out subsequent to the drilling has confirmed that the sulphides intersected in the drillholes are the source of the original ground EM conductors and that there are a number of strong off-hole conductors that require follow-up testing as a priority.

The drilling also demonstrates that the Stark mineralisation has the potential to increase in both grade and width.

At present these are the only two drillholes to have tested this new zone and the mineralisation remains open in all directions with the modelling of the ground EM results suggesting significant lateral and down-dip extent.

To better understand Stark’s geological setting and determine the significance of the downhole EM conductors, a follow-up program of diamond drilling is planned as soon as possible in the current quarter.