http://www.*.com.au/genera//img/companies/news/wa_map_6__358_5726a82387c5e.jpg Mithril Resources Ltd (ASX:MTH) has identified four new lithium targets at the Spargos Reward Project, located 18 kilometres south of Neometals Ltd’s (ASX:NMT) Mt Marion Lithium Project near Kalgoorlie, Western Australia.
The targets have been identified from a historical data review and prioritised on the basis that they display strong similarities to the Mt Marion Project, which has JORC resource of 23.24 million tonnes at 1.39% Li2O.
The Spargos Reward contains pegmatite intrusions within mafic-ultramafic rocks, cross cutting structural features, coincident radiometric (potassium) anomalies, and historic tin-tantalum-lithium mineral occurrences.
Despite occurring within close proximity to Mt Marion and the Spargos Reward Gold Deposit, none of the targets have received any modern lithium exploration.
Mithril is planning to commence field work during the current June 2016 quarter.
The project is subject to a joint venture agreement with Corona Minerals Ltd, whereby Corona has purchased an initial 50% equity interest in the project tenements for $100,000 cash.
Corona can elect to earn up to 85% equity by sole funding exploration through to the completion of a positive scoping study on a 2012 JORC code compliant mineral resource.
The shares of Mithril has increased by about 57% during the last one month.
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