Mithril Resources: New high-grade Kombi gold prospect
Monday, Aug 07, 2017
Mithril Resources Ltd (ASX:MTH) is pleased to advise that a newly completed review of previous exploration data has identified a new gold prospect (called "Kombi") on its Murchison Project, approximately 70 kms southeast of Meekatharra, WA.

- Mithril targeting high-grade gold beneath historic Gloria June workings and adjacent soil anomaly

- Historic workings at Gloria June (to 10 metres depth) produced 1,094 tonnes @ 10.8g/t gold with sampling of remnant quartz vein material returning results up to 271g/t gold

- No drill testing below 25 metres vertical depth throughout prospect area with only wide spaced shallow RC drilling undertaken by previous explorers

- Further mapping and sampling planned ahead of drill testing in second half of 2017

The new gold prospect is 1.4 kms south east of Mithril's Nanadie Well Copper Deposit and Stark Copper Prospect and comprises the historic Gloria June gold workings and a large gold in soil anomaly immediately along strike from the workings.

Kombi is the second new gold prospect generated by Mithril on its Murchison Project along with the Fenceline Gold Prospect to the north east (see Mithril's ASX Announcement dated 28 June 2017).

The historic Gloria June workings comprise a 30 metre long, SE trending underlay stope that dips to the south west and follows a gold - mineralised quartz vein within a narrow (1 - 5 metres) shear zone. The open stope is between 6 and 10 metres deep and has a reported historic production of 1,094 tonnes at 10.8g/t gold (refer to 1989 and 1990 Dominion Mining Limited Reports - WAMEX Report Nos: A028124 and A0343335).

Rock chip sampling of remnant vein quartz material from the workings returned results ranging from 0.27 g/t gold to 271 g/t gold..

There is also a historic surface gold in soil anomaly immediately southeast of the Gloria June workings. The anomaly is 150m x 170m in size.

Significantly, beneath the workings and the soil anomaly have not effectively drill tested with only wide spaced shallow reverse circulation drilling (less than 25 metres vertical depth) previously undertaken.

While no assay results for the Gloria June drill holes have been found, one of the holes drilled 100 metres southeast of Gloria June within the soil anomaly intersected 2m @ 1.73g/t gold from surface (INCA13) with no apparent follow-up.

Mithril is targeting high-grade gold mineralisation beneath the workings and soil anomaly below existing drilling (i.e. 25 metres vertical) at Kombi and the prospect is a high priority for follow-up.

Mithril plans to conduct further detailed mapping and sampling ahead of potential drill testing in the second half of 2017 and looks forward to updating the market with new results as they become available.

About the Murchison Project

The Kombi Gold Prospect lies 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 Nanadie Well Copper Deposit, Stark Copper Prospect and Fenceline Gold Prospect.

The Kombi Gold Prospect, Nanadie Well Copper Deposit, Stark Copper Prospect lie on EL51/1040 which is 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 lies on EL51/1615 which is wholly owned by Mithril Resources.

For more information, please visit: http://www.mithrilresources.com.au

Featured Profile

Featured Videos

Featured Case Studies