During the year under review the company continued its focus on the Murchison Project where drilling was undertaken at the Nanadie Well Copper Deposit and the adjacent Stark Copper Prospect. Significant copper mineralisation was intersected at both prospects providing further confirmation that the area is host to two large copper mineralised systems less that 1km apart that remain open at depth and along strike. Prospecting and sampling on the Murchison Project also identified two new gold prospects, Fenceline and Kombi which are a priority for follow up and will be the focus for future exploration in the area.
In addition to our efforts at Murchison, Mithril's exploration partners carried out aircore drilling for gold at Duffy Well, estimated a new JORC Mineral Resource at Spargos Reward and identified a new gold target at Kurnalpi.
Also, a scientific drilling program was under taken at Coompana by the Geological Survey of South Australia together with Geoscience Australia. Coompana is an underexplored region in the far southwest corner of South Australia, and Mithril has an agreement with OZ Minerals Limited to assess this area for magmatic nickel - copper deposits.
To support our exploration activities, the Company raised $0.54M via a Share Purchase Plan and an additional $0.80M through a Share Placement pursuant to Section 708 of Corporations Act during the year. New shares were issued at a price of $0.005 (0.5 cents) for both the SPP and Placement. It was very pleasing to see that the Capital Raisings were well supported by a number of existing shareholders as well as new investors.
Unfortunately, our share price has not reflected the hard work, success and dedication of our exploration team and I believe that this largely due to the prevailing negative market conditions towards junior explorers. I assure you we are working as hard as possible to provide value to our shareholders, and to ensure we maximise in-ground expenditure we have maintained low overheads and adopted a number of measures to reduce running costs and increase efficiency.
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About Mithril Resources Limited
The Company is actively exploring throughout two highly prospective areas of the Western Australian Goldfields, namely the Kalgoorlie District for gold and nickel deposits and the Meekatharra District for copper-nickel deposits.
The Company is also exploring South Australia’s far western Coompana Province for magmatic nickel – copper deposits with OZ Minerals Limited.
Mithril Resources Limited