Mithril Resources Limited: New Bangemall Base Metal Project
Adelaide, Australia - Mithril Resources Ltd. (ASX:MTH) is pleased to advise that multiple targets have been prioritised for follow-up on its new 100% - owned Bangemall Base Metal Project ("Bangemall"). Bangemall is located west of Galena Mining Limited's Abra Deposit within a similar geological setting approximately 250 kms north west of Meekatharra, WA - Figure 1 in link below.- New 100% - owned project west of the Abra Lead Silver Deposit which covers interpreted western extension of the large regional scale structure that controls mineralisation at Abra
- Prospectivity highlighted by airborne EM (GEOTEM) anomalies with overlapping anomalous surface geochemistry, and / or zones of copper and zinc in historic drill holes
- Strengthens the Company's exploration portfolio which includes the Kurnalpi Nickel Project, Billy Hills Zinc Project, and the Limestone Well Vanadium Joint Venture
The Project (EL's 09/2315 and 52/3644 - 710km2) covers the interpreted western extension of the Lyons River Fault Zone, a large regional scale structure that controls mineralisation at Abra 100 kms to the east, within an area of similar Proterozoic sediments that host the Abra deposit (Figure 2).
A 2012 JORC Code Compliant Indicated and Inferred Resource of 36.6Mt @ 7.3% lead, 18g/t silver has been recently estimated for the Abra Deposit (see ASX Announcement by Galena Mining Limited dated 14 March 2018).
At Bangemall, Mithril is targeting large scale copper, lead and zinc deposits and has now identified multiple targets that are typically characterised by airborne EM (GEOTEM) anomalies with overlapping or adjacent anomalous surface geochemistry, and / or zones of copper and zinc mineralisation within historic drill holes.
Of note is the Belang Bore target on EL52/3644 where a large (~5 kms x 5 kms) barium, manganese, cobalt and lead stream sediment anomaly overlies several late time GEOTEM anomalies. Belang Bore lies within an area of shallow cover and these targets have not been previously drill tested (Figures 3 to 4).
The geochemical association seen at Belang Bore is consistent with that typically seen above large scale sedimentary exhalative ("SEDEX") base metal deposits globally.
The potential of the Project to host a large base metal deposit is reinforced by historic surface rock chip sampling and wide spaced drilling undertaken on EL09/2315, some of which has returned strong indications of copper and zinc mineralisation, see Tables 2 - 3, and Figure 5 in link below;
- Rock chip samples with individual assay values up to 17.5% copper, 2.4% lead, 3.70% zinc, and 120ppm silver
- Drilling - 48m @ 0.27% zinc from 54 metres in ISBD1, 5m @ 0.59% zinc from 130 metres in ISBD2, 21m @ 0.35% zinc from 315 metres in ISBD3 and 10m @ 0.68% zinc from 34m in RC99MC06.
Bangemall considerably strengthens Mithril's exploration portfolio which comprises the Kurnalpi Nickel Project (confirmed nickel sulphides and a new copper-cobalt target), the Billy Hills Zinc Project (priority targets identified adjacent the historic Pillara Zinc Mine), and the Limestone Well Vanadium Joint Venture (where Monax Mining Ltd. can earn up to 80% by spending $2.5M over 5 years).
Mithril will continue with target generation activities on the Project ahead of tenement grant which is expected early next year.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/YF159N90
About Mithril Resources Limited:
Mithril Resources Ltd. (ASX:MTH) is an Australian resources company whose objective is the creation of shareholder wealth through the discovery of mineral deposits.
The Company and its exploration partners are actively exploring throughout the Kalgoorlie, West Kimberley and Murchison Districts of Western Australia for economic nickel, copper, zinc, and vanadium deposits.
In the Kalgoorlie District, Mithril is exploring for nickel on the Kurnalpi, Lignum Dam and North Scotia Projects which lie along strike from, or adjacent to previously mined high-grade nickel at the Silver Swan and Scotia Nickel Deposits.
In the West Kimberley, Mithril is exploring for zinc on the Billy Hills Project which lies adjacent to the previously mined Pillara Zinc Deposit.
In the Murchison, Mithril is exploring for copper, nickel and zinc mineralisation on the Nanadie Well Project and for copper, silver, zinc and lead on the Bangemall Base Metal Project. Mithril's exploration partner – Monax Mining Ltd. is also exploring for vanadium on the Limestone Well tenements.
Source:
Mithril Resources Ltd.
Contact:
Mithril Resources Ltd. David Hutton Managing Director E: admin@mithrilresources.com.au T: +61-8-8132-8800 F: +61-8-8132-8899 www.mithrilresources.com.au
