CHAIRMAN’S ADDRESS & AGM PRESENTATION Tuesday, 22 November 2011
Dear Fellow Shareholders Mithril Resources Ltd was very active during the year under review pursuing its mission of discovering economic base metal deposits with a focus on nickel and copper. The main activities included:
- Continued aggressive exploration on the Company’s promising Northern Territory projects,
particularly Huckitta.
- Expanding its land position in the very prospective Yilgarn and Pilbara regions of Western
Australia.
- Completion of a $12M capital raising through the placement of 100 million new shares. This
funding enabled the Company to scale up its exploration and drilling at Huckitta in the Northern Territory.
- Playing a pivotal role in the formation of Musgrave Minerals Ltd (MGV), a recently ASX listed
mineral exploration company. At Huckitta, drilling of the Basil Copper Prospect has indicated sulphide mineralisation over 3.9km of strike length within a trend that extends for over 10km. Drilling at the Peaks Zone on this trend intersected 11.5m at 1.01%Cu and 0.08%Co and the higher grades observed at Peaks may provide clues as to the location of significantly higher copper grades on the Basil trend. Although drilling to date has indicated mainly lower grade mineralisation, the mineralising event is large and appears fertile enough to reasonably expect that higher grade zones could have developed. The zone represents a target that still justifies further work and at present the Company is compiling all information collected to date to help target drilling in 2012 and to complete an initial resource calculation for the Rotten Hill mineralised zone on the Basil trend. Recently, the Company has identified new copper prospects, named Austin and Bigglesworth within a broad alteration package that is consistent with an iron oxide copper gold (IOCG) mineralising system. These prospects are located on the Huckitta project approximately 25km south of the Basil trend. It is a different style of mineralisation to Basil and given the encouragement from the early results received to date we expect it to be a new focus for the project going forward. Heritage clearance surveys have been completed at Austin and the target will be drill ready at the beginning of the next field season in March 2012. The Company continues to be well positioned to deliver its growth strategy of discovery and development of economic base metal deposits as it goes into the new financial year with a portfolio of diverse and quality exploration projects and $10.6M of cash (as of 30 June 2011). Finally, on behalf of the Directors and Shareholders, I would like to record our sincere appreciation of the excellent efforts of our small, but dedicated, team of employees and contractors under the
- utstanding leadership of Graham Ascough, our Managing Director. Graham also excelled during the
year as the key driver of our Capital Raising and for taking the key role in the formation of Musgrave Minerals of which he is the Chairman of the Board of Directors. John B Roberts Chairman