Exploring old areas with new eyes David Hutton, Managing Director - - PowerPoint PPT Presentation

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Exploring old areas with new eyes David Hutton, Managing Director - - PowerPoint PPT Presentation

Company Update Exploring old areas with new eyes David Hutton, Managing Director April 2013 Disclaimer This presentation has been prepared by Mithril Resources Limited (Mithril). The information contained in this presentation is a


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Company Update “Exploring old areas with new eyes”

David Hutton, Managing Director April 2013

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Disclaimer

This presentation has been prepared by Mithril Resources Limited (Mithril). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Mithril has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Mithril. Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, Mithril. In particular, they speak only as of the date of this document, they assume the success of Mithril’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are

  • based. Recipients of this document (Recipients) are cautioned to not place undue reliance on such forward-looking statements.

Mithril makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, Mithril and its officers, employees, related bodies corporate and agents (Agents) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Mithril and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in A$ unless stated otherwise. The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr David Hutton, who is a full-time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hutton has more than five years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hutton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Competent Persons Statement

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Australian Copper – Gold Explorer

 Dual project strategy  Quality walk up drill targets

  • 1. West Kambalda – revenue generating potential?

 New results highlight Spargos Reward’s economic potential

  • 14m @ 6.75g/t gold incl. 6m @ 12.67g/t
  • 8m @ 10.30g/t gold incl. 3m @ 25.73g/t

 Initial JORC Resource by Sept Qtr. 2013

  • 2. Eastern Arunta – excellent discovery potential

 Illogwa IOCG Area  Copper targets – drill holes being planned  Field work underway

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Corporate Snapshot (ASX: MTH)

Shares on issue 219.6 million Options (unlisted) 19.3 million Cash (at 31 December 2012) $3.14 million Market Cap $10.98 million (at 5 cents) Investments 7.68% of Musgrave Minerals (ASX: MGV) Top 40 hold 44% Minotaur Resources (10% ) and Lion Selection Fund (4% ) Board Graham Ascough, David Hutton, Donald Stephens, Derek Carter, Richard Bonython

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West Kambalda Project Area

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Why West Kambalda Gold?

 Location  Unloved assets - excellent upside  High - grade drill targets  Gold price

Last mining Deep diamond drilling Near mine drilling MI THRI L

Spargos Reward Gold Mine - Key Milestones

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West Kambalda Project Area (100% + JV)

 20 kms west of Kambalda  3 operating gold mills within 50 km radius  Along strike from Wattle Dam Gold Mine  Walk up drill targets;

  • Spargos Reward Gold Mine
  • Lady Allison Gold Deposit (90Koz)

 Increasing size of project – new JV with

KalNorth Gold Mines (ASX: KGM)

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West Kambalda – geological setting

KAMBALDA Spargos Reward – 30,000oz Lady Allison – 90,000oz Wattle Dam – 250,000oz

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Spargos Reward Gold Mine – history

 Discovered – early 1930’s  Mined – 1936 to 1942 and 1989 to 1991  Last drilled – 2009  Purchased late 2012 ($200K cash)

Mithril has drilled ore grade gold since purchase

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Spargos Reward Gold Mine – plan

14m @ 6.75g/ t gold including 6m @ 12.67g/ t gold 500 metres Main Lode West Lode

I ntercept ≥ 0.5 g/ t I ntercept ≥ 1.0 g/ t

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Spargos Reward Gold Mine – cross section

 High grade gold mineralisation  Shear hosted  Multiple lodes

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Spargos Reward Gold Mine – long section

 New results highlight economic potential  14m @ 6.75g/t gold incl. 6m @ 12.67g/t  8m @ 10.30g/t gold incl. 3m @ 25.73g/t

Wattle Dam Gold Mine long section (at same scale)

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Eastern Arunta Project Area

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Eastern Arunta Project Area - landholdings

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Eastern Arunta Project Area

Plenty Highway

 ~ 6,000kms² area  100% and JV’s (CAZ and MMG)  Nickel JV with MMG  Copper – Gold  Illogwa IOCG Area  Yambah VMS prospects  Targets now defined – drill holes

being designed

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I llogwa I OCG Area – Australia’s newest I OCG district

Plenty Highway

I llogwa I OCG diamond drill core – Austin prospect

 500kms²  Mithril discovery late 2011 with no previous drilling  Outcropping copper  First ever drilling (mid - 2012) confirms Iron Oxide Copper Gold (IOCG)  Best targets yet to be drilled

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I llogwa I OCG Area – structurally controlled copper

Plenty Highway

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I llogwa I OCG Priority Target – Mini Me West

Plenty Highway

 Coincident VTEM – IP chargeability (10 x background) anomaly  800 metres long  Outcropping copper  Drill ready

Mini Me Mini Me West

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Yambah VMS Priority Target – Bessie’s Reward

Plenty Highway

 Multiple gossans throughout 450m x 100m area  3 shallow RC holes drilled 1983 (incl. 22m @ 0.33% copper from surface)  No follow up and no EM geophysics

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Next Steps

West Kambalda Project

 Spargos Reward resource - Sept Qtr. 2013

East Arunta Project

 Mapping and sampling underway  Ground geophysics - June Qtr. 2013  Drilling - Sept Qtr. 2013

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2013 Planned Activities

Project Area Location Jun Qtr. Sep Qtr. Dec Qtr. West Kambalda

Gold Spargos Reward Gold Mine Initial Resource Estimate Drilling (* ) Spargos Reward area Drill target definition Drilling (* ) Spargoville JV Drill target definition Drilling (* )

East Arunta

Copper Gold Illogwa IOCG Drill target definition Geophysics (* ) Drilling (* ) Yambah Drill target definition Geophysics (* ) Drilling (* ) * Subject to results and Board approval

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Resource I nventory

Basil Copper Deposit

JORC Category Copper cut off grade (% ) Tonnes (Mt) Copper (% ) Cobalt (ppm) Contained copper (tonnes) Contained cobalt (tonnes)

Inferred 0.3 26.5 0.57 504 151,050 13,356 Inferred 0.1 90.0 0.28 309 252,000 27, 810

JORC Category Gold cut off grade (g/ t) Tonnes (Mt) Gold (g/ t) Contained gold (ounces)

Inferred 0.5 2.13 1.3 87,000

Lady Allison Gold Deposit (MTH right to earn up to 80% )

The Lady Allison Gold Deposit is subject to the Spargoville Farm in and Joint Venture with KalNorth Gold Mines (ASX: KGM) where Mithril has the right to earn up to 80% by completing expenditure of $2 million

  • ver 4 years
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For further information:

David Hutton – Managing Director admin@mithrilresources.com.au 08 8378 8200