Mithril Resources (ASX: MTH) has withdrawn from the Pardoo farm-in and joint venture to focus on the Huckitta Project in the Northern Territory and other fully owned projects in Western Australia.
The JV with Segue Resources (ASX: SEG) entitled Mithril to earn up to a 65% interest in Pardoo, located in Western Australia, for all minerals other than iron ore.
In a statement Mithril said it did not meet its expenditure requirements in the past 12 months under the JV due to priority commitments at Huckitta and other 100% held tenements in the East Pilbara Region.
Mithril Resources recently raised $12 million in an oversubscribed capital raising to accelerate exploration at Huckitta, where significant gold, copper and nickel discoveries suggest the potential for a new mineral province.
The company plans to commence drilling at Huckitta in March.