Mithril Resources (ASX: MTH) has advised that MMG Limited (HKG: 1208) is planning to start a 2,500 metre reverse circulation drill program targeting nickel, copper and platinum group elements in the East Arunta Project Area, Northern Territory.
This program in the eastern portion of the project area will test a number of newly identified aeromagnetic features that represent mineralised intrusions under shallow cover.
Other significant mineral occurrences within the relatively underexplored Eastern Arunta Province province includes the Mithril;s Basil Copper Deposit (Inferred Resource of 26.5 million tonnes at 0.57% copper, 0.05% cobalt), Kentor Gold’s (ASX: KGL) Jervois Copper – Silver – Gold Project, and Kidman Resources’ (ASX: KDR) Home of Bullion Copper Project.
The nickel drilling is being sole funded and managed by MMG and is in addition to the company’s 3,000 metre reverse circulation program testing copper targets throughout the project area.
MMG can earn up to 80% of the nickel rights on Mithril’s EL’s 26942, 27178, 27243, 27435, 27662, 28336, 28471, and 28501 by completing expenditure of $4 million and a Pre-Feasibility Study on a JORC Indicated Resource under the Huckitta Nickel Joint Venture.
The East Arunta Project Area is highly prospective for the discovery of economic base metal mineralisation within both the Iron Oxide Copper Gold and Volcanic Massive Sulphide.
It incorporates the 5,100 square kilometre Huckitta Project and Mithril’s wholly-owned Yambah Project, which covers 1,100 square kilometres.
East Arunta is located immediately north and east of Alice Springs.
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