Mithril Resources (ASX:MTH) has executed a new option and joint venture Agreement with MMG Exploration and Oklo Resources (ASX:OKU) whereby MMG can earn up to 90% interest in EL 25453, currently held by Mithril (60%) and Oklo (40%), by funding $6 million in exploration over 6 years.
EL25453 is located in the eastern portion of Mithril’s East Arunta Project Area in the Northern Territory and lies adjacent to other Mithril tenements currently being explored by MMG for nickel under a separate joint venture agreement.
MMG’s nickel exploration efforts now encompass almost half of Mithril's 5074 square kilometre holding in East Arunta, also sole funded and managed by MMG.
MMG will shortly commence a program of geophysics and drilling, with 2400 metres of reverse circulation to test a number of aeromagnetic features that may represent nickel–copper–PGE bearing mafic intrusions.
Drilling is to commence early October, with a high-resolution aeromagnetic survey to be flown over the majority of EL25453 during November.
MMG's expanded search highlights the nickel potential of East Arunta, and importantly allows Mithril to remain focused on its copper exploration including the 3000 metre drill program testing 6 priority copper targets currently underway.
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