Mithril Resources Ltd (ASX: MTH) has reinforced the lithium-prospective nature of the Leaky Bore Project located 150 kilometres east of Alice Springs, Northern Territory, with rockchip samples returning elevated LI2O values up to 0.06% from one of the pegmatites.
Last month’s sampling was the first ever lithium-focussed assessment of Leaky Bore.
A number of new pegmatite occurrences which were not assessed during last month’s field work will be evaluated.
Geological mapping and rockchip sampling of the new pegmatite occurrences will take place next week with further results expected by the end of the June 2016 quarter.
The pegmatites occur within the northern half of the Leaky Bore Project proximal to Mithril‘s Basil Copper-Cobalt Deposit with resources of 151,050 tonnes copper and 13,356 tonnes cobalt.
With the growing interest in cobalt, the company has undertaken a technical review of the deposit, which demonstrates that while there is considerable potential to extend known cobalt mineralisation, the extraction would not be economical at current prices of cobalt.
Earlier this month, Mithril had identified four new lithium targets at the Spargos Reward Project, located 18 kilometres south of Neometals Ltd’s (ASX:NMT) Mt Marion Lithium Project near Kalgoorlie, Western Australia.
The share price of Mithril has increased by about 160% since March 2016.
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