Mithril Resources (ASX:MTH) has intersected a broad zone of shallow nickel-copper-cobalt anomalism at the Mexi Nickel Prospect in Western Australia.
Mexi is located on the Lignum Dam Project which is owned by Mithril and is considered prospective for gold and nickel mineralisation.
The company’s reverse circulation drilling at Mexi returned 40 metres at 0.46% nickel, 305 ppm copper, 354 ppm cobalt and 66 ppb PGEs (platinum group elements) from surface.
Mithril is also exploring the Nanadie Well Deposit and Stark Copper Nickel Prospect, subject to a joint venture (Nanadie Well Joint Venture) with Intermin Resources (ASX:IRC).
Mithril can earn a 60% interest in the tenements by spending $2 million by April 2019, and an additional 15% by completing further expenditure of $2 million over a further 2 years.
At Nanadie Well, diamond drilling has commenced at the Nanadie Well Copper Deposit which contains 36.07 million tonnes at 0.42% copper and 0.064 g/t gold (JORC 2004).
The geological setting of the deposit is not well understood with the majority of previous drilling (and assaying) focused primarily on copper and gold.
Mithril’s recent work has demonstrated the potential of the Nanadie deposit to host other minerals along with copper, such as cobalt, nickel and PGEs.
To better understand the deposit’s geological setting, one diamond hole (300 - 350 metres) will be drilled within the central portion of the deposit.
The drilling will also test a new bedrock electromagnetic conductor identified along strike from existing high-grade copper mineralisation at the Stark Copper Nickel Prospect.
The drilling results are expected in mid-July 2017.