Mithril Resources Ltd (ASX:MTH) recently applied for a new wholly-owned Exploration Licence known as the Billy Hills Project, located in the Kimberley region of Western Australia.
The project is in a known mineralised area, and adjoins the Pillara Zinc Mine, which had a pre-mine resource of 18.05 million tonnes at 7.7% zinc and 2.4% lead.
Mithril will now commence a data compilation, review and target generation exercise at Billy Hills ahead of the tenement’s grant which is expected within the next 12 months.
To fund the next steps, Mithril is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.
The halt will remain in place until the opening of trade on Monday 28th August 2017, or earlier if an announcement is made to the market.