Slide 1: What next for the Stark discovery?
Mithril Resources (ASX: MTH) What next for the Stark discovery? David Hutton | Managing Director | 14 April 2015
Slide 2: Disclaimer and Competent Persons Statement
Disclaimer and Competent Persons Statement This presentation has been prepared by Mithril Resources Limited (Mithril). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties an
Slide 3: Company Snapshot
Company Snapshot Adelaide based WA Goldfields focussed New Stark discovery Copper Nickel PGE’s Stark Slide 3
Slide 4: What is Stark?
What is Stark? A new copper-nickel-PGE discovery 80 kilometres south east of Meekatharra, West Australia 1 kilometre east of an existing copper-gold deposit (151Kt copper / 74Koz gold) Mafic host rocks High grades Up to 13.7% copper, 1.62% nickel, 3.94g/t PGE’s Big system Mineralisation intersected
Slide 5: Location
Location 80kms SE of Meekatharra JV with Intermin Resources (ASX: IRC) MTH can earn 60% by spending $2M by April 2018 MTH can earn an additional 15% by spending a further $2M by April 2020 In total – 75% by spending $4M over 6 years 100% - owned tenements Key attractions: Regional Setting Existing m
Slide 6: Rapid Discovery History
Rapid Discovery History September 2013: Target generation December 2013: JV negotiated April 2014: Gossan mapped September 2014: EM Conductors December 2014: Copper-nickel-PGE’s in first RC drill hole February 2015: High-grade massive sulphides in first diamond drill hole April 2015: Ground / downho
Slide 7: Ground EM
Ground EM No previous EM September 2014 EM survey defined 2 bedrock conductors Southern EM conductor beneath Stark gossan Northern EM Subsequent drilling and downhole EM Conductor confirms mineralisation as source of original conductor EM “sees” the mineralisation Stark gossan Southern EM Conductor
Slide 8: High-grade potential
High-grade potential 6,994,050N section Slide 8
Slide 9: Big system
Big system 2m @ 1.32%Cu, 0.03%Ni, 0.80g/t PGE’s Bedrock EM Conductor Plates Nanadie Well Copper Deposit (151Kt Cu metal) 11m @ 0.33%Cu, 0.06%Ni, 0.31g/t PGE’s 4m @ 1.91%Cu, 0.18%Ni, 0.96g/t PGE’s Magnetic trend Stark Gossan Gabbro outcrop Slide 9
Slide 10: Size potential
Size potential Downhole EM detects off-hole conductors indicative of massive sulphides NRC14008 DHTEM profile: Semi massive sulphides at 195m – Good off-hole response (near hole) persisting to 50 msec NRC14003 DHTEM profile: Semi massive sulphides at 152m – Good off-hole response persisting to 50 ms
Slide 11: Size potential
Size potential Ground EM shows two target zones 500 metres Slide 11
Slide 12: What next for Stark?
What next for Stark? Need to demonstrate Stark’s commercial potential Find the “sweet spot” More EM geophysics to generate next drill targets EM survey equipment to be used in next survey is 4 times more powerful than Mithril’s original EM survey More accurate drill targets Rain has delayed start of
Slide 13: Rain Delay
Rain Delay Stark WA rainfall for March 2015 Slide 13
Slide 14: Planned Activities
Planned Activities Downhole and ground EM surveying - April 2015 Drilling - June 2015 Qtr. Regional target generation - June 2015 Qtr. Slide 14
Slide 15: South Australian connection
South Australian connection Adelaide-based since IPO in 2002 550 (35%) of Mithril’s shareholders are South Australian, including our largest shareholder - Minotaur Exploration (ASX: MEP) Mithril is the largest shareholder in Musgrave Minerals (ASX: MGV) who is exploring throughout the Musgrave Provi
Slide 16: Company Snapshot
Company Snapshot WA Goldfields focussed New Stark discovery Copper Nickel PGE’s Benefiting SA shareholders Slide 16
Slide 17: Contact Details
Contact Details Website – www.mithrilresources.com.au Email – admin@mithrilresources.com.au Phone – 08 8378 8200 Follow us on MithrilResources@MTHResources Slide 17
Slide 18: Appendix 1. Corporate Summary
Appendix 1. Corporate Summary Overview Directors and Management Shares on issue 421 million Graham Ascough Non Executive Chairman Options (unlisted) 22.1 million David Hutton Managing Director Market Cap $2.52M Non Executive Director & Donald Stephens Cash (31/12/2015) $1.25M Company Secretary $0.27
Slide 19: Appendix 2. JORC Information
Appendix 2. JORC Information Nanadie Well Copper Deposit (MTH earning 75%) 2004 JORC Code Tonnes Copper % Gold ppm Contained Copper (tonnes) Contained gold (ounces) Classification (Mt) Inferred 36.07 0.42 0.064 151,506 74,233 Refer to Intermin Resources’ ASX Announcement “Initial Resource Estimate f