THE DRILL SERGEANT: Mithril Resources (ASX: MTH) has commenced a 3,000 metre RC drilling program at the company’s East Arunta project area in the Northern Territory.
The drilling is targeting economic high-grade copper mineralisation and will test five outcropping copper targets, including: Mini Me West, El Gordo, Ivana, Harry Creek, and Red Rock Bore.
The company said it will also be testing a buried geophysical anomaly, known as Coles Hill North.
East Arunta project area – location of copper drill targets and MMG nickel work area. Source: Company announcement
Mithril prioritised the targets from systematic work it has completed over the last 6 to 12 months.
The Mini Me West, Ivana and Coles Hill North targets have never been subjected to drilling, while only shallow drilling has been undertaken on the remaining targets.
The first target to be drilled will be Mini Me West, where Mithril has identified an 800metre-long combined VTEM and IP geophysical anomaly, overlain by sporadically outcropping zones of copper mineralisation.
The company has previously released rock chip results from Mini Me West of up to 1.91 per cent copper.
Mini Me West, El Gordo and Ivana are subject to a joint venture between Mithril (80 per cent and operator) and Sammy Resources (20 per cent), a wholly-owned subsidiary of Cazaly Resources (ASX: CAZ).
Both parties are funding the upcoming drilling on these targets on a pro-rata basis.
The remaining targets are 100 per cent Mithril-owned.
“The commencement of copper drilling signals the start of a very active period for the company, with an additional 2,500 metre nickel RC drilling program being sole-funded and managed by Mithril’s nickel JV partner – MMG Limited, scheduled to commence in October 2013,” MithrilResources said in its ASX announcement.
“The company looks forward to providing further drilling updates with first copper drill results expected by mid–late September.”