Mithril Resources picks hot nickel licks at Hendrix

/in /by

THE DRILL SERGEANT: Mithril Resources (ASX: MTH) has completed a review of historic exploration activities by International Nickel Australia Limited (INCO) in 1970 at the Hendrix nickel prospect.

Hendrix is one of four psychedelic rock-themed nickel–copper–PGE anomalies, along with Floyd, Zeppelin, and Scott the company has recently identified at its West Kambalda project, located approximately 30 kilometres west of the Kambalda Nickel Mining Centre.

Mithril’s review of INCO’s work has revealed an intersection of 9.1 metres at 2.5 per cent nickel from 10.7 metres within a broad zone of anomalous nickel.

 

Hendrix Line 2 cross-section showing INCO drillholes, nickel
mineralised zones and interpreted geology. Source: Company announcement

Mithril found the drilling had intersected anomalous nickel within weathered ultramafic rocks in most holes including:

Z8445,
9.1m at 0.6 per cent nickel, 107ppm copper from surface;

Z8446
18.3m at 0.7 per cent nickel, 58ppm copper from 4.6m;

Z8447
24.4m at 1.2 per cent nickel, 118ppm copper from 7.6m, including 9.1m at 2.5 per cent nickel, 155ppm copper from 10.7m;

Z9546
7.6m at 0.9 per cent nickel, 159ppm copper from 13.7m, including 3m at 1.2 per cent nickel, 223ppm copper from 13.7m;

Z9547
18.3m at 0.74 per cent nickel, 132ppm copper from 18.3m; and

Z9553
6.1m at 0.7 per cent nickel, 112ppm coper from 10.7m.

The anomalies occur within the Logan’s Find area, which is subject to a Farm-in and Joint Venture Agreement with KalNorth Gold Mines (ASX: KGM), whereby Mithril can to earn up to an 80 per cent interest by completing expenditure of $2 million over a four year period.

The company completed auger geochemical sampling at Hendrix in late 2013, which defined a 600m by 250m north-west trending nickel anomaly (defined as greater than 1,000ppm nickel with a maximum value of 5,504ppm or 0.55 per cent nickel) with coincident anomalous copper (greater than 100 ppm – maximum of 160ppm), platinum+palladium+gold (greater than 50ppb – maximum of 68ppb platinum, 55ppb palladium and 12ppb gold).

Mithril’s investigations into the historic exploration activities reveal INCO drilled 17 vertical holes on three traverses over a 100m by 100m area within the central portion of the Hendrix anomaly as part of a larger more regional program.

There is no evidence to suggest the other anomalies were drilled by INCO.

To assess the significance of the historic results and to test for potential massive nickel sulphide mineralisation, Mithril has commenced geological mapping and Moving Loop TEM (MLTEM) geophysical surveying of the anomalies with results expected by the end of the current Quarter.

Email: admin@mithrilresources.com.au

Website: www.mithrilresources.com.au