Mithril’s Managing Director, Graham Ascough, will present an update on the Company’s activities and projects to brokers, investors and financial institutions on Tuesday and Wednesday of this week in Sydney and Melbourne. The key points from the presentation include:
· Drilling on the Basil Prospect is expected to recommence next week and over 4000m have been planned to test a variety of targets on the southern 2.5km portion of the Basil Copper Trend;
· Basil is situated on the Company’s 100% held Leaky Bore Tenement of the Huckitta Project and is a new, outcropping, greenfield copper discovery that has the potential to deliver a large tonnage, near surface resource;
· The initial phase of drilling completed in November 2009 intersected significant widths copper-cobalt mineralisation over a strike length of 900m;
· The prospect is largely untested and copper mineralisation has been mapped and sampled by Mithril geologists over a strike length of 10km;
· In addition to Basil, Mithril has developed several other high quality, drill-ready copper and nickel targets on its extensive Huckitta Project and plans an aggressive exploration campaign to explore and evaluate these targets;
· The Company has significant cash reserves of ~$6.2M to complete this work.
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