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Mithril Resources Ltd.
Summary
| Project: | Spargos Reward | |
|---|---|---|
| Deposit: | Spargos Reward | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/23/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 23-5-2017: Mithril Resources Ltd. announces a Resource Estimation report for its Spargos Reward deposit at the Spargos Reward project. JV with Corona Minerals -Initial Resource Estimate for Spargos Reward. Mithril Resources Ltd (“Mithril” - ASX: MTH) advi | |
| Resources: | (Resource, I+I): 1.01Mt @ 3.9g/t Au for 126koz contained at project | |
| CP/QP: | [Resources]: Phillip Jones, Allen Maynard (Al Maynard & Associates Pty Ltd.) | |
| ABSTRACT: | Mithril Resources Ltd (“Mithril” - ASX: MTH) advises that a maiden 2012 JORC Code compliant Indicated and Inferred Mineral Resource of 1.01Mt @ 3.9g/t gold (126Koz contained gold – see Table 1) has been estimated for the Spargos Reward Gold Deposit by independent mining consultants Al Maynard and Associates Pty Ltd (AM&A) on behalf of Corona Minerals Limited (“Corona”), Mithril’s exploration partner at Spargos Reward. Spargos Reward is located 30 kilometres west of Kambalda, WA (Figure 1) and lies within M15/1828 which is held in a Joint Venture between Corona (65%) and Mithril (35%). Gold mineralisation at Spargos Reward occurs within a sub-vertical zone of strong shearing and alteration (quartz – pyrite – arsenopyrite) at the contact between felsic volcaniclastics and quartz biotite schists and has been historically mined to a vertical depth of 120 metres (via underground and open pit) with total production of approximately 29,260 ounces @ 8g/t gold. The new mining depleted Mineral Resource estimate was prepared using a mixture of validated historical drilling data and recent Corona drilling data (85 drill holes for 13,176 metres of combined Reverse Circulation and Diamond drilling) over a strike length of 300 metres and from surface (420m RL) to an approximate depth of 500 metres (-50mRL). | |
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