Mithril is farming-in and can earn a 60% interest by completing expenditure of A$2mln by 14 April 2019, and an additional 15% by completing further expenditure of A$2mln over a further two years.
Mithril is targeting high-grade gold beneath the historic Gloria June workings, and a review of previous exploration data has identified a new gold prospect named Kombi.
At Gloria June, records show production of 1,094 tonnes at 10.8g/t gold within 10 metres of the surface.
Highlighting the potential, sampling of remnant quartz vein material returned up to 271g/t gold.
What lies beneath
Kombi is located 1.4 kilometres south east of Mithril’s Nanadie Well Copper Deposit and Stark Copper Prospect.
The prospect area has had little exploration, with no drill testing below 25 metres vertical depth and only wide spaced shallow reverse circulation drilling undertaken by previous explorers.