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• PROJECTS

HISTORY OF PROJECT AREA

Mithril targeted the region on a conceptual basis as it presents a favourable environment for the formation of significant nickel and other base metal sulphide deposits. The area has not seen any historic nickel sulphide exploration nor had any nickel or base metal sulphide mineralisation been identified until Mithril discovered the Blackadder Ni-Cu-PGE Prospect in 2008 (rockchips up to 9.8%Cu, 3.8%Ni, 1.7g/tPGEs). Following this discovery over the last two and a half years, systematic exploration by Mithril has identified over 16 other mineral prospects of outcropping copper-cobalt (Cu-Co), nickel-copper (Ni-Cu) and gold (Au) mineralisation. The most significant of these prospects identified to date is the Basil Cu-Co Prospect where outcropping mineralisation has been identified over a strike length of over 10km and drill intercepts have returned grades up to 59.1m@0.63%Cu, 0.07%Co.

CURRENT PROJECT STATUS

In the last two and a half years Mithril Resources has discovered significant Ni-Cu-PGE, Cu-Co and Au mineralisation at 16 locations within the Project area in the Northern Territory, Australia. The Project is located approximately 160km east northeast of Alice Springs (Figure 1).

Much of the project area is covered by thin (<100m) alluvium and/or colluvium and it is suspected that further targets exist beneath the cover that would be readably detectable using geophysical methods. Mithril has utilised the helicopter borne versatile time-domain electromagnetic system (VTEM) which resulted in the discovery of a number of mineralised horizons, including the Basil Prospect. Many VTEM targets are located under thin sand cover and will be assessed in 2011 through shallow drilling and ground geophysical surveys.

Mithril has consolidated a 5250sqkm land package of tenements (of which 4808sqkm is granted tenure and 442sqkm in application) through three joint ventures and 12 tenements that are held 100% by Mithril.

Huckitta Copper - Cobalt Prospects

Ground verification of VTEM conductors on Mithril's 100% owned Leaky Bore tenement identified extensive gossan, ironstone and altered outcrops with rockchip samples returning anomalous values of copper, cobalt, silver and gold (the Basil and Manuel copper prospects). Systematic geological mapping and sampling and further VTEM surveys has identified other outcropping copper and cobalt mineralisation at the Polly, Gatsby and Sybil Prospects.

Drill testing at the Basil Prospect has been conducted over 4.5km of the >10km long Basil mineralised trend and has intersected significant sulphides containing chalcopyrite in nearly all drillholes with grades up to 59.1m @ 0.63%Cu, 0.07%Co from shallow depths (Figure 2). Multiple quality targets remain to be tested at Basil including a large 2km x 1km untested gravity anomaly that is coincident with the extensive VTEM anomaly and abundant untested Cu-Co gossanous horizons to the northwest of Rotten Hill. These targets are the focus of exploration going forward.

Narrow high grade copper (0.3m @ 3.4%Cu, 0.06%Co) has also been intersected at the Manuel Prospect located approximately 5km east of Basil where drilling confirmed the presence of massive sulphides down-dip of outcropping gossans. Further drilling is planned down-dip of current drilling and on geophysical targets generated.

Huckitta Nickel - Copper Prospects

Mithril has discovered Ni-Cu-PGE mineralisation at a number of locations on the Huckitta Project with rockchips returning up to 3.8%Ni, 9.6%Cu and 1.7g/t PGEs at the Blackadder Prospect. Results suggest a large, fertile magmatic event and a potential new nickel district. Systematic exploration has identified significant outcropping Ni-Cu-PGE sulphides at over eight locations on the project to date, all of which are associated with gabbroic intrusive rocktypes. Drilling at the Baldrick Ni-Cu prospect has intersected 9m @ 0.48%Ni and 0.37%Cu in weathered sulphides and gossan from shallow depths.

Huckitta Gold Prospects

Late in 2010, systematic geological mapping and geochemical sampling identified three gold prospects on the project, Tibbs, Yoda and Percy. Rockchip samples with grades up to 13.85g/t Au with anomalous tungsten (to 0.5%) and copper were identified sporadically over a strike length of three kilometres at the Tibbs Prospect. The mineralised horizon which is up to 2-3m thick is on a contact between the base of a marble unit and at the top of a felsic gneiss and is open in all directions (Figure 3). Further geological mapping and sampling is planned followed by drilling at Tibbs.

Gold mineralisation at the Yoda Prospect (100% Mithril owned) has been mapped over 370m and has returned rockchip values up to 21g/t Au with elevated copper in quartz veins. Very little work has been completed at Yoda but mapping is planned to continue as the outcrop is good and mineralisation is open in all directions.

Huckitta - Iron Oxide Copper Gold ('IOCG') Target

A significant gravity anomaly has been identified in a recently completed gravity survey that covers a large area of alteration consistent with an iron-oxide-copper-gold ('IOCG') mineral system on the Sammy JV where Mithril can earn an 80% interest from Sammy Resources Pty Ltd, a wholly owned subsidiary of ASX listed Cazaly Resources Ltd.

The alteration consists of widespread, intensely altered and brecciated granite with hematite-silica +/- fluorite veining/stockworks. The area is located on EL25643 approximately 30km south of Basil and was first identified by the Northern Territory Geological Survey ('NTGS') and described as regional scale widespread fluorite rich fluid flow associated with hematite, pyrite and copper sulphides. The NTGS also noted anomalous copper and gold values from their surface sampling (up to 1900ppm copper and 59ppb Au).

FUTURE ACTIVITIES

Drilling is ongoing in 2011 testing for down-dip and strike extensions to the mineralisation identified at Basil, Manuel, Percy and Tibbs prospects with over 20 other regional targets being assessed by shallow aircore / RC drilling. In addition a number of geophysical surveys (VTEM, ground EM, magnetic and gravity), completed in early-mid 2011 has identified a number of high priority targets for ground follow-up.

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