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In late 2009 Mithril announced the discovery of significant copper and cobalt mineralisation at the large Huckitta Project in the Northern Territory, located approximately 150km northeast of Alice Springs (Figure 1). This new, greenfield discovery, called Basil is largely untested and the company believes it has the potential to deliver a large tonnage, near surface resource (Figure 2).

The Huckitta region is underexplored and over the past 18 months Mithril has identified six new nickel-copper sulphide prospects (Blackadder, Baldrick, Edmund, Kevin Darling, Miggins and Percy) and three new copper sulphide prospects (Basil, Poly and Manuel). All have been identified in outcrop through geological mapping and surface sampling (Figure 3).

The nickel-copper sulphide mineralisation occurs within weakly or un-altered olivine bearing gabbroic intrusions within both the Cambrian aged Irindina Province and the Mesoproterozic aged Alerion Province whilst the copper-cobalt mineralisation occurs as horizons within highly metamorphosed amphibolites of the Irindina Province.

The Basil Trend was first identified in August 2009 and copper mineralisation has been mapped and rockchip sampled for a strike length of 10km. The initial drilling program at Basil was completed in November 2009 and has only tested ~900m (centred on Rotten Hill) of the 10km long mineralised trend. Results include 41m at 0.6% copper and 432ppm cobalt from a depth of 74m in drillhole LBRC12. Importantly, these results incorporate higher grade intervals of 3m at 1.4% copper and 284ppm cobalt from 74m, 9m at 1.0% copper and 336ppm cobalt from 87m, and 5m at 0.9% copper and 615ppm cobalt from 109m. These results indicate variability in the mineralised system and demonstrate its potential to deliver higher grades. Wide intervals of mineralisation were also intersected, including 146.5m of semi-massive and disseminated sulphides grading 0.24% copper and 328ppm cobalt from a downhole depth of 117.5m in drillhole LBDD3.

Initial drilling of two of the nickel-copper targets (Blackadder and Baldrick) returned anomalous nickel and copper values from intervals of mineralised gabbroic rocks. Results include a very encouraging intersection of 9 metres averaging 0.48% nickel and 0.37% of copper (comprising both oxidised and sulphide mineralisation) from Baldrick and 3m averaging 0.13%Ni from Blackadder.

Exploration is continues on the project with drilling focussing on the southern 2.5km of the Basil mineralised trend. Geological mapping and sampling programs will focus on extending the Basil and Poly copper trends as well as assessing other regional targets on the project. These programs in conjunction with ground geophysical surveys will advance further nickel and copper targets to the drill stage. Airborne electromagnetic surveys covering the northern portion of Basil and the Polly trend will also be completed to ensure a full pipeline of regional targets going forward (Figure 3).

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