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PARDOO PROJECT
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The Pardoo Nickel Project provides an excellent fit with Mithril's exploration and development strategy. It is highly prospective for nickel sulphide mineralisation
and hosts the Highway Deposit, an Inferred Mineral Resource of 44.7 million tonnes, grading 0.3% nickel and 0.1% copper (classifi ed according to the 2004 JORC Code - details on the resource are provided in Segue's ASX Announcement dated 19 October, 2007). Geographically, the project is well positioned, being 15km from the coast and approximately 100km east of Port Hedland along the Great Northern Highway in close proximity to power, road and port facilities (Figure 8). Mithril may earn up to a 65% interest in the Pardoo Project for all minerals other than iron ore.
Drilling early in the reporting year was completed testing the depth extent of the Highway Resource. The drilling intersected wide zones of nickel, copper and cobalt mineralisation beneath the deposit. These results confi rm its continuity and depth potential and signifi cant intersections include 95m of 0.41%nickel, 0.16% copper and 0.03% cobalt in DD08HW001 (Figures 9 and 10) and 59.2m of 0.44% nickel, 0.1% copper and 0.03% cobalt in DD08HW002.
The Company believes there is potential for higher grade mineralisation beneath the coverage of current drilling on the Highway resource and to evaluate the depth potential downhole electromagnetic surveys were completed in three drillholes subsequent to the end of the reporting period (DD08HW001, DD08HW002 and DD07HW002). The downhole electromagnetic surveys have the ability to detect anomalous conductivity that may reflect higher grade mineralisation beneath the existing drilling. The results are encouraging with off-hole conductors being identifi ed. These will be tested in the coming year.
unlock the value of the 130,000 tonnes of contained nickel in the Highway Resource are under evaluation. Recently, ore samples collected from last year's diamond drilling program have been submitted to AMMTEC Ltd for metallurgical test work. Results will help determine the best option for processing of the Highway ore.
Evaluation of targets outside the resource area is on-going and a number of EM anomalies in the vicinity of Supply Well remain to be tested.
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