Mithril’s primary focus is the 100% – owned Billy Hills Zinc Project which covers zinc-prospective rocks immediately adjacent to the former Pillara Zinc Mine 25 kms southeast of Fitzroy Crossing in the West Kimberley District of Western Australia.
At Billy Hills, Mithril is targeting large scale zinc + lead + silver deposits within soil-covered portions of fault zones immediately along strike from existing surface and bedrock mineralisation.
Billy Hills is relatively under-explored with the bulk of historic drilling and geophysical testing carried out on the adjacent Pillara Mine Lease (ML04/118) which hosts the Pillara Zinc Deposit. Pillara had a pre-mine resource of 18.05 million tonnes at 7.7% Zn and 2.4% Pb and produced 10.3 Mt @ 6.9% Zn, 2.3% Pb from June 1997 to October 2003. Mining briefly resumed during 2007 / 2008 and the mine is now on care and maintenance (See Mithril’s ASX Announcement dated 21 August 2017).
Mithril’s work to date has identified multiple targets (for example – Target A) which will be tested with a combination of geophysics and drilling during the 2019 Field Season.
Target A (1.8 km² area) covers the northern end of a soil – covered NNW trending fault zone along strike from surface mineralisation (elevated rock chip samples up to 14.24% zinc + lead) and drill hole bedrock anomalism to the south, i.e.;
- 3.0m @ 4.41% zinc + lead from 77 metres in PD508, 5.0m @ 1.4% zinc + lead from 274 metres in PLR0510 including 3m @ 1.88% zinc + lead from 277 metres,
- 14.90m @ 1.0% zinc + lead from 179.10 metres and 5.80m @ 1.04% zinc + lead from 225.20 metres in PLR0509, and
- 1.7m @ 1.39% zinc + lead from 215 metres, 6.0m @ 0.68% zinc + lead from 249 metres, and 9.0m @ 0.57% zinc + lead from 268 metres in PD646.
The prospectivity of Target A is supported by the presence of a strong Induced Polarisation (“IP”) geophysical anomaly identified by previous explorers but never drill tested.
The IP anomaly potentially represents a buried accumulation of base metal mineralisation and as such represents an immediate priority for drill testing.