Exploring old areas with new eyes David Hutton, Managing Director - PowerPoint PPT Presentation

Company Update “Exploring old areas with new eyes” David Hutton, Managing Director April 2013

Disclaimer This presentation has been prepared by Mithril Resources Limited (Mithril). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Mithril has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Mithril. Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, Mithril. In particular, they speak only as of the date of this document, they assume the success of Mithril’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this document (Recipients) are cautioned to not place undue reliance on such forward-looking statements. Mithril makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, Mithril and its officers, employees, related bodies corporate and agents (Agents) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Mithril and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in A$ unless stated otherwise. Competent Persons Statement The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr David Hutton, who is a full-time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hutton has more than five years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hutton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Page 2

Australian Copper – Gold Explorer  Dual project strategy  Quality walk up drill targets 1. West Kambalda – revenue generating potential?  New results highlight Spargos Reward’s economic potential 14m @ 6.75g/t gold incl. 6m @ 12.67g/t o 8m @ 10.30g/t gold incl. 3m @ 25.73g/t o  Initial JORC Resource by Sept Qtr. 2013 2. Eastern Arunta – excellent discovery potential  Illogwa IOCG Area  Copper targets – drill holes being planned  Field work underway Page 3

Corporate Snapshot (ASX: MTH) Shares on issue 219.6 million Options (unlisted) 19.3 million Cash (at 31 December 2012) $3.14 million Market Cap $10.98 million (at 5 cents) Investments 7.68% of Musgrave Minerals (ASX: MGV) Top 40 hold 44% Minotaur Resources (10% ) and Lion Selection Fund (4% ) Board Graham Ascough, David Hutton, Donald Stephens, Derek Carter, Richard Bonython Page 4

West Kambalda Project Area Page 5

Why West Kambalda Gold?  Location  Unloved assets - excellent upside  High - grade drill targets Spargos Reward Gold Mine -  Gold price Key Milestones MI THRI L Near mine drilling Last mining Deep diamond drilling Page 6

West Kambalda Project Area (100% + JV)  20 kms west of Kambalda  3 operating gold mills within 50 km radius  Along strike from Wattle Dam Gold Mine  Walk up drill targets; Spargos Reward Gold Mine • Lady Allison Gold Deposit (90Koz) •  Increasing size of project – new JV with KalNorth Gold Mines (ASX: KGM) Page 7

West Kambalda – geological setting KAMBALDA Spargos Reward – 30,000oz Lady Allison – 90,000oz Wattle Dam – 250,000oz Page 8

Spargos Reward Gold Mine – history  Discovered – early 1930’s  Mined – 1936 to 1942 and 1989 to 1991  Last drilled – 2009  Purchased late 2012 ($200K cash) Mithril has drilled ore grade gold since purchase Page 9

Spargos Reward Gold Mine – plan I ntercept ≥ 0.5 g/ t West Lode I ntercept ≥ 1.0 g/ t Main Lode 500 metres 14m @ 6.75g/ t gold including 6m @ 12.67g/ t gold Page 10

Spargos Reward Gold Mine – cross section  High grade gold mineralisation  Shear hosted  Multiple lodes Page 11

Spargos Reward Gold Mine – long section  New results highlight economic potential  14m @ 6.75g/t gold incl. 6m @ 12.67g/t  8m @ 10.30g/t gold incl. 3m @ 25.73g/t Wattle Dam Gold Mine long section (at same scale) Page 12

Eastern Arunta Project Area Page 13

Eastern Arunta Project Area - landholdings Page 14

Eastern Arunta Project Area  ~ 6,000kms² area  100% and JV’s (CAZ and MMG) Plenty Highway  Nickel JV with MMG  Copper – Gold  Illogwa IOCG Area  Yambah VMS prospects  Targets now defined – drill holes being designed Page 15

I llogwa I OCG Area – Australia’s newest I OCG district Plenty Highway I llogwa I OCG diamond drill core – Austin prospect  500kms²  Mithril discovery late 2011 with no previous drilling  Outcropping copper  First ever drilling (mid - 2012) confirms Iron Oxide Copper Gold (IOCG)  Best targets yet to be drilled Page 16

I llogwa I OCG Area – structurally controlled copper Plenty Highway Page 17

I llogwa I OCG Priority Target – Mini Me West  Coincident VTEM – IP chargeability (10 x background) anomaly  800 metres long Plenty Highway  Outcropping copper  Drill ready Mini Me West Mini Me Page 18

Yambah VMS Priority Target – Bessie’s Reward Plenty Highway  Multiple gossans throughout 450m x 100m area  3 shallow RC holes drilled 1983 ( incl. 22m @ 0.33% copper from surface )  No follow up and no EM geophysics Page 19

Next Steps West Kambalda Project  Spargos Reward resource - Sept Qtr. 2013 East Arunta Project  Mapping and sampling underway  Ground geophysics - June Qtr. 2013  Drilling - Sept Qtr. 2013 Page 20

2013 Planned Activities Project Area Location Jun Qtr. Sep Qtr. Dec Qtr. Initial Resource Estimate Spargos Reward Gold Mine Drilling (* ) West Kambalda Drill target Gold Spargos Reward area Drilling (* ) definition Drill target Spargoville JV Drilling (* ) definition Drill target definition Illogwa IOCG Drilling (* ) Geophysics (* ) East Arunta Drill target Copper Gold definition Yambah Drilling (* ) Geophysics (* ) * Subject to results and Board approval Page 21

Resource I nventory Basil Copper Deposit JORC Copper cut off Tonnes Copper Cobalt Contained Contained cobalt Category grade (% ) (Mt) (% ) (ppm) copper (tonnes) (tonnes) Inferred 0.3 26.5 0.57 504 151,050 13,356 Inferred 0.1 90.0 0.28 309 252,000 27, 810 Lady Allison Gold Deposit (MTH right to earn up to 80% ) JORC Gold cut off Tonnes Contained gold Gold (g/ t) Category grade (g/ t) (Mt) (ounces) Inferred 0.5 2.13 1.3 87,000 The Lady Allison Gold Deposit is subject to the Spargoville Farm in and Joint Venture with KalNorth Gold Mines (ASX: KGM) where Mithril has the right to earn up to 80% by completing expenditure of $2 million over 4 years Page 22

For further information: David Hutton – Managing Director admin@mithrilresources.com.au 08 8378 8200