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GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2019
Sep 8, 2019
64967_rns_2019-09-08_3937df0f-516c-4bc2-9669-020ef8540a3d.pdf
Capital/Financing Update
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ASX Release – 9 September 2019
New exploration partner to drive nickel and gold search at Lignum Dam
Mithril Resources Ltd ( MTH.AX ) is pleased to advise that it has executed an Earn-In Agreement with Great Boulder Resources Ltd ( GBR.AX ) for the Lignum Dam Project ( located 60 kilometres northeast of Kalgoorlie, WA – Figure 1 ) whereby they can earn up to an 80% interest in the project by completing expenditure of $1M over four years.
Lignum Dam is prospective for both nickel sulphide and lode gold mineralisation and lies along strike from the previously mined high-grade Silver Swan nickel deposit. Mithril understands that GBR will explore the Lignum Dam Project in conjunction with their adjoining Whiteheads Project.
The terms of the Earn-In Agreement are as follows;
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GBR can earn an initial 51% in the project tenements (EL’s 28/576, 582 and 584) by spending $400,000 over 2 years (Stage One),
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GBR can earn a further 29% by spending an additional $600,000 over a further 2 years (Stage Two) (total of 80% by spending $1M over 4 years),
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GBR must spend a minimum of $120,000 before any withdrawal,
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Upon GBR reaching 80%, Mithril will be free carried until completion of a Bankable Feasibility Study (BFS).
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Following completion of a BFS, Mithril can elect to contribute on a pro-rata basis or convert its interest into a 1.5%Net Smelter Royalty (NSR).
Commenting on the announcement, Mithril’s Managing Director Mr David Hutton said that he was very pleased to have a new exploration partner for the Lignum Dam Project.
“The earn-in agreement is in line with Mithril’s strategy of seeking exploration funding partners for and / or divesting its low-priority projects to ensure that the Company remains focused on its 100% - owned Billy Hills Zinc Project.
Great Boulder Resources has a quality exploration team and I look forward to them driving the nickel and gold search at Lignum Dam over the coming years”
22B Beulah Road Norwood, South Australia, 5067 www.mithrilresources.com.au
T: +61 438 269 089 ASX Code: MTH Issued Shares: 422,389,211 Page 1 of 3 E: [email protected] Market Capitalisation: $2.53 million
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Figure 1: Lignum Dam Location Plan
ENDS
T: +61 438 269 089
22B Beulah Road Norwood, South Australia, 5067 www.mithrilresources.com.au
ASX Code: MTH Issued Shares: 422,389,211 Page 2 of 3 Market Capitalisation: $2.53 million
For Further Information Contact:
Mithril Resources Ltd
David Hutton, Managing Director [email protected]
22B Beulah Road Norwood, South Australia 5067 ABN: 30 099 883 922 T: +61 438 269 089
Competent Persons Statement: The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr David Hutton, who is a Competent Person, and a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Hutton is Managing Director and a full-time employee of Mithril Resources Ltd.
Mr Hutton has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 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.
About Mithril Resources Ltd:
Mithril Resources Ltd (MTH:AX) is an Australian resources company whose objective is the creation of shareholder wealth through the discovery of mineral deposits.
The Company’s priority Billy Hills Project lies adjacent to the previously mined Pillara Zinc Deposit, 25kms east of Fitzroy Crossing in Western Australia.
The Company’ exploration partners are also exploring in the Kalgoorlie and Murchison Districts of Western Australia for economic nickel, gold and vanadium deposits.
In the Murchison, Mithril’s exploration partner – Auteco Minerals is exploring for vanadium on the Limestone Well tenements which lie directly along strike from the Barrambie Titanium – Vanadium Deposit.
22B Beulah Road Norwood, South Australia, 5067 www.mithrilresources.com.au
ASX Code: MTH Issued Shares: 422,389,211 Page 3 of 3 Market Capitalisation: $2.53 million
T: +61 438 269 089 E: [email protected]