said April 11 thatthe recently completed drill programcarried out by its exploration partner CoronaMinerals Ltd. at the SpargosReward gold project in Western Australia has extended the high-gradegold mineralization at the project and potentially identified a new gold zone.
Three holesdrilled beneath historic workings returned intercepts of 3.33 meters at 5.37 g/tof gold from 302.85 meters, including 1.85 meters at 9.04 g/t of gold from 302.80meters; 13.00 meters at 3.69 g/t of gold from 219.00 meters, including 3.60 metersat 8.96 g/t of gold from 221.40 meters; and 3.00 meters at 1.15 g/t of gold from175.15 meters.
The new results,together with previously reported intercepts, demonstrate the continuity of theproject's Main Lode gold mineralization over 180 meters in strike length to 350meters in vertical depth and remains open down dip, Mithril noted.
According tothe company, the Main Lode was historically mined to a vertical depth of 120 meters— underground and open pit — with total production of about 29,260 ounces at 8 g/tof gold.
Furthermore,three other holes drilled south along strike from the historic workings returnedhighlights such as 8.00 meters at 2.61 g/t of gold from 362.00 meters, including1 meter at 13.6 g/t of gold from 368.00 meters, and 10.25 meters at 2.73 g/t ofgold from 392.75 meters, including 4.82 meters at 4.26 g/t of gold from 394.65 meters,which Mithril said may potentially represent a new gold zone.
The miner saidthe new gold zone, referred to as the Footwall Lode, remains open in all directionsand highlights the potential to significantly increase the size of the project'soverall gold system.
Corona Mineralsis currently reviewing all the drilling data to confirm the Footwall Lode, to determinefuture drilling targets and in preparation for the development of a new geologicalmodel for the deposit.