Nanadie Well – Cu-Ni-PGE JV Project
The Nanadie Well Project is located approximately 100km south east of Meekatharra in the Murchison Mineral Field of WA and covers an area of ~145km2. In December 2013 Intermin entered into a Farm-in and Joint Venture agreement with Mithril Resources Limited (ASX: MTH) whereby Mithril could earn a majority interest (up to 75%) in the Nanadie Well Project by spending $4M over 6 years. The project is highly prospective for Cu, Au, Ni and PGE’s.
The Project hosts the Nanadie Well Copper Deposit where a 2012 JORC Code Compliant Inferred Mineral Resource Estimate of 36.07Mt @ 0.42% copper (151,506 tonnes copper) was estimated by Intermin in September 2013 (see ASX announcement dated 19 September 2013).
Massive and disseminated Cu-Ni-PGE sulphides have been intersected over a 1km strike length with mineralisation open in all directions. Mineralisation is generally disseminated with some particularly high grades in massive zones returning up to 13.7% Cu, 1.62% Ni and 3.94 g/t PGE’s.
Exploration in early 2017 involved a SQUID EM survey at Stark over the most attractive parts of the Nanadie Well copper deposit and further drilling.
During the September Quarter Mithril completed three new diamond holes for 656.7m and intersected highly encouraging intercepts including 4.90m @ 1.80% Cu, 0.25g/t Au within a broader intercept of 127.75m @ 0.40% Cu and 0.11g/t Au. These latest results in combination with previous results demonstrate the presence of two very large copper mineralised systems that remain open in all directions.
Importantly Mithril have identified that 13 kilometres of untested magnetic anomalies extending south from Nanadie Well and the high grade Stark prospect which will be the focus of future exploration.
Also within the joint venture tenure exploration has begun at the newly identified Kombi gold prospect where Mithrill is targeting high grade gold beneath the historic Gloria June workings (reported production to 10m depth of 1,094t @ 10.8g/t Au) and adjacent soil anomaly.
Subsequent to the end of the September Quarter results from six wide-spaced RC holes for 504m were received and returned two high grade downhole intercepts including 4m @ 12.76g/t Au from 20m and 1m @ 5.44g/t Au from 20m. The intercepts occur within a zone of largely unweathered quartz – biotite – chlorite alteration (+/- disseminated and stringer pyrite – chalcopyrite mineralisation) that is present within a sheared sequence of gabbro, amphibolite and meta-sediments.
With no historic drilling beneath the most recent holes, the new intercepts remain open in all directions and are a high priority for follow-up. Mithril plans to undertake further drilling at Kombi immediately.