Mithril Resources (ASX: MTH) has intersected the first significant higher grade copper along the Basil Trend at the Peaks Mineralised Zone, highlighting the economic potential of its Huckitta Project in the Northern Territory. Results include 10.5 metres at 1.02% copper (Cu) and 0.07% cobalt (Co) from 262.5 metres at the Peaks Zone within the Basil Prospect and demonstrate the potential for higher grades. Significantly, the intersection is open in all directions. The company said downhole geophysics completed on this drillhole suggests the mineralisation continues for hundreds of metres downdip and along strike from the intercept. Mithril plans to drill test the Peaks 1% copper intercept in August. Drilling continues to test for zones of higher grade copper mineralisation and to extend the Basil copper-cobalt horizon to the northwest with a total drilled mineralised strike length of more than 2.9 kilometres. More than 7 kilometres remains untested. A total of 18 of 27 completed holes have been assayed and reported for 8158 metres of drilling, with the program anticipated to drill up to 20,000 metres in 2011. In addition field verification of VTEM anomalies has identified new surface mineralisation on the wholly owned Lizzie Creek tenement. Gravity and geochemical surveys over a large iron oxide copper gold alteration system has identified gravity anomalies coincident with elevated copper geochemistry. Ground follow-up of these areas is scheduled to commence in the coming weeks.

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