Annual technical report for EL 10093 'Victory Downs' for the period 24 January 2004 to 23 January 2005

Abstract

Mithril Resources signed a Heads of Agreement with Gempart Pty Ltd in June 2004 allowing Mithril an option to earn an 80% interest in the property. During the reporting period Mithril Resources completed recconnaisance field trip and a magnetic lag surface geochemical survey over much of the licence. Results from this geochemical survey have identified two coincident Ni/Cu anomalies situated on major structures and one is associted with a discrete magnetic anomaly. Further work on these anomalies will include more detailed magnetic lag sampling and anomalies identified from this will be followed up with ground EM. Should bedrock conductors be detected then RC drilling of these will be recommended.