Jinka Project EL 24427 Annual technical report for the period 26 May 2005 to 25 May 2006

Abstract

This report summarises work completed on Mithril Resources Indiana Project Exploration Licence (EL 24427) for the year ending the 26th May 2006. The project area is located approximately 300 km northeast of Alice Springs, just south of the Plenty Highway. Work completed over the tenement area during the reporting period included the following: Interpretation and evaluation of previous exploration; Collection and analysis of magnetic stream sediment samples and interpretation of assay results; Collection and analysis of follow up magnetic soil samples in detailed grids over anomalous areas that were identified from the stream sediment assay results; Recommendations for further work. Results of the stream sediment sampling outlined areas of anomalous nickel and copper values. Follow up assays have delineated Ni anomalies with minor Cu, which may be sourced from magmatic sulphides hosted in mafic/ultramafic bodies. Further work will include detailed geological mapping followed by surface EM and drilling, if targets are identified.