Combined annual report for EL 22924 and EL 24454 Huckitta 26 May 2008 to 25 May 2009

Abstract

The Huckitta project is situated approximately 200 kilometres northeast of Alice Springs in the Northern Arunta block of the North Australian Craton. The project now consists of EL 24454 Pulpit and EL 22924 Delny. The Huckitta project previously consisted of EL 23636 Yam Creek, EL 23637 Mt Baldwin and EL 24454 Pulpit. EL 23637 was transferred from Tanami Exploration NL (TENL) to Deep Yellow Limited (DYL) on 23 April 2007. EL 23636 was transferred from TENL to DYL on 2 August 2007. On 13 April 2007, EL 24454 Pulpit along with EL 22924 Delny, was incorporated into a new joint venture arrangement between TENL and Mithril Resources Limited (Mithril). Mithril activities are focused on exploration for nickel. Both tenements are granted to Tanami Exploration NL (TENL), a wholly owned subsidiary of Tanami Gold NL (TGNL), a publicly listed company. This report describes exploration carried out by Mithril from 26 May 2008 to 25 May 2009. Exploration during the year included no field work but the assay results of the surface samples, which had not been received until too late in 2008 to be reported in the previous annual report, were received and amalgamated into last years review. Rock chip and stream sediemt sampling were undertaken. The additional assay results of the 2008 samples returned slightly anomalous nickel values peaking at 569ppm and were associated with the Middle Dam Ultramafic. The maximum Ni assay value was returned from sample T170, which was collected from the drill sump of the historical drill hole Dneiper1, may have been contaminated by thrown away cans. The new results did not change the previously established overall disappointing surface sampling tenor.