Treasure Project EL 25346 Annual technical report for period 5 February 2008 to 4 February 2009

Abstract

This report summarises work completed on Mithril Resources Treasure Project Exploration Licence (EL 25346) for the year ending the 30th January 2009. The project area is located approximately 165 km northeast of Alice Springs, south of the Plenty Highway. Work completed over the tenement area during the reporting period includes the following: Heritage surveys; Geological mapping; and Rock chip Sampling. Results from the geological mapping and rock chip sampling were very encouraging. Field checking confirmed prospective mafic intrusives outcrop within the tenement. Additionally elevated nickel, copper and cobalt assays were returned from a number of rock chip samples. During 2009 Mithril plan to continue geological mapping and rock chip sampling. A ground EM survey program is also planned in the south east of the tenement. Mithril interpret that mafic and ultramafic rock of Irindina age may extend onto the Treasure Project and that these rocks are prospective for magmatic Ni/Cu/PGE sulphides.