EL 26942 Leaky Bore Year 2 Annual report for the period 5 August 2010 to 4 August 2011

Abstract

This report presents the work completed during the second year of tenure on the Leaky Bore Tenement (EL 26942). Work focussed around the Basil Cu-Co Prospect that Mithril discovered last year and significant work was completed. The tenement area has been held by numerous other companies who have explored for gold, base metals, industrial minerals and Uranium. Work completed during the reporting period included; 33 Diamond holes for 7,127 m; 5 RC holes for 244 m; 141 Aircore holes for 1,210 m; 165 rock chip samples; 83 samples collected from 322 m trenching; VTEM Survey: 30 line kilometres of data was collected; Fixed loop ground EM Survey; Moving loop ground EM Survey; 19 drillholes were surveyed for DHEM; Airborne magnetics; and 240 gravity stations. The drilling continued to delineate extensive thick mineralised zones containing significant copper and cobalt mineralisation during the reporting period and field evaluation of regional targets has identified Ni-Cu-PGE sulphide mineralisation at surface. Drilling and field evaluation of regional targets is ongoing.