A sign of mining distinction, the mithril pickaxe will get you noticed if you hang out with the right mining crowds. Doric in particularly will give you an appreciative wink. He might even toss you a rock cake or two.
The mithril pickaxe is cold to the touch, incredibly reflective, and - most importantly - strong as an ox. You will no doubt have already realised that it makes short work of any deposit you find.