I've had quite a bit of luck with Iron and Mithril in the Alterac Mts., and often find Gold, Silver and Truesilver as well. Although there tends to be some competition for ore in the area on my server, Ive developed a farming strategy that produces a fair amount of Mithril and a lot of Iron.
*NOTES*
Im a Horde Character
Im on a PvE server
I run across many, many alliance in the area, so caution if on PvP
I -STRONGLY- suggest crafting or purchasing one of these http://wow.allakhazam.com/item.html?witem=5507 , it extends the range of your Track Minerals, rotate slowly over 360 degrees to maximize your mining efficiency.
From Tarren Mills, go north up the road to Alterac. Once at the area where you start to encounter Ogres, turn left towards the Growless Cave. On tboth sides of the valley you can find scattered Iron, often Mithril. By traveling roughly through the center of the valley you can quickly scan the surroundings with the Spyglass to make sure your not missing anything.
Growless Cave almost always has one Iron vein, sometimes Mithril or Gold. Occasionaly there is a node outside and one inside.
Continue through the valley WEST towards Dalaran until you reach the cliff, then make a right (North) and travel along the ledge of the mountains, making sure to stop every once in a while to scan. Iron often spawns as Mithril in this run.
Eventually youll come to a point where you must descend down to proceed, into the small valley below. The hills around the Syndicate camps often have Iron if you want it, as well as possible nodes around and in the general vicinity of Strahnbrad.
Proceed East to just short of Strahnbrad where you can climb the hills up into Slaughter Hollow. You can find some scattered nodes around, but your primary targets are the two Ogre caves here.
The Small cave often has a node or two outside, typically Iron but often Mithril, occasionaly Gold. Theres also the Gnome in the cage who sells the Ice Deflector and Lovingly Crafted Boomstick Engineering Schematics, which are good low bid Auction Item for those unable or otherwise disinclined to get it themselves.
The large cave generally has three to four nodes, in my experience the ratio of Iron to Mithril is about 50/50, sometimes one will be Truesilver (when there its usually the node deepest in) or Silver.
Once youve cleared the caves, head South to the road (youll come out near the Entrance to Ruins of Alterac, the Elites there have ok drops if your so inclined to pick off stragglers). Here you can go south back to where you started and begin again.
Generally I can get about 40-50 Iron Ore and 15-25 Mithril Ore over the course of a couple of hours, but as I said there is a fair amount of competition and ninja miners around on my server.
As a handy tip, if youve tapped a node and some claim jumper rushes in to take a swing while you pick up your ore, just leave the window open so the parasite gets the Object Busy message. Go grab a coffee, hit the bathroom, feed the dog, whatever. Eventually the asshat in question should get the hint and leave you be, if not, call in all the mining friends you have and follow him around for an hour or three, ninja mining every node he gets near. Try to pull mobs on top of them, if possible, really its the only way some tools will ever get the message. If he stones out, have guildies and buddies can an eye out for him and repeat if necessary.
There is nothing quite so irritating as to fight your way to a node only to have it swiped by an asshat.
*ED* Changed an east to a WEST.
Edited, Tue May 24 10:26:07 2005 by joxie