High-grade channel sampling results add to Mithril’s gold-silver drill targets

Mithril Resources channel sampling at the Copalquin project hits high-grade gold and silver
Results have added to the inventory of drill targets
Drilling currently underway at the project to grow 529,000oz resource

Special Report: Mithril Resources is building up its inventory of drill targets at its flagship Copalquin gold-silver project in Mexico after channel sampling returned high-grade results.

The high-grade Copalquin project, which has a maiden resource of 529,000oz at an average grade of 6.8g/t gold equivalent (AuEq), is contained within an easy-to-process epithermal system with historical production from a dozen multi-level mines with a district of 70 historic mines and workings.

Mithril Resources’ (ASX:MTH) current resource sits within the Refugio/Soledad target area, which is just one of several target areas.

Exploration by the company in 2021 and 2022 also delivered significant results including 8.26m at 80.3g/t gold and 705g/t silver (almost 3oz gold equivalent over 8m) from one of the deepest holes drilled at Refugio (~350m from surface), and 6.8m at 74g/t gold and 840g/t silver.

More recently, the company officially restarted an initial 4,000m drilling program. This is the first phase of drilling throughout 2024 with the aim of doubling the current resource by Q1 2025 within the first target area, including testing areas close to the historical El Refugio and La Soledad mine workings.

Highlight diamond saw sampling results. Pic: Mithril Resources

More targets

Results from recently completed diamond rock saw channel sampling of surface structures and underground workings has now defined more drill targets after returning results such as:

3.5m at 8.3g/t gold and 239g/t silver (El Refugio mine – main level);
2.5m at 7.99g/t gold and 191g/t silver (El Refugio mine – main level);
2m at 39.2g/t gold and 401g/t silver (El Refugio mine – second level);
1.5m at 34.4g/t gold and 372g/t silver (El Refugio mine – second level);
1.9m at 9.56g/t gold and 215g/t silver (El Refugio – surface prospect);
10.5m at 4.47g/t gold and 121g/t silver (480 Cometa – surface structure);
1m at 1.74g/t gold and 914g/t silver (Cometa 2 working);
2.8m at 6.92g/t gold and 133g/t silver (La Soledad Mine Level 4);
3m at 8.02g/t gold and 78g/t silver (Copalquin Creek Line); and
2m at 5.32g/t gold and 245g/t silver (Copalquin Mine).

MTH says the results from the program will assist drill planning for the current and future drill programs.

“The exceptional high-grade gold and silver results from this mapping and sampling programme at the district Target 1 area, provide important geologic information to improve understanding of the mineralised structures,” managing director John Skeet said.

“This aids drill programme design and 3D modelling, which can also be applied to other target areas in this large historic mining district as we continue to expand the resource footprint.”

Technical advisor Colin Jones adds that the results support the concept of a major east-west vent system responsible for the widespread surface alteration and gold-silver mineralisation across the district.

Drill plans

The results support drilling in different orientations in the Target 1 area to intersect the different mineralised structures and provides some visual evidence of faulting.

MTH also considers the Copalquin structure to be easy to drill in terms of access, making it a first priority target subject to detailed mapping and sampling of the area.

This article was developed in collaboration with Mithril Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.