High-grade gold highlights Mexican deep potential for Mithril

Mithril Resources (ASX:MTH) has intersected more high-grade gold and silver at its Cometa project in Mexico’s Copalquin district with results supporting deeper drilling to intercept further veins.

The deeper hole at the El Refugio target intersected a 4m interval grading 16.44 grams per tonne (g/t) gold and 286.8g/t silver from a depth of 207m within a broader zone of 9.35m at 7.84g/t gold and 138.1g/t silver from 206.3m about 40m from previously reported high-grade results.

Notably, the result validates the company’s geologic model while supporting the existence of stacked zones.

Shallow drilling at the El Cometa target towards the El Refugio target has also intersected high-grade gold while drilling perpendicular to historical drilling at El Cometa has defined near-surface gold mineralisation along strike for almost 300m.

“It is clear we are now seeing the top of a large system for gold and silver and future drilling is being designed to drill deeper and to test the extent of the structure at the El Refugio target,” managing director John Skeet said.

“The several dozen historic mines and workings across the district, extensive rock chip sampling and the successful maiden drill program continue to indicate a large epithermal gold silver system in the district.”

Mithril’s success comes after gold rallied following a dip below the $US1,800 ($2,422.80) mark in late November.

High-grade gold in WA

Over in Western Australia’s Eastern Goldfields region, Matsa Resources (ASX:MAT) has intersected high-grade gold at the Devon prospect within its Lake Carey project in zones of narrow, strongly sulphidic shears and quartz veins that are similar to its Red October mine.

Notable results in the Main Lode are 4m at 15.55g/t gold from 71m, 3m at 10.56g/t gold from 119m and 2m at 11.3g/t gold from 95m while drilling at the Hanging Wall Lode returned a top interval of 50.39g/t gold within a broader 12m intersection at 8.97g/t gold from 14m.

Matsa says the results confirm that shallow high-grade gold in the Hanging Wall Lode remains open to the north with the potential to enhance Devon.

Mineralisation in the Main Lode is interpreted to plunge towards the north and remains open.

Nexus Minerals (ASX:NXM) has also struck broad mineralised zones with high grade gold at the Crusader prospect within its Wallbrook project.

All 11 holes drilled intersected significant mineralisation with top hits of 9m at 6.68g/t gold including 1m at 42.59g/t gold and 8m at 5.27g/t gold including 1m at 28.6g/t gold.

This has successfully tested the zone from 100m to 150m depth with mineralisation remaining open at depth and along strike.