Mithril aims at maiden gold-silver resource, new and emerging targets with refined drilling campaign

Mithril Resources (ASX:MTH) enters “an exciting phase of exploration” as it targets a maiden resource estimate at its Copalquin gold-silver district in Mexico for the second half of 2021.

Mithril, continually expanding its knowledge and understanding of this major gold-silver centre, is refining its drilling plan to achieve multiple exploration objectives.

Resource drilling at ‘Refugio’

The explorer has already made a major high grade discovery at ‘El Refugio’.

The Refugio mineralised zone is currently 600m long, 200m deep and between 3m and 25m wide. And it remains ‘open’.

The Mithril team has designed a program to develop this area towards a maiden mineral resource estimate.

To start with, two holes will be drilled to test the ‘down-dip’ continuity of the high-grade zone below hits like 4.17m at 62g/t gold and 445g/t silver from 233.43m.

Hitting those juicy targets

The company will simultaneously allocate drill metres to the best of the untested exploration areas.

Maiden drill holes at the Los Pinos target are considered to be first-pass, high risk holes — but they have the potential to increase the strike length of known mineralisation by as much as 600m.

First pass drilling in 2020 at ‘La Soledad’ – which pulled up a highlight 7.5m @ 6.74g/t gold and 158.1 g/t silver from 253.8m — targeted the margins of the historically mined stope.

Modelling suggests these holes terminated short of the rich ‘Leon vein’. They will be re-entered and extended, the company says.

After this, two deep holes at ‘Soledad’ will be drilled targeting the Soledad and Leon veins near the projected intersection with the large Refugio breccia zone.

Mithril’s next drilling at ‘El Cometa’ will twin a historic drill hole to confirm old results and infill between a couple of other promising intersections.

“The drilling plan in the Copalquin District has been enhanced to target the mineral extensions at El Refugio, El Cometa, La Soledad and the untested target of Los Pinos all contiguous and within the Cometa Project area of the Copalquin Gold Silver District,” Mithril chief exec John Skeet says.

“We have entered an exciting phase of the exploration where we have greatly advanced our understanding of this extensive epithermal gold and silver system and are targeting the important interaction between the multiple vein structures as well as extending the mineralisation even further along strike and at depth.”

This article was developed in collaboration with Mithril, 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.