Mithril builds out Mexican silver target with impressive grades

Shallow drilling returns stand-out grades and widths at the El Cometa area of Target 1
Mithril adding a second drill to assist with 35,000m of drilling in 2025
Target 1 resource update is due over the coming months

Special report: The only silver ASX explorer operating in Mexico, Mithril Resources, has upped the confidence of its Copalquin project after drilling results intercepted grades such as 7.37m at 4.16g/t gold, 69.5g/t silver from only 42m down hole.

Drilling of shallow mineralisation at El Cometa are of Target 1, plus two further holes completed this month, wraps up the drilling in this area with solid results received in this highly accessible part of the Target 1 resource area ahead of a resource update.

Highlights from drilling completed at the end of 2024 include:

7.37m at 4.16g/t gold, 69.5g/t silver from 42m
13.90m at 0.71 g/t gold, 34.6 g/t silver from 1.50m, including 1m at 4.15g/t gold, 195g/t silver from 12m; and
7.10m at 1.87g/t gold, 91.6g/t silver from 163.9m, including 1m at 7.88g/t gold, 438g/t silver.

The program is ongoing, following up on high-grade intercepts from Mithril’s 2020-21 drilling in the La Soledad area, then moving to Refugio West ahead of the Target 1 resource update.

Mithril Resources (ASX:MTH) is adding a second drill, which it says is on schedule to commence with the municipal access road upgrade for completion in late March.

This will allow for 35,000m of additional core drilling in the district throughout 2025, advancing the next two target areas and developing the large district geologic model.

‘The next of many gold-silver districts’

With 100 historical underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource.

To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC resource at El Refugio (529,000oz gold equivalent at 6.81g/t gold equivalent).

With district-wide gold and silver occurrences and rapid exploration success, MTH believes the Copalquin District is developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre gold-silver trend of Mexico.

‘Pivotal year’

MTH managing director and CEO John Skeet said drilling on the eastern side of the resource update at El Cometa has produced exceptionally high-grade intercepts crosscutting the broader, well mineralised zone.

“Importantly, these recent results support our interpretations in this area as part of the Target 1 resource update drilling,” he said.

“Drilling recommenced early this month with the drill currently at La Soledad, commencing the fifth hole for 2025.

“2025 is a pivotal year for the Copalquin district with our Target 1 resource update, fully funded exploration program (with 35,000m of drilling), drilling at the next two exciting target areas and access road upgrade and expansive field work program,” Skeet said.

“We look forward to establishing Copalquin as the next of the many world-class gold-silver districts in Mexico’s prolific Sierra Madre gold-silver trend.”

This article was developed in collaboration with Mithril Silver and Gold, 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.