Mithril delves into the past to find large epithermal gold-silver system at Copalquin

Mithril Silver and Gold survey more than doubles the number of known historical mines and workings at Copalquin
Discovery indicates a large epithermal gold-silver system is present
Company keen to sample and map newly identified target areas

Special Report: Mithril’s LIDAR survey over its Copalquin gold and silver project in Mexico has more than doubled the number of previously known historical mines and workings.

The survey, which provided high-resolution aerial photography and bare-earth digital terrain model that virtually “strips away” vegetation to reveal geology and structural detail, found seven mine shafts, 93 adits (mine tunnels), and 198 mine and prospecting pits.

This is up from no known mine shafts, ~50 adits and ~30 mine and prospecting pits.

It also doubles the number of known “corridors” of historical workings from two to four.

Mithril Silver and Gold (ASX:MTH) adds that conclusions from external consultant GeoCloud Analytics show numerous west-northwest to northwest trends, interpreted vein structures and faults across the district.

The survey highlights the potential scale of mineralisation within the 70km2 Copalquin project and comes as assays from the first six holes in the ongoing drill program delivered results of up to 5.16g/t gold and 78g/t silver over 17.95m.

Copalquin already hosts a resource of 2.4Mt grading 4.8g/t gold, 141g/t silver for contained resources of 373,000oz gold and 10.95Moz silver at the first of several target areas.

Overview of features interpreted from the LIDAR survey. Pic: Mithril Silver and Gold

Large epithermal gold-silver system

“The LiDAR survey extends the widespread historic mining and prospecting activity that took place between 1850 and ~1910,” managing director John Skeet said.

“Considering the effort required to create these workings by hand, their existence is significant. Already there are exceptional high-grade gold and silver sampling results to date from the known workings and we are keen to visit sample/map these multiple newly identified target areas to further highlight the size and potential of this extensively mineralised District.

“There are two further lines of historic workings identified in the northern half of the concession area, not previously known. Clearly, a large epithermal gold-silver system exists in the 70km2 Copalquin District with it set to become one of the many multi-million ounce districts in Mexico’s Sierra Madre Gold-Silver Trend.”

MTH has an exclusive option to purchase a 100% interest in the Copalquin mining concessions (currently holds 50% interest) by paying US$10M on or any time before August 7, 2028, following an agreement to extend the payment date by two years from the original August 7, 2026.

Drilling is currently underway on hole CDH-165 and assays from the next batch of holes are imminent.

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.