Mithril expands gold-silver footprint at Copalquin

Mithril continues to drill into untested areas at Copalquin
The company is aiming to double resources at the project
Drilling is scheduled to begin for the second half of the 9,000m program later this month

Special Report: Mithril has received further drill results for the Target 1 resource expansion program at the Copalquin project in Mexico, increasing the footprint with high to exceptionally high-grade results.

A stock favourite of Lowell Resource Fund’s chief investment officer John Forwood, Mithril Resources (ASX:MTH) is the only ASX silver-focused explorer operating in Mexico, which continues to rank as the number one silver-producing country in the world.

More than 300, mostly North American, mining and exploration companies are active in the country including Newmont Goldcorp, Agnico Eagle, Grupo Mexico and Fresnillo among many other $1b capped companies.

The company owns the high-grade Copalquin silver-gold project, which hosts resources of 529,000 oz at 6.8g/t gold equivalent.

With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km2 of mining concession area, Copalquin is an entire mining district.

MTH has been focused on doubling the size of the maiden resource at the first of several target areas to demonstrate high quality resource potential of this district scale property, with a total of 4,881.50m drilled since June 2024 to expand the resource footprint at this target area.

Stand-out drilling results

Further drill results for the target 1 resource expansion program have been received from CDH-162, including:

4.60m at 5.51 g/t gold, 182.4g/t silver from 99m;
2.40m at 10.24 g/t gold, 335 g/t silver from 100.40m; and
0.60m at 28.0 g/t gold, 997 g/t silver from 100.40m.

Hole CDH-162 was part of the first drilling into an area shallower than the maiden resource model, at the historic El Refugio mine workings on the western side of the Target 1 resource area.

Other results from hole CDH-161 were also returned including:

9m at 2.06 g/t gold, 90.26g/t silver from 98m; and
1.60m at 5.09g/t gold, 299g/t silver from 125.60m.

CDH-161 was drilled at El Cometa on the eastern side of the Target 1 resource area, again adding to the expanded resource footprint.

“Very large epithermal system”

“Drilling into untested areas in and around the Target 1 maiden resource area continues to successfully expand the footprint with high to exceptionally high-grade results, as we progress our aim to double the resource at this first of multiple targets in the district with a further 5,000m of drilling to complete over the coming months,” MTH managing director and CEO John Skeet said.

“Ongoing LiDAR survey interpretation, together with mapping and drill/channel sample results, further demonstrate a very large epithermal gold-silver system with significant depth potential across this 10km wide district.

“There are at least three further Target 1 size areas for future drilling plus several areas identified for field work.”