Mithril launches gold-silver drilling at 530koz Copalquin project

Mithril begins initial 4,000m drilling at Copalquin over high priority targets
Mithril is aiming to double the current 529,000 ounces at 6.8 g/t gold equivalent resource at the first target area

Special Report: Mithril Resources is looking to expand its district scale gold and silver potential at the Copalquin project in Mexico.

Mithril Resources (ASX:MTH) is the only Aussie explorer with assets in world #1 silver producer Mexico, home to 24% of global production and where upcoming elections are expected to result in a positive outlook for foreign mining investment.

The company’s main game is the high-grade Copalquin silver-gold project, an easy-to-process epithermal system with historic production from 70 small scale mines and workings.

The asset has a current maiden resource of ~530,000oz at 6.8g/t AuEq from the first of several target areas at Refugio/Soledad, but is wide open for expansion, MTH says.

In 2021 and 2022, the company hit some of the best results ever on the property, including:

8.26m at 80.3g/t Au and 705g/t Ag (almost 3oz gold equvalent over 8m) from one of the deepest holes drilled at Refugio (~350m from surface);
6.8m at 74g/t Au and 840g/t Ag (~84g/t gold equivalent); and
3m @ 34.7g/t Au and 3,129g/t Ag (~74g/t gold equivalent).

Mithril begins drilling in the Copalquin district

Following the completion of the first phase of rock saw sampling at the Copalquin project (final assays pending), MTH has officially re-started an initial 4,000m drilling program and aiming to double the current resource within the first target area.

The program will initially follow-up high-grade intersections such as 8.26m at 80.3 g/t gold, 705 g/t silver and 3m at 34.7 g/t gold and 3,129 g/t silver, test new structures and zones, and test areas close the historical El Refugio and La Soledad mine workings.

With over seventy historic gold-silver mines and workings throughout 70km2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden resource at one of several promising targets.

To date there are four interpreted hydrothermal upwelling zones in the district but there is considerable strike and depth potential to increase the resource at El Refugio and at other target areas.

Satellite image of the Copalquin mining district 70km2 concession area. Pic: Mithril Resources

Multi-million ounce potential

“We are extremely happy to recommence drilling,” MTH managing director and CEO John Skeet says.

“We aim to at least double the current resource at El Refugio target area in the short term as we continue to progress work at the multiple target areas in this multimillion-ounce potential district.”

This article was developed in collaboration with Mithril Resources, 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.