Mithril launches stage 2 silver-gold campaign in Mexico

Second stage drilling underway on 9000m silver-gold campaign
More than 40,000m expected for 2025 after demand for expansion
Maiden Target 1 area resource expected early in the new year

Special Report: Mithril Silver and Gold has begun the second stage of drilling at its Copalquin project in Mexico as it looks toward a resource upgrade and expanded exploration in the new year.

The first stage of the 9000m Mithril Silver and Gold (ASX:MTH) campaign at its Target 1 area over the old El Cometa mine returned strikes up to the calibre of 7m at 144g/t gold and 1162g/t silver, and the second is now underway in earnest after a quick break for maintenance.

Prior exploration success paved way for a $12m raise to quadruple drilling over the project, and more results will be on deck soon with core from two holes in the lab and another on the way.

Mithril’s mission is to double its current 529,000oz gold equivalent resource, and managing director and CEO John Skeet said drilling was progressing well at the first of several targets at the high-grade, district scale project.

“With ~1500 metres completed since the recent restart, we have now completed 6300 metres of the expanded 9000 metre Target 1 resource update drill program,” Skeet said.

“The recent drill core logging supports the ‘big picture’ geologic model for the widespread silver and gold mineralisation across this 10km wide district.”

Skeet added preparations are on track for major exploration expansion, including the beginning of drilling two more resource targets areas and development and testing of a district model for this large epithermal system.

“Upgrading of the Copalquin District municipal access road is progressing well, facilitating the expanded drilling activities for 2025 and beyond,” he said.

“With the significant treasury and established 70km2 silver gold project in Mexico’s prolific Sierra Madre Trend, Mithril is on track for exceptional progress and news flow throughout 2025.”

My precious metals

Mithril may be a fictitious mineral mined by the dwarves of Tolkien’s Middle Earth, but MTH’s gold and silver are very real and trading at an enviable price tag even if they can’t be formed into a Ring of Power.

Gold remains floating around record highs, while silver, while a way from the artificial high created by the Hunt brothers’ hoarding in the late 1970s, has been on a surge despite a long-term market imbalance said to remain under-appreciated.

Mithril remains the only ASX-lister focused on silver in Mexico, an oft-forgotten jurisdiction which continues to rank as the world’s gold standard of silver production.

Upcoming milestones

The municipal access road upgrade is on track for completion by late March, by when drilling is expected to have begun at the first of two other advanced target areas.

The upgrade is an important part of the expanded program, with another 40,000 metres of drilling planned to be in the ground by the end of next year and the Target 1 area maiden resource due for the first quarter of 2025.

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.