The company is aiming to double the current resource at the project. Pic: via Getty Images.
Mithril reports 5.16g/t Gold and 78g/t Silver over 17.94m from world-class Mexican mining region
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- MTH reports high-grade results from latest drilling at Copalquin gold and silver Project in Mexico
- Copalquin Project is an entire mining district and sits in world-class Sierra Madre gold-silver trend
- Assay results pending for remaining holes drilled to date
Special Report: Mithril Resources has reported results of 5.16g/t gold and 78g/t silver over 17.95m from the first six holes at its Copalquin gold and silver Project in Mexico.
The Copalquin mining district covers 70km² containing 300 historic gold and silver mines and workings (from recent LiDAR survey), 10 of which had notable production.
The company has already delivered a maiden resource of 2,416,000 tonnes at 4.8g/t gold, 141g/t silver for 373,000oz gold plus 10,953,000oz silver (total 529,000 oz gold equivalent), demonstrating the project’s high-grade gold and silver resource potential and is drilling in and around this resource as part of its aim to double it by Q1 2025 in this first of many target areas in the district.
Now, the first six holes (1700m) of the latest 9000m program has targeted the El Refugio area and carried out drilling for the first time in a valley 900m south-east of the target near the historic Copalquin Mine.
Target 1 Area (El Refugio) returned 17.95m at 5.16g/t gold, 78g/t silver from 265.55m, including:
- 5.45m at 9.89g/t gold, 171g/t silver from 265.55m
- 1.50m at 11.7g/t gold, 103g/t silver from 276m; and
- 1m at 9.77g/t gold, 42.5g/t silver from 282.5m.
Drilling at the Copalquin mine area returned 5.66m at 2.58g/t gold, 230g/t silver from 18.5m including:
- 1.98m at 4.59g/t gold, 520g/t silver from 18.5m; and
- 1.32m at 4.08g/t gold, 185g/t silver from 22.28m.
Assays have been received for six holes, a further three have been sent to the laboratory, two completed for logging and six more holes to be drilled in this initial 4000m program.
Aiming to double the underground resource
Mithril Resources (ASX:MTH) managing director and CEO John Skeet says the new drilling results, LiDAR survey and ‘boots-on-the-ground’ mapping and sampling are enhancing the company’s interpretation of the Copalquin district in Mexico, home to five of the world’s 10 largest silver mines.
“The results from the first six drill holes of this program continue to underpin the confidence and prospectivity for this exceptional gold-silver district located in Mexico’s prolific Sierra Madre gold-silver trend,” he said.
“Hole CDH-150 is yet another >100g/t gold equivalent x metre drill hole and additive to the high-grade maiden resource at the Target 1 area where we aim to 2x the current underground resource in Q1 2025.
“Additionally, the first drilling at the historic Copalquin mine area 900m south-east of the maiden resource area returned high-grade intercepts, which is an extension of mineralisation adjacent to the maiden resource area.”
Targeting historic workings in the district
With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km² of the mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden resource.
The company is confident with the district-wide gold and silver occurrences and rapid exploration success that the Copalquin District is developing into another significant gold-silver district like the many other districts in the prolific Sierra Madre gold silver trend of Mexico.
“Our experienced geological team, under guidance of our technical advisor Colin Jones, is busy interpreting new information received from a LiDAR (geospatial) survey of the district scale Copalquin property identifying ~300 historic underground mine tunnels and shafts, and prospecting pits,” Skeet said.
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.
