Mithril Resources discovers more gold and silver at Mexico project

Mithril Resources is gaining greater knowledge of gold and silver mineralisation at its Cometa project in Mexico’s western Copalquin gold-silver district.

The first drill hole at Mithril Resources’ (ASX:MTH) La Soledad target within its Cometa project has returned a stunning hit of 4.88m at 10.36 grams per tonne (g/t) gold and 80.9 g/t silver from 288.25m.

“This high-grade intercept at La Soledad is showing the target to be a series of parallel veins which are open to the west and at depth,” managing director and chief executive, John Skeet, said.

La Soledad prospect is developing as a ‘vein swarm’ system with multiple high-grade veins.

The high-grade hit for La Soledad follows another significant drill hole result in mid-March at the company’s El Refugio target of 4.17m at 62 g/t gold and 445 g/t silver from 233.4m.

“As we have progressed the drilling at La Soledad and nearby at El Refugio, we are building an understanding of the relationship between the two sets of vein structures and their potential interaction at depth,” said Skeet.

Drilling restarted at El Refugio target

Mithril Resources has resumed drilling at its El Refugio target with the aim of extending its high-grade structure deeper and along strike to the west.

“We will be targeting these zones of projected vein intersections as well as expanding the targets further west and to the north easterly target of El Indio identified by the recent soil sampling program,” added Skeet.

The company has collected nearly 700 soil samples from four areas within its Cometa project – Los Pinos/El Indio, Los Reyes, Refugio West and Zaragosa – and anomalous silver was identified in all target areas.

At El Indio, a strong silver anomaly of up to 151 g/t in soil was detected near old mine workings, and at Los Reyes 11 samples returned greater than 5 parts per million silver including one high sample of 154 ppm silver.

Zaragosa returned nine samples greater than 5 ppm silver indicating that the Copalquin-Zaragosa structure continues to the west of the large Soledad Arroyo feature.

The Silver Institute, the industry’s trade body, said in a recent presentation that industrial demand for silver metal is set to soar in the 2020s with new applications in green technology.

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.