Mithril shines bright on high-grade silver and gold in Mexico

MTH flags more high-grade gold and silver at Copalquin project in Mexico
Resource expansion coming as drilling nears completion at Target 1
Drilling planned to commence at Target 2 in April 2025 with second a drill rig

Special Report: Mithril Silver and Gold is shining bright on recording up to 26.5 g/t gold and 1,046 g/t silver over 3.35m during recent resource expansion drilling at Target 1, Copalquin project in Mexico.

The Target 1 area in the Copalquin District hosts a gold equivalent resource of ~529,000oz and there is considerable strike and depth potential in the District which is home to an estimated 100 historical underground and 198 surface gold-silver mines and workings.

Earlier this month, Mithril Silver and Gold (ASX:MTH) returned impressive results including 4.95m at 20.5 g/t gold and 1833g/t silver from 107m.

More high-grade veins have been intercepted in resource update drilling at Target 1 Area of La Soledad with grades higher than the current resource.

Best results include:

3.35m at 26.5 g/t gold and 1,046 g/t silver from 215.15m;
5m at 5.08 g/t gold and 22.1 g/t silver, from 108.06m, including 1m at 16.7 g/t gold and 72.7 g/t silver, from 110m;
3.62m at 9.62 g/t gold and 55.2 g/t silver, from 97.7m, including 0.72m at 45.5 g/t gold and 221 g/t silver, from 100.6m; and
1.99m at 4.29 g/t gold and 72.6 g/t silver, from 98.26m, including 0.50m at 15.4 g/t gold and 214 g/t silver, from 98.26m.

Drilling is ongoing with a further three holes completed and one in progress at La Soledad. Two deep holes at El Refugio and at least 2 holes at Refugio West are scheduled.

Target 2 drilling on agenda

In April, Mithril will get a second rig up and running at the highly prospective Target 2 area of El Peru/Las Brujas.

“Further drill holes are scheduled in the Target 1 area at Refugio and Refugio West ahead of an update of the Target 1 resource,” MTH managing director and CEO John Skeet said.

“In April 2025, the second drill will commence the first ever holes at the Target 2 area where the 2024 LiDAR interpretation revealed a breccia pipe at the El Peru workings plus extensive historic surface workings in the area.

“We are on target to complete 35,000 metres of drilling throughout 2025 in an expansive program to test multiple targets and demonstrate our Copalquin district property as a major high-grade silver and gold district in Mexico’s famed Sierra Madre trend.”

The Sierra Madre Gold Silver Trend extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits.

Within 15 months of drilling in the Copalquin District along this trend, Mithril delivered a maiden JORC mineral resource estimate at the first of over a dozen targets.

The company is confident of expanding the resource footprint across the District, with the plan to complete around 35,000m of drilling this year.

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.