Mithril Resources continues to hit high grade gold and silver at the El Refugio target in Mexico’s Copalquin District.

The latest three diamond drill holes at El Refugio, which are part of Mithril’s (ASX:MTH) fully-funded exploration activities at its Copalquin project, returned some standout hits.

These include:

  • 8m at 5.32 grams per tonne gold and 104.63g/t silver from 289.3m, including 1m at 29.9g/t gold and 273g/t silver from 289.85m in CDH-063;
  • 4.82g/t gold and 107.13g/t silver from 259.7m, including 1.6m at 7.94g/t and 211.1g/t from 260.7m, and 2.1m at 4.68g/t gold and 22.38g/t silver from 299.5m in CDH-062, and;
  • 7.75m at 0.95g/t gold and 24.7g/t silver from 272m, as well as 15.77m at 1.44g/t gold and 76.3g/t silver from 291m in CDH-061.

The intercepts extend the high-grade mineralisation at El Refugio 30m west and 80m down dip. Further drilling has intercepted structures up to 180m further to the west and 80m down dip.

Mithril managing director John Skeet said the results of today’s announcement were a significant positive for the company.

“These are excellent intercepts to have received for holes drilled in this part of the Refugio target,” he said.

“They show continuing high-grade gold and silver, multiple vein intercepts and increasing widths. Drill holes up to 180m west have also been completed and we are currently drilling deep, vertical holes intercepting the structures further down dip.

“The size of El Refugio continues to increase with the advancing diamond core drill program. We look forward to a continuing flow of news over the coming weeks.”

Long section for the El Refugio target in the Copalquin district showing drill hole pierce points. Grade thickness as shown is the sum of all intercepts in each hole. Pic: Supplied

More drilling to come

The drill plan focus for the current quarter at Mithril is to go deep, with target depths of between 300m and 400m downhole.

Most of the drilling will be directed at El Refugio and the Soledad target, where MTH’s understanding of the target geometry continues to improve, giving the company high confidence of further success.

Around 500m of drilling will also be carried out on scout holes at Los Pinos ridge, where preliminary mapping and detailed soil sampling indicate a good target along the Refugio to Los Reyes trend.

The Copalquin mining district in Mexico covers 70km2, containing several dozen historic gold and silver mines and workings, 10 of which had notable production.

The district sits within the Sierra Madre gold silver trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits.


The Copalquin district location map within the Sierra Madre gold-silver trend with North American majors currently working in this part of Mexico. Pic: Supplied.

Mithril is earning a 100% interest in the Copalquin District mining concessions by a purchase option agreement struck in 2019.



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.