Mithril Silver and Gold Limited (ASX: MTH) today reported further significant assay results from its ongoing exploration at the Copalquin District project in Mexico. These results highlight the success of the current drilling campaign aimed at expanding the known high-grade gold and silver resources.
Substantial Intercepts Drive Resource Expansion
Recent drilling at the Copalquin District has uncovered impressive grades of gold and silver, underscoring the potential to significantly expand the current resource base. Key results include a notable intercept from drill hole CDH-162 at the historic El Refugio mine, yielding 4.60 meters grading 5.51 g/t gold and 182.4 g/t silver, including a segment with 28.0 g/t gold and 997 g/t silver over 0.60 meters. Another intercept in drill hole CDH-161 at El Cometa on the eastern side of the Target 1 resource area revealed 9.00 meters at 2.06 g/t gold and 90.26 g/t silver, including higher-grade intervals such as 0.50 meters at 12.15 g/t gold and 758 g/t silver.
Strategic Exploration and Ongoing Developments
Mithril's Managing Director and CEO, John Skeet, emphasized the strategic approach to exploration, stating, "Drilling into untested areas around the Target 1 maiden resource continues to successfully expand the footprint with high to exceptionally high-grade results. We are progressing with the aim to double the resource at this first of multiple targets in the district, with an additional 5,000 meters of drilling planned in the coming months."
The company's exploration efforts are supported by ongoing LiDAR survey interpretation, geological mapping, and sampling, which continue to highlight the district's potential as a significant epithermal gold-silver system.
Implications for the Copalquin District
The Copalquin District is renowned for its historic mining activities, hosting over 100 underground gold and silver mines. The district spans 70 km² and is part of the prolific Sierra Madre Gold-Silver Trend. Mithril's successful exploration activities not only enhance the understanding of the district's geological potential but also position the company to capitalize on the increasing global demand for gold and silver.
Forward-Looking Exploration and Community Engagement
Looking ahead, Mithril plans to continue its extensive drilling program, aiming for a comprehensive update to the Target 1 resource by Q1 2025. The company also remains committed to its environmental, social, and governance responsibilities, actively supporting local communities through educational programs and employment opportunities.
Conclusion
Mithril Silver and Gold Limited's recent drilling results from the Copalquin District confirm the presence of significant high-grade gold and silver mineralization, with the potential to expand existing resources substantially. As the company moves forward with its strategic exploration plans, the mining community and investors will closely watch for further updates, anticipating positive impacts on the company's valuation and on the broader market.
