Mitre Mining Corporation (ASX: $MMC) doubles Cerro Bayo resource to 50Moz AgEq

Mitre Mining Corporation Limited (ASX: $MMC) has announced a substantial increase in the JORC 2012-compliant Resource at its Cerro Bayo Silver-Gold Project in Chile. The resource has doubled to 50.2Moz at 311g/t silver-equivalent. The updated estimate includes high-grade underground drilling results and is independently audited by Brian Wolfe from International Resource Solutions Pty Ltd. Mitre has initiated its maiden drilling program at Cerro Bayo with the aim of generating another significant Resource update in the second half of 2024. The Company benefits from an onsite laboratory, ensuring rapid assay turnaround times of approximately 48 hours.

Executive Director Ray Shorrocks optimistic about growth strategy at Cerro Bayo

Interim Executive Director Ray Shorrocks expressed optimism about the growth strategy at Cerro Bayo, highlighting the outstanding start and the immense potential for ongoing increases in the inventory. Shorrocks emphasized the exceptional underground grades, the open mineralization, and the prospectivity seen in the reviewed data. With drilling underway, the Company expects to generate a steady stream of assays, aiming to extend the known boundaries of the mineralization and create value through Resource growth. The increased Resource is particularly valuable for Mitre shareholders given the existing infrastructure, including a 500,000tpa processing plant, right next door.

Cerro Bayo poised for rapid growth with ongoing drilling program

Mitre Mining Corporation has doubled the JORC 2012-compliant Resource at its Cerro Bayo Silver-Gold Project to 50.2Moz at 311g/t silver-equivalent. The updated Resource includes high-grade underground drilling results and is independently audited. The Company has commenced its maiden drilling program at Cerro Bayo with the aim of generating another significant Resource update in the second half of 2024. With mineralization open along strike, down plunge, and at depth, Cerro Bayo is poised for rapid growth. Mitre's focus on Resource growth and value through the drill bit is expected to drive the Company's ambitions and goals in the coming months.