Mitre Mining Corporation (ASX: $MMC) Quarterly Activities Report

Mitre Mining Corporation Limited (ASX: $MMC) has agreed to acquire the Cerro Bayo silver-gold project in Chile, including existing JORC Inferred Resources of 3.82Mt at 206g/t for 24.7moz AqEq. The project has substantial scope for rapid growth, with extensive known high-grade mineralisation outside the Resource. The company is well funded with $2.6 million in cash and plans to commence a drilling program in the next few weeks to drive strong newsflow.

Executive Commentary

Mitre Executive Director Ray Shorrocks stated, 'Mitre is poised to generate substantial, rapid growth for its shareholders by growing the Resource at Cerro Bayo. We believe we have a huge opportunity at Cerro Bayo because there is already a significant Resource along with extensive known mineralization waiting to be brought into the Resource with further drilling. Plus, we have the option of near-term production thanks to the existing plant and infrastructure. We plan to capitalize on this opportunity by starting a drilling program in the next few weeks, driving strong newsflow.'

Summary

Mitre Mining Corporation (ASX: $MMC) is set to acquire the Cerro Bayo Silver-Gold Project in Chile, with substantial scope for rapid growth. The project includes existing JORC Inferred Resources and extensive known high-grade mineralisation outside the Resource. Mitre plans to commence a drilling program to bring additional mineralisation into the Resource and extend its boundaries. The company is well funded and aims to establish a near mine rapid resource growth program focusing on increasing the high-grade silver-gold Resource base. Mitre's strategy includes defining and rapidly growing the existing near mine resource base, applying modern exploration techniques, and beginning baseline permitting work for future operations. The company also plans to focus on de-risking and growing the breccia zones within the Taitao open pit and expanding the Los Domos and Cerro Diablo Projects. Additionally, Mitre's Western Australian projects show potential for lithium and rare earth mineralisation, with plans for further exploration and mapping.