Mithril Resources Ltd (ASX: MTH) has announced that is has intercepted ‘bonanza’ grades from drilling at the El Refugio gold-silver deposit within its Copalquin Gold Silver District in Mexico, expanding the gold-silver ‘clavo’ (or nail) 160m down dip.
Hole CDH-077 was designed to test depth extents of the high-grade ‘clavo’, with assay results confirming that drilling had intercepted a ‘bonanza zone’ as predicted by previous geologic modelling.
Key results include:
- Hole CDH-077:
- 8.26m @ 80.3 g/t gold, 705 g/t silver from 468.34m (CDH-077), including
- 6.26m @ 106 g/t gold, 913 g/t silver from 468.34m, including
- 0.77m @ 837 g/t gold, 6,680 g/t silver from 471.63m
- Hole CDH-075:
- 2.70m @ 13.8 g/t gold, 82.9 g/t silver from 300.3m, plus
- 4.25m @ 10.9 g/t gold, 364 g/t silver from 307.05m, including
- 2.65m @ 16.3 g/t gold, 414 g/t silver from 315.0m, plus
- 2.00m @ 1.02 g/t gold, 17.5 g/t silver from 315.0m, plus
- 4.50m @ 0.84 g/t gold, 34.8 g/t silver from 358.5m
- Hole CDH-076:
- 2.40m @ 0.93 g/t gold, 15.6 g/t silver from 342m, plus
- 5.00m @ 2.06 g/t gold, 95.4 g/t silver from 373m, plus
- 1.00m @ 0.86 g/t gold, 39 g/t silver from 383m
About the Copalquin Gold Silver District
The Copalquin Gold Silver District, in Mexico’s Durango state, covers an approximate region of 70km², and includes 32 historic underground gold and silver mines, of which 10 have previously had significant production.
The district sits within the Sierra Madre Gold Silver Trend which runs along Mexico’s west coast, and is home to many notable gold and silver deposits including Coeur Mining’s Palmarejo and Agnico Eagles’ Pinos Altos.
Mithril Resources is in the process of earning a 100% interest in the Copalquin District via a purchase option agreement with its Mexican concession holder.
“The extremely high-grade intercept in our deepest drill hole CDH-077 has extended the high-grade ‘clavo’ at El Refugio a further 160m down dip”
Mithril CEO and Managing Director John Skeet said: “The extremely high-grade intercept in our deepest drill hole CDH-077 has extended the high-grade ‘clavo’ at El Refugio a further 160m down dip. In this exceptional CDH-077 intercept we have observed mineralisation including abundant coarse gold and silver sulphides, consistent with having intercepted the ‘bonanza zone’ as predicted by the geologic model. Additionally, hole CDH-075 has intercepted very-high grades with abundant coarse gold and silver sulphides down dip of the extremely high-grade CDH-050 intercept reported in March 2021. Drilling at El Refugio has continued to consistently deliver excellent results establishing El Refugio as a significant deposit for gold and silver in the Copalquin district.”
Images: Mithril Resources Ltd