Mithril Resources (ASX: MTH) has released its maiden JORC indicated and inferred mineral resource for the El Refugio–La Soledad target within its Copalquin Gold Silver District in Mexico, delivering 373,000 ounces of gold plus 10,953,000 ounces of silver (cut-off grade of 2.0 g/t AuEq).
The company notes that 28.6% of the resource tonnage sits within the indicated category; full results are displayed below:
Address the news, Mithril Resources CEO and Managing Director John Skeet said: “This is an excellent result for our maiden mineral resource estimate (MRE) from the first 14 months of drilling in the Copalquin District with a single diamond core drill rig. The maiden MRE is robust and high-grade using a cut- off grade (2.0g/t AuEq*) appropriate for underground mining, demonstrating the economic potential for our first target area in the district and advancing Mithril’s goal to become a highly profitable gold-silver producer from high- grade resources. The data generated allows us to efficiently expand and infill the Refugio – La Soledad target, whilst continuing expansive exploration in the Copalquin district with its multiple gold-silver targets and historic mines. We look forward to updating this first MRE for the Copalquin District in 2022”
“This is an excellent result for our maiden mineral resource estimate from the first 14 months of drilling in the Copalquin District”
Mithril is in the processing of earning-in a 100% stake in the ‘district scale’ Copalquin mining concessions, with El Refugio-La Soledad representing just one of several drill targets over a 70km² footprint. Drill results at the target reported earlier in November returned grades up to 18.67m @ 9.64 g/t Au plus 278.8 g/t Ag, with work continuing along strike.
Copalquin is situated within the Sierra Madre Gold Silver Trend, which extends north-south along western Mexico, and houses several major gold and silver projects including including the 1.1Moz Au / 48Moz Ag Ocampo Mine.
The project contains several dozen historic gold and silver mines and workings, of which 10 have produced significant historical output.
Images: Mithril Resources Ltd