Mithril Silver and Gold (ASX:MTH) has intersected 144 grams per tonne (g/t) gold and 1,162g/t silver in drilling at the Copalquin District Project in Mexico.
At the Target 1 area, five holes were drilled to test the mineralisation along strike from the El Cometa historic mine on the eastern side of the area.
Drillhole CDH-159 intersected 22m @ 31.8g/t gold, 274g/t silver from surface, including 7m @ 144g/t gold, 1,162g/t silver from 18m, including 2m @ 495g/t gold, 3,765g/t silver from 20m.
CEO John Skeet says CDH-159 is a globally significant, more than 1,000g/t gold-equivalent by metre drillhole at the Target 1 area, where the company aims to double the resource next year.
“The intercept includes a zone of lower grade material from surface plus a very high-grade zone from 16m down hole, including the typical bonanza gold and silver grades that are a hallmark of this important mining district,” Skeet says.
“With the exceptional drill results combined with our recent light detection and ranging survey, district access road upgrade works and development of the district geological model, Copalquin continues to progress as another significant gold-silver district in Mexico’s prolific Sierra Madre Trend.”
The $21.13 million market capitalised company is aiming to double Target 1’s 529,000 ounce at 6.81g/t gold-equivalent resource in the first quarter of next year.
With new data from the recent drilling, a second hole has been drilled along strike from drillhole CDH-161. Assays remain pending.
Drilling is also continuing on the western side of the Target 1 resource area.
With 100 historic underground gold-silver mines and workings, alongside 198 surface workings throughout 70km2 of mining concession area, Copalquin is an entire mining district. The district lies in Durango State, Mexico, which hosts many ‘world-class’ gold and silver deposits.
Mithril Silver and Gold is a precious metals explorer focused on discovering, acquiring, and producing gold and silver in Mexico’s Sierra Madre Gold-Silver Trend.
Write to Aaliyah Rogan at Mining.com.au
Images: Mithril Silver and Gold
