Mithril Silver and Gold (ASX: MTH) has confirmed high-grade mineralisation across the Target 3 prospect within its Copalquin project in Mexico’s Durango state.
An initial program of shallow drilling tested four historical workings for a total 3,039 metres across 700m of strike within a 1.2 square kilometre area.
The results confirmed extensive epithermal-style mineralisation and returned best intercepts of 0.9m at 2.79 grams per tonne gold and 151g/t silver from 151m, 0.5m at 6.91g/t gold and 475g/t silver from 102.5m, and 0.5m at 33.2g/t gold and 5.9g/t silver from 134.95m.
The vein style and grades are seen as indicative of a high level of mineralisation in the system, with better intercepts and vein thicknesses found deeper in the drill holes.
District-Scale Drilling
Mithril has planned up to 25,000m of drilling before end October across the Copalquin district, which features over 100 historical workings including several multi-level mines and 200 small surface workings.
The company has drilled one hole at the northern end of Target 5 to demonstrate continuity of high-grade silver-gold mineralisation 68m down-dip from surface.
The La Maquina discovery hole returned a best intercept of 0.85m at 6.2g/t gold and 764g/t silver from 122.8m and confirmed the veins are hosted in granodiorite within a parallel vein set trending northwest, approximately on trend 1.6m southwest of the El Gallo workings where drilling in 2021 intercepted high-grade veins.
At Target 1, two drills completed a resource upgrade campaign with an updated total expected before mid-year.
Expanded Mapping Program
Mithril’s team has continued to expand detailed mapping of the district, which now covers more than one third of the 70 sq km mining concession area.
New targets and historical workings identified by LiDAR survey are awaiting systematic evaluation, while a third-party consultant is currently evaluating an earlier aerial magnetic survey with a view to identifying important geological trends and features ahead of a district-wide structural geology study.
Mithril vice president (exploration) James Barr said the results had established Target 3 as a highly-prospective area for growth, and reinforced the broader district-scale upside at Copalquin.
“We continue to see positive results from the hard work invested in mapping and sampling across the property as Copalquin continues to grow as a large epithermal silver-gold system,” Mr Barr said.
“With one third of the property scale mapping completed since early last year, we are confident the scale and extent of this system will continue to grow, [and] our team continues to develop drilling and exploration targets across the property in line with our strategy to unlock the broader district scale potential at Copalquin.”
