Mithril Silver and Gold (ASX: MTH) has reported channel sampling results of up to 38.2 grams per tonne gold and 4,520g/t silver over multiple targets at its Copalquin project in Mexico.
Impressive results from surface and underground workings reinforced the continuity and grade potential of the district’s principal vein systems, which are laterally and vertically-extensive across the project area.
Highlights included 0.5m at 16.8g/t gold and 625g/t silver, 0.65m at 16g/t gold and 284g/t silver, and 0.6m at 38.3g/t gold and 4,520g/t silver from the El Gallo, El Jabali, and Candelaria targets, respectively.
Gold and silver samples from the Guacima Mine and the El Gallo area confirmed the presence of additional mineralised structures that extend the broader footprint of the Copalquin system.
Refugio West Structure
Drilling continues at El Gallo, focused on defining the geometry of the neighbouring Refugio West structure and its relationship to post mineral dykes and sills and remains critical for refining the exploration model.
At Candelaria, Mithril is conducting ongoing exploration to test continuous high-grade quartz veins traced for more than 1.2 kilometres along surface and from underground workings.
Underground sampling at El Jabali has delivered results from historic workings of as high as 15.95g/t gold and 1,275g/t silver over a 0.65m interval.
Mithril is now preparing for a fully-funded maiden drilling campaign in the new year that will cover 25,000m in the first six months.
Scale and Continuity
“High-grade results from multiple targets across 9km with more than 1km of vertical extent confirms we are advancing a large epithermal gold-silver system,” Mithril chief executive officer John Skeet said, adding that Copalquin continued to demonstrate exceptional scale and continuity.
“Our detailed study of high-grade intercepts at the Refugio West, Zaragoza, and Apomal targets supports our modelling and demonstrates the true scale and potential of Copalquin, where we are systematically defining a high-grade, multi-target gold-silver district.”
The Copalquin mining district covers 70 sq km of acreage and contains 100 historical underground gold-silver mines and workings, along with 198 surface workings and pits.
It sits within the Sierra Madre gold-silver trend, which extends north-to-south along the western side of Mexico and hosts many gold-silver districts.
Mithril delivered a maiden mineral resource estimate for Copalquin in late 2021 of 691,000 tonnes at 5.43g/t gold and 114g/t silver for 121,000 ounces gold and 2.54 million ounces silver (indicated), as well as 1.73 million tonnes at 4.55g/t gold and 152g/t silver for 252,000oz gold and 8.41Moz silver (inferred).
