Geophysical surveys by Mithril Silver and Gold (ASX: MTH) over its Copalquin and La Dura properties in Mexico have identified priority drill targets to progress district-wide exploration.
A LiDAR survey over 21 square kilometres of mining concessions at La Dura provided high-resolution aerial photography and a bare-earth digital terrain model that ‘stripped away’ the vegetation to reveal the geology and structural detail beneath.
External consultant GeoCloud Analytics reported a strong trend up to 1.5km long and 300 metres wide with historical workings (including the four-level La Dura mine) along five repeated structures.
It included 18 mine shafts, 44 mine tunnels, and 134 mine and prospecting pits, plus a second cluster of adits and workings located 1km south within the concession area.
Aerial magnetic surveys were also conducted over both properties, with the data expected to help the company finalise its drilling plans at key structural ‘feeder’ targets.
Copalquin Drilling Program
Phase IV drilling at Copalquin Target 1 is scheduled for completion by April, with the results to be used to update the current resource.
That resource currently sits at 691,000 tonnes at 5.43 grams per tonne gold and 114g/t silver for 121,000 ounces gold and 2.53Moz silver (indicated), and 1.72 million tonnes at 4.55g/t gold and 152g/t silver for 252,000oz gold and 8.41Moz silver (inferred).
The campaign is testing several locations within the target area and Mithril expects the addition of aerial magnetic survey and drill assays will justify an expansion of the Target 3 work.
Maiden drilling at Target 3 has delivered encouraging early results, with mineralised quartz vein structures intercepted at predicted depths.
Mithril is carrying out an aggressive exploration program across the Copalquin District with up to 25,000m of drilling planned for completion before August.
The work is focused on expanding known mineralised zones, testing new high-priority targets, integrating district-wide geophysical data and advancing the company’s district-scale exploration thesis.
Enhanced Regional Understanding
Managing director John Skeet said the LiDAR survey had significantly enhanced the company’s understanding of the greater Copalquin area.
“The identification of a 1.5km-long structural corridor hosting multiple historical workings defined an obvious high-priority drill target for us,” he said.
“Together with the recently completed aerial magnetic surveys, we are rapidly refining and prioritising district-scale feeder targets at both properties.”
Copalquin features over 100 underground workings established between 1850 and 1910 (including several multi-level mines) and 200 small surface workings.
Mapping and sampling across the lower half of the 70 sq km concession area has demonstrated a large epithermal silver-gold system with multiple target areas for potential resource growth, as well as a conduit system responsible for the widespread silver-gold mineralisation.
The company ++recently added the nearby La Dura property++ to the portfolio as a brownfield tenement with a database of mapping, sampling and drilling.
