Mithril Silver and Gold (ASX: MTH) is building momentum at its wholly-owned Copalquin district gold-silver project in Mexico with the mobilisation of a third drill rig ahead of an expanded exploration campaign in the new year.
The first phase of work will commence at the large and historic Target 3 area and will comprise 3,300 metres of drilling near the El Jabali historic workings, where recent channel sampling returned assays of up to 0.65m at 16 grams per tonne gold and 1,275g/t silver.
Target drilling
Drilling at Target 1 has produced a robust and predictive model ahead of a resource estimation next year and approximately 3000m of follow-up drilling will test along strike from a recent western step-out hole that returned 8.03m at 7.19g/t gold and 260g/t silver.
Target 5 maiden drilling tested structures around the historic Apomal workings and returned highlights of 2.75m at 2.28g/t gold and 500g/t silver including 1m at 5.8g/t gold and 1308g/t silver; and 3.35m at 1.71g/t gold and 246g/t silver including 1.05m at 5.35g/t gold and 771g/t silver.
Drilling has since progressed along strike with five holes completed at the Tasolera workings where channel sampling reported up to 3300g/t silver and 2g/t gold over 1.4m.
Plans for the new year will include drill testing along strike at the Candelaria workings where earlier channel sampling returned 0.6m at 38.3g/t gold and 4520g/t silver.
La Dura survey
Mithril has completed a LiDAR survey across 20 square kilometres at the recently-acquired La Dura project in Durango state, with interpretation and analysis due in the new year.
The company is scheduled to fly a district-scale aerial magnetic survey over the Copalquin and La Dura concessions in January to refine structural interpretations, identify new targets and support continued district-scale exploration.
Year of progress
Managing director John Skeet said the company had completed a year of significant exploration progress, advancing multiple targets in parallel and reinforcing the scale and continuity of the high-grade gold-silver system.
“The work we have completed this year has significantly expanded the potential of the Copalquin district and confirmed the presence of a large and vertically-extensive epithermal system,” he said.
“With a strong balance sheet, multiple advanced targets and an expanded land position, we are entering the new year with momentum and a clear pathway to unlock further value for shareholders.”
Aggressive program
Mithril is due to launch an aggressive exploration program in the new year including 25,000 metres of drilling and up to three drills turning during the first six months.
The work will focus on expanding known mineralised zones, testing new high-priority targets, integrating district-wide geophysical data and advancing Mithril’s district-scale exploration thesis.
