The first holes drilled at Mithril Resources’ (ASX: MTH) Los Reyes target in Mexico have added another feather in the company’s cap after returning high-grade gold and silver results.
The Australian explorer today reported initial assays from scout drill holes at the target, located within the Reyes project in Mexico’s Copalquin gold-silver district, including a 2.22m intersection grading at 34.6 grams per tonne of gold equivalent (32.35g/t gold and 184.8g/t silver) from a depth of 91.55m.
The intercept included 1.22m at 61.1g/t gold equivalent, plus 0.7m at 10.9g/t gold equivalent.
A second hole, situated 40m southeast of the first, returned 3m at 3.9g/t gold equivalent from 103m, including 0.6m at 11.9g/t gold equivalent.
These latest results form part of a maiden drilling program in the Copalquin district that also comprised Mithril’s three other projects – Cometa, Constancia and Apolonia.
In late November, drilling had uncovered a large gold and silver system at the El Refugio target within the Cometa project with further results announced earlier this month firming up the geological model.
According to Mithril, the latest intercepts at Los Reyes are in the same low-angle structural zone that extends 1.5km west to El Cometa and mineralised veins within the zone occur up to 20m wide at Los Reyes.
Mithril chief executive officer and managing director John Skeet described the high-grade intercepts achieved at Los Reyes as “very pleasing”.
“The existence of high-grade gold-silver domains within this extensive, near-surface structure that runs 1.5km from El Cometa to Los Reyes, further builds the potential for a bulk tonnage resource in this part of the district,” he said.
Mithril said closer spaced drilling in the El Cometa-Reyes structure will increase the probability of intercepting the high-grade gold and silver domains.
In the meantime, drilling is scheduled to recommence in early January for deeper holes at the El Refugio target, where grades and breccia thickness have been observed to increase with depth.
A soil sampling program at the El Refugio West, La Soledad West, El Indio and Zaragosa prospects is also planned for January/February.
In addition, Mithril is awaiting assays from a hole drilled at the Los Pinos target within the Reyes project, three holes completed at the La Constancia target within the Constancia project, as well as two holes beneath the historic San Manual mine workings at the Apolonia project.