Mithril Resources uncovers large gold-silver system at El Refugio

Mithril Resources ASX MTH El Refugio Copalquin Mexico gold silver large hydrothermal
Mithril Resources plans to deliver a maiden resource for Cometa before the end of June next year.

Mithril Resources (ASX: MTH) has uncovered a large gold and silver system at the El Refugio target within its Cometa project in Mexico’s Copalquin district.

The results were from four further holes drilled at El Refugio and add to previous intercepts.

Highlight assays from these latest results were 5.05m at 3.48 grams per tonne gold equivalent from 227.4m, including 2.15m at 5.03g/t gold equivalent; 15.75m at 2.05g/t gold equivalent from 123.6m, including 1m at 16.63g/t gold equivalent; and 7m at 1.22g/t gold equivalent from 131m, including 2m at 2.68g/t gold equivalent.

“The maiden drill holes at the Refugio target have shown the are to be part of a large hydrothermal system,” Mithril chief executive officer and managing director John Skeet explained.

“The broad quartz breccia zones punctuated with high grade gold-silver veins has been drill tested over 400m and is building the model of a large gold-silver system that is characterised by extensive surface alteration and rhyolite dome intrusions.”

Mr Skeet said gold-silver mineralisation already intercepted at La Soledad and Leon were part of this larger system.

Mithril has been drilling its projects in Copalquin since July, with more than 7,000m completed across several targets within its four projects in the district – Cometa, Reyes, Constancia and Apolonia.

Advancing Copalquin projects in 2021

During 2021, Mr Skeet said Mithril will focus on extending known mineralisation at Cometa at depth and along strike, with a maiden resource planned for delivery before the end of June.

He added drilling at the company’s other projects in the district (Reyes, Constancia and Apolonia) will provide better understanding of the Copalquin region’s gold and silver potential.

“We have a very large area to explore in this complex district with many strong targets identified by extensive surface mapping and supported by underground rock chip sampling.”

“2021 will be an exciting year for Mithril as we continue to develop this large epithermal centre for gold and silver,” Mr Skeet said.

The Copalquin district hosts many world class gold and silver deposits with dozens of historic mine workings.

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