Mithril Resources (ASX: MTH) has hit unearthed numerous high-grade gold and silver zones within the first drill holes of the El Refugio target at its Cometa project in Mexico.
The company noted that initial drilling at the target had intercepted the upper part of the structure. Within this was about 32m of detectable gold and silver and numerous higher-grade intervals.
Notable intercepts were 3.85m at 4.48 grams per tonne gold and 119.3g/t silver from 146m, including 2.15m at 6.32g/t gold and 186.7g/t silver; and 8.7m at 3.07g/t gold and 93.6g/t silver from 176.85m, including 2.9m at 7.52g/t gold and 184.3g/t silver.
Mithril chief executive officer and managing director John Skeet described the intercepts as “excellent”, pointing out they had successfully located the El Refugio structure and believed the gold and silver mineralisation would continue at depth.
These results from El Refugio affirm Canadian junior UC Resources’ historical assays from 2005.
The Canadian junior reported intercepts of 7.9m at 6.54g/t gold and 140.09g/t silver, including 3.9m at 12.26g/t gold and 220.38g/t silver.
Assays are due from Mithril’s remaining four holes at El Refugio which also hit encouraging mineralisation.
As well as drilling El Refugio, Mithril completed 10 holes at the El Cometa target with these assays also pending.
Mexico’s Copalquin district
Cometa is located within Mexico’s Copalquin district where Mithril has several projects it is exploring.
Mr Skeet said drilling so far at Cometa had uncovered high-grade veins and provided valuable data for three different vein groups across the project.
In addition to exploring Cometa, Mithril is moving the drill rig 800m east this week to the Reye project.
At Reyes, drilling will target the Los Pinos and Los Reyes zones.
The rig will then move to drill the nearby Constancia and Apolonia projects within the Copalquin district.
Mr Skeet noted these projects host historic high-grade production from multi-level workings.
“The Copalquin district is a large epithermal centre for gold and silver. The maiden drill program has provided important additional data and given clear evidence of multiple mineralisation events typical of large systems.”
Mr Skeet added he believed the Mithril team had only “scratched the tip of the iceberg”.