Mithril Silver and Gold reports significant increase in historic mines and workings at Copalquin District
Mithril Silver and Gold (ASX: MTH) has reported a significant increase in the number of historic mines and workings at its Copalquin District property in Mexico.
The company has confirmed the existence of seven historic mine shafts, 93 mine tunnels, 198 mine and prospecting pits and two additional corridors of historic workings (for a total of four corridors) across the gold-silver project in Durango State.
The increase follows an advanced light detection and ranging (LiDAR) land survey conducted by GeoCloud Analytics across the full 70 square kilometres of mining concessions at Copalquin, which sits along the prolific Sierra Madre gold-silver trend.
Numerous trends
The LiDAR survey provided Mithril with high-resolution aerial photography and a bare-earth digital terrain model that virtually “strips away” all vegetation to reveal only the geology and structural detail beneath.
It identified numerous trends comprising clusters of shallow prospecting pits (or pit-chains), as well as interpreted vein structures and faults within a short distance of each other across the district.
GeoCloud suggested further prospecting along these trends to locate new evidence of mineralisation, which could significantly extend the mapped strike of the veins and provide Mithril with additional drilling targets.
Prospecting activity
Mithril chief executive officer John Skeet said the survey extended the widespread mining and prospecting activity which took place at Copalquin between 1850 and 1910.
“Already there are exceptional high-grade gold-silver sampling results from the known workings and we are keen to map the newly identified areas to further highlight the size and potential of this extensively mineralised district,” he said.
“Clearly, a large epithermal gold-silver system exists here which we believe is set to become one of the many multi-million-ounce districts at Sierra Madre.”
He said the districts are known to host up to five million ounces of gold and 100Moz or more silver.