Mithril Resources (ASX:MTH) has unveiled a maiden JORC indicated and inferred mineral resource has been estimated for the first drill target area of El Refugio–La Soledad in the Copalquin District, Mexico.
CEO and Managing Director, John Skeet, said the MRE is an impressive 2,416,000 tonnes @ 4.80 g/t gold, 141 g/t silver for 373,000 oz gold plus 10,953,000 oz silver (Total 529,000 oz AuEq) using a cut-off grade of 2.0 g/t AuEq
“This is an excellent result for our maiden mineral resource estimate (MRE) from the first 14 months of drilling in the Copalquin District with a single diamond core drill rig,” Mr Skeet said.
“The maiden MRE is robust and high-grade using a cutoff grade (2.0g/t AuEq) appropriate for underground mining, demonstrating the economic potential for our first target area in the district and advancing Mithril’s goal to become a highly profitable gold-silver producer from highgrade resources.
“The data generated allows us to efficiently expand and infill the Refugio – La Soledad target, whilst continuing expansive exploration in the Copalquin district with its multiple gold-silver targets and historic mines. We look forward to updating this first MRE for the Copalquin District in 2022.”
WORK FOR REMAINDER OF 2021
- Some of the main items for the remainder of 2021
- Extension of drill holes CDH-080 and 081 at the eastern side of El Refugio
- Follow up drilling of drill hole CDH-072 which intercepted 6.80m with 74.0 g/t gold and 841 g/t silver
- Drilling at Refugio West to follow up drill hole CDH-094 with 18.67m @ 9.64 g/t gold, 278.8 g/t silver
- Mapping further west of El Refugio at El Gallo to develop this drill target for 2022
- Log and dispatch all drill core for assay before the Christmas break mid December 2021
- Drilling to resume early January 2022
The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70 sq. km containing several dozen historic gold and silver mines and workings, ten of which had notable production.
The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits.
Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver. Mithril Resources is earning 100% interest in the Copalquin District mining concessions via a purchase option agreement detailed in ASX announcement dated 25 November 2019.