Highlights

  • High-grade gold-silver confirmed deep in the El Refugio structure proximal to the bonanza intercept of CDH-077 (8.26m @ 80.3g/t gold, 705g/t silver from 468.34m) with:
    • 8.85m @ 7.2 g/t gold, 335 g/t silver from 312.15m (CDH-084), including
    • 2.50m @ 18.22 g/t gold, 583 g/t silver from 317.0m, plus
    • 2.10m @ 2.05 g/t gold, 73.6 g/t silver from 324.9m, plus
    • 1.00m @ 1.16 g/t gold, 36.0 g/t silver from 394.0m
  • In fill drill holes eastern side of El Refugio at El Cometa extend shallower mineralisation
    • 1.59m @ 3.06 g/t gold, 122.4 g/t silver from 189.88m (CDH-081), plus
    • 0.50m @ 1.96 g/t gold, 21.0 g/t silver from 197.0m
    • 0.60m @ 1.29 g/t gold, 87.0 g/t silver from 51.2m (CDH-082)
    • 1.00m @ 0.78 g/t gold, 35.0 g/t silver from 71.0m, plus
    • 0.90m @ 0.84 g/t gold, 28.0 g/t silver from 81.45m, plus
    • 3.80m @ 2.26 g/t gold, 44.3 g/t silver from 140.0m
    • 2.80m @ 0.93 g/t gold, 42.3 g/t silver from 50.0m (CDH-083)
  • Drilling on schedule to complete the maiden JORC resource estimate Q4 2021

Mithril Resources Ltd (ASX: MTH) (Mithril or the Company) is pleased to release further exploration and drilling results at its Copalquin Gold Silver District, Mexico.

Mithril CEO and Managing Director, John Skeet, commented:

“Deep drilling at El Refugio has again returned an excellent gold-silver intercept with hole CDH-084 confirming the high- grade mineralisation over 100m down dip in the structure. The intercept is proximal to the bonanza grade intercept of CDH-077, which is currently interpreted as being outside of the main El Refugio structure (Figure 3).

Drill holes CDH-082 and CDH-083 are shallower holes drilled on the eastern side of El Refugio at El Cometa, where the mineralisation appears to be controlled by subsidiary fractures that are not parallel to the main Refugio-Cometa structure (such as in CDH-072). Both holes returned reportable intercepts, expanding the resource footprint 80m east. Drill hole CDH-081 and the previously reported CDH-080 may be re-entered and extended 50m to intercept a deeper interpreted structure.”

Intercepts for holes CDH-081 through CDH-083 are all in the Cometa (Refugio) vein. In the central section of El Refugio, at least as far east as CDH-070 and CDH-071 there is a deeper vein that these holes did not reach. It is expected that there are other changes happening in the Cometa portion of the deposit – sheeted (parallel) veins of Refugio give way to or are supplemented by the N – S fractures that host the extreme high-grade in CDH-072. Further drilling on this eastern side will follow up the high-grade CDH-072 intercept later this year.

Figure 1 – Long section for the El Refugio target in the Copalquin district showing drill hole pierce points. Grade thickness as shown is the sum of all intercepts shown for each hole, pierce points are the midpoint of the main intercept. Metal equivalent grades calculated using 70 g/t Ag = 1 g/t Au, based on gold price of USD1,610 per ounce and silver price of USD23 per ounce.

Figure 2 – Map view of the El Cometa/El Refugio drilling showing the drill traces and the drill intercepts covered in this release. Long section in Figure 1 indicated by orange dotted line shown.

Figure 3 – El Refugio cross section 600 showing intercepts for reported drill hole CDH-084, 150 metres down dip in the main El Refugio structure. Previously reported drill hole CDH-077 is currently interpreted to have intercepted a different structure to the main El Refugio structure.

MAIDEN RESOURCE ESTIMATE PROGRESS

The current drilling through to CDH-090 consists of holes in the western extents of the current El Refugio maiden resource estimate (MRE) area will complete the database for the initial resource modelling to be undertaken by AMC Consultants. The drilling and the assay results are expected to be available late October 2021 with the resource estimation work being completed late November 2021. The independent site visit will be conducted in September 2021.

ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km2 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.

Figure 4 – Copalquin District location map with locations of mining and exploration activity within the state of Durango.

Figure 5 – Copalquin District Geologic Model for epithermal gold/silver – geologic model (author: Hall Stewart PG, Chief Geologist)

Preliminary Concept for Mine Access – El Refugio

Deep high-grade intercepts such as in holes CDH-061, CDH-071 and CDH-077 bring mineralisation closer to potential access from a site with favourable logistics, taking advantage of the local topography. The CDH-077 ‘bonanza zone’ can be reached by an exploration drift (adit) of approximately 750 metres long. Such a drift would allow access for the close-spaced sampling that will be necessary to bring the bonanza grade zone into higher confidence resource categories.

Figure 6 – Schematic showing an underground mine access concept for the El Refugio gold-silver deposit, Copalquin District, Mexico.

-ENDS-

Released with the authority of the Board.

For further information contact:

John Skeet
Managing Director and CEO
[email protected]
+61 435 766 809

Mark Flynn
Investor Relations
[email protected]
+61 416 068 733

Competent Persons Statement

The information in this report that relates to sampling techniques and data, exploration results and geological interpretation has been compiled by Mr Hall Stewart who is Mithril’s Chief Geologist. Mr Stewart is a certified professional geologist of the American Institute of Professional Geologists. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Stewart has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Stewart consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Original Article: https://investi.com.au/api/announcements/mth/94732fd0-80e.pdf

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