- Mithril has reached 25% interest as it progresses its option to acquire 100% of the Copalquin mining concessions in Mexico
- The milestone was reached during the last quarter with cumulative direct expenditure of US$4 million on the concessions
- Ten million fully paid Mithril shares will be issued to the vendor, Compañia Minera Copalquin S.A. de C.V. as per the purchase option agreement
- The next milestone in progress is 50% interest in the concessions via a further US$4 million of direct expenditure
- The Company remains fully funded to complete a maiden JORC resource estimate for El Refugio, continue its expansive drill program and progress study and test work at the Copalquin Gold- Silver District, Mexico
Mithril Resources Ltd (ASX: MTH) (Mithril or the Company) is pleased to advise it has increased its interest in the Copalquin mining concessions in Mexico to 25%, as it progresses its 100% purchase option for the concessions. The terms of the purchase option are detailed in the ASX release 25 November 2019.
Mithril is committed to advancing its option to acquire 100% interest in the Copalquin concessions and remains fully funded to complete a maiden JORC resource estimate for El Refugio, continue its expansive drill program and progress study and test work at the Copalquin Gold-Silver District, Mexico.
Mithril CEO and Managing Director, John Skeet, commented:
“With the success of the first year of exploration in Mexico, we are very pleased to announce that our interest in the mining concessions covering the Copalquin gold-silver district has reached 25% as we progress ownership to 100% via our purchase option agreement. Drilling in the district at El Refugio for our maiden JORC resource estimate is complete and we await the final assays to allow our resource consultant to complete their work, on schedule for this quarter. Drilling to expand El Refugio outside of the resource model area is in progress with holes completed further west and a series of deep holes currently in progress.”
Released with the authority of the Board. For further information contact:
Managing Director and CEO
+61 435 766 809
+61 416 068 733
Original Article: https://investi.com.au/api/announcements/mth/bc229891-20d.pdf