Gold, silver, REES and metwork – who found what on Tuesday 20 May?

There’s more than one drill hit announcement floating around on the bourse today, so we’re grabbing a handful and getting straight to the point on who found what today.

Thunderbird Resources (ASX:THB)

• Thunderbird Resources has posted rock chip grab sample assays for gold and antimony
• Shares were +17% higher at lunchtime to 1.4cps
• The best results were:
  • Gold: 19.3g/t gold (Kookabookra)
  • One sample at 8.56g/t gold (Kookabookra)
  • Antimony: up to 4.1% Sb (Rockvale)
  • Silver: up to 200g/t Ag (Rockvale)
• The company will move to proper drilling in Q3 of CY2025
• Historical gold occurrences are known nearby
• Further soil sampling will be conducted on the ‘Achill’ target at Rockvale
• Today’s results were not drilling assays but rock chips / surface samples which aren’t reflective of grades underground

Mithril Silver and Gold (ASX:MTH)

• Mithril Silver and Gold has posted its latest drill results from its project in Mexico
• Shares were +9.6% higher at lunchtime to 37cps
• The company has reported a “high grade discovery in first round of shallow drilling” but results only cover Target 2 (Las Brujas)
• Results for drillhole T2DH25-006 as follows:
  • 11.5m @ 8.6g/t gold
  • “57.6g/t silver from 44.5m depth, including
    • 3.8m @ 25g/t gold”
  • “128g/t silver from 46.65m depth”
• The company’s drill results weren’t particularly straightforward and its unclear what average grades may or may not look like, but investors appear unconcerned
• The company says follow up drilling some 80 metres down dip is planned

Axel REE Ltd (ASX:AXL)

• Axel Rare Earth Element (REE) Ltd has posted its latest REE drill results from its Caldas project
• Shares were +11% higher at lunchtime to 7cps
• Drilling results come from a shallow-set auger drill run
• The company has reported results as Total Rare Earth Oxides (TREO) and then a subsequent Magnetic Rare Earth Oxide (MREO) component per each result
• Results as follows:
  • 8.8m @ 5,309ppm TREO (26% MREO) from surface, including
    • 01m @ 8,100ppm TREO (29% MREO) (CAL-AUG-022)
  • 10.8m @ 3,683ppm TREO (32% MREO) from surface, including
    • 01m @ 6,726ppm TREO (38% MREO) (CAL-AUG-024)
  • 11.4m @ 3,608ppm TREO (21% MREO) from surface, including
    • 01m @ 7,8440ppm TREO (32% MREO) (CAL-AUG-025)
• The repeated hits of mineralisation from surface are likely leading to investor interest in the stock despite a background fall in rare earths prices over the last two years
• The company believes higher grade mineralisation may continue at depth but further data is needed

Riversgold Ltd (ASX:RGL)

• Riversgold Ltd hasn’t released drilling results but has revealed metallurgical testwork results
• Shares were unchanged at lunchtime sitting at 0.4cps.
• Results come from works conducted on ore samples from the company’s Kalgoorlie East Project (25km from Kalgoorlie)
• Cyanide bottle roll treatment showed gold recoveries from two oxice samples of:
  • 93.67% in one sample, and
  • 90.64% in another, for a total average of 92.16% recovery
• Overall average gold recovery from five samples is now 92.5%
• The company says it has received all assays from recent history and is now working on a fresh drill run on-site the project
• A mining lease application “continues through the process”

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