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- Mithril Resources (MTH) has expanded the footprint of the large epithermal gold-silver system at the El Refugio target, part of the Cometa Project in Mexico
- Deep drilling intersected a wide, high-grade interval as expected, confirming the company’s geological modelling
- The results are among the final assays to be returned from maiden drilling across the 7000-hectare Copalquin project complex
- Mithril has more work to do to better understand the region’s complex geology and to potentially hunt a deeper feeder source of the gold-silver mineralisation
- Mithril Resources closed Monday’s session down 17.4 per cent at 1.9 cents
Mithril Resources (MTH) has expanded the footprint of the large epithermal gold-silver system at the El Refugio target, part of the Cometa Project in Mexico.
Cometa is part of Mithril’s project complex covering around 7000 hectares in Mexico’s prolific Copalquin gold-silver district.
El Refugio
The El Refugio target is one of three high-priority areas at Cometa. Deep drilling intersected a wide, high-grade interval as expected, confirming the company’s geological modelling.
The best result came from a depth of just over 200 metres, returning a 9.35-metre intercept at 9.57 g/t gold equivalent — consisting of 7.84 g/t gold and 138.1 g/t silver.
The result indicates the promise of further high-grade mineralisation deeper in the system — as suggested by the modelling.
Shallow drilling at the El Cometa target also returned high-grade intersections. Two holes to the southwest of El Cometa (around 110 metres east of El Refugio) returned strong results peaking at 14.85 metres at 1.45 g/t gold equivalent (0.85 g/t gold and 47.90 g/t silver) from 82.1 metres.
These results go some way to confirming the continuity of the mineralised zones at El Refugio and El Cometa, as the two systems merge between the priority target areas.
However, the vein systems will require further exploration to fully understand the nature and overall grade of the mineralisation.
Mithril attributes this to the potential supergene enrichment of gold near the surface as magmatic water wells up through the crust, depositing transported minerals as it cools and disperses.
The company is hoping there may be a “bonanza” system below the shallower vein systems which hosts a more concentrated mother lode.
Mithril Managing Director and CEO John Skeet says the company’s modelling is so far proving accurate.
“All indications from the mineralogy of the drill core support deeper drilling to intercept further high-grade vein,” John said.
“There is also support for the existence of stacked boiling zones. El Refugio is shaping up as a very strong and important target in the Copalquin district,” he added.
“It is clear we are now seeing the top of a large system for gold and silver and future drilling is being designed to drill deeper and to test the extent of the structure at the El Refugio target.”
Mithril Managing Director and CEO John Skeet
Outlook
The results from El Refugio are among the last to be returned from maiden drilling across Mithril’s Copalquin holdings.
Further assays are awaited from the San Manuel target at the Apolonia project, around one kilometre to the southeast of Cometa.
Preliminary analysis and modelling suggest a number of rich vein systems across the Copalquin projects, though Mithril notes the mineralisation encountered has been erratic.
The company has six years to explore the Copalquin projects before making a decision to acquire them from Compañia Minera Copalquin S.A. de C.V.
Mithril Resources closed Monday’s session down 17.4 per cent at 1.9 cents.
