- Mithril Resources (MTH) increases its interest in the Copalquin mining concessions in Mexico to 25 per cent for US$4 million (roughly A$5.3 million)
- Ten million fully paid Mithril shares will be issued to Compañia Minera Copalquin S.A. de C.V for the increase, in accordance with a purchase option agreement
- The increase is a step towards Mithril’s goal of owning a 100 per cent of the Copalquin mining concessions in Mexico
- Mithril says it remains fully funded to complete a maiden JORC resource estimate for El Refugio, continue its drill program and progress study and test work at the Copalquin Gold-Silver District, Mexico
- Mithril Resources are trading in the grey 1.5 cents at 1:04 pm AEDT
Mithril Resources (MTH) has increased its interest in the Copalquin mining concessions in Mexico to 25 per cent.
The company said the milestone was reached during the last quarter, with cumulative direct expenditure of US$4 million (roughly A$5.3 million) on the concessions.
Ten million fully paid Mithril shares will be issued to Compañia Minera Copalquin S.A. de C.V, for the increase, as per the purchase option agreement.
The increase is a step towards Mithril’s goal of owning a 100 per cent of the Copalquin mining concessions in Mexico.
Mithril’s CEO and Managing Director, John Skeet, said this news follows its successful work during its first year of exploration in Mexico.
“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,” Mr Skeet said.
“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.”
The company now has its sights set on a 50 per cent interest in the concessions via a further US$4 million of direct expenditure.
Mithril said it remained fully funded to complete a maiden JORC resource estimate for El Refugio, continue its drill program and progress study and test work at the Copalquin Gold-Silver District, Mexico.
Mithril Resources were trading in the grey 1.5 cents at 1:04 pm AEDT.