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Mithril Resources

  • Location: Mexico
  • Tickers: ASX:MTH
  • Commodities: Gold, Silver
  • Project Stages: Exploration

Mithril Resources is focused on exploration for gold and silver at the Copalquin Mining District located in the prolific Sierra Madre Gold-Silver Trend of Mexico.

The mining concession area of 70km2 covers and entire historic mining district in Durango State, Mexico which included several dozen historic gold and silver mines and workings, ten of which had notable production.

The district is situated 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.

In May 2020, Mithril Resources completed a restructure and acquisition of private exploration company Sun Minerals, who owned an exclusive option to purchase 100% of the mining concessions covering the Copalquin Mining District.

Within 15 months of commencing drilling at Copalquin, the Company delivered a high-grade maiden JORC mineral resource estimate (MRE). The MRE came in at 2.41 million tonnes at 4.8 grams per tonne (g/t) gold and 141 g/t silver, representing 373k ounces of gold and 10.95 million ounces of silver. Around 29% of that resource tonnage was classified as indicated and the remainder inferred.

Mining study work indicates that conventional underground mining methods are applicable for the maiden resource area and metallurgical test work on drill core samples returned high gold and silver recoveries using conventional processing methods. Using flotation and cyanide leaching, the test work achieved gold and silver recoveries of 96 percent and 91 percent, respectively.

Exploration work and drilling has continued in the Copalquin district, identifying other areas with future resource potential. Recent drilling around the maiden resource area has intercepted high-grade gold and silver mineralisation in the western and eastern ends of the deposit.

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* 08 December 2023 (AUD)