Mithril Silver and Gold Confirms 550m of Strike at Copalquin-Zaragoza Structure

Drilling by Mithril Silver and Gold (ASX: MTH) at Target 4 within the Copalquin mine area in Mexico has returned wide, high-grade and near-surface mineralisation with substantially elevated silver values.

The work, which builds on results from June 2024 when the geology of the area was not well understood, returned a best intercept of 5.66 metres at 2.58 grams per tonne gold and 230g/t silver from 18.5m.

Combined with high-grade results further along strike at the Zaragoza corridor, the results have helped the company determine grade continuity within the major northwest-trending Copalquin-Zaragoza structure, which has a potential total strike length of 1.5 kilometres.

Mineralisation is now confirmed over approximately 550m of strike length that remains open for potential expansion, with the structure possibly connecting the El Refugio mine at Target 1 with the historical San Manuel workings at Target 4 across the valley to the southeast.

High-Grade Mineralised Corridor

Mithril is conducting an aggressive 25,000m drilling campaign across Copalquin to expand known mineralised zones, test six new high-priority targets, and integrate geophysical data into a district-scale exploration thesis.

Chief executive officer John Skeet said the new results represent an important step forward for the large, high-grade system.

“What began as an area with limited geological understanding has progressed with the potential to be a substantial high-grade mineralised corridor, with drilling demonstrating strong gold-silver mineralisation over a substantial strike length and across multiple levels,” he said.

“The combination of broad intervals with exceptional high-grade intercepts at Copalquin and further along strike at Zaragoza is particularly positive.

“We are now seeing how these discoveries potentially align within the larger Copalquin-Zaragoza structure and connecting several historical mining areas across the district.”

Multiple Historical Deposits

The Copalquin district lies within the Sierra Madre Occidental physiographic province of north-western Mexico and hosts multiple low-sulfidation epithermal vein and stockwork deposits in andesite with notable past production of gold and silver from a number of historical underground workings with bonanza grades.

It features more than 100 underground workings including several multi-level mines and 200 small surface workings that produced more than 250,000 ounces of gold between 1850 and 1910.

Modern exploration in the 1990s and 2000s consisted of soil sampling programs and drilling of 70 diamond core holes by now defunct Canadian juniors Bell Coast Capital Corp and UC Resources.

Recent mapping and sampling across the lower half of the 70-square-kilometre mining concession area has demonstrated a large epithermal silver-gold system with multiple target areas for potential resource growth plus a conduit system responsible for the widespread mineralisation.