Mithril Resources Ltd (ASX:MTH) has identified a large hydrothermal gold-silver system while drilling at the El Refugio target, Cometa Project in the Copalquin Gold Silver District, Mexico.
Best results include:
- 5.05 metres at 3.48 g/t gold equivalent (1.93 g/t gold and 123.7 g/t silver) from 227.4 metres including 2.15 metres at 5.03 g/t gold equivalent (3.28 g/t gold and 140 g/t silver); and
- 15.75 metres at 2.05 g/t gold equivalent (1.59 g/t gold and 36.57 g/t silver) from 123.6 metres including 5.96 metres at 3.93 g/t gold equivalent (3.27 g/t gold and 53.33 g/t silver) and 1 metres at 16.63 g/t gold equivalent (14.75 g/t gold and 150.0 g/t silver), plus 0.8 metres at 6.18 g/t gold equivalent (3.87 g/t gold and 185.0 g/t silver).
Part of a large hydrothermal system
Mithril CEO and managing director John Skeet said: “The maiden drill holes at the Refugio target have shown the area to be part of a large hydrothermal system.
“The broad quartz breccia zones punctuated with high-grade gold-silver veins has been drill tested over 400 metres and is building the model of a large gold-silver system that is characterised by extensive surface alteration and rhyolite dome intrusions.
“This alteration is observed to extend at least 1.5 kilometres west of El Refugio in addition to the widespread alteration and rhyolitic dome intrusive in the Copalquin district.”
Drilling progress
The second batch of drill holes have been completed at the Cometa Project, which also includes the La Soledad target where very high-grade intercepts were reported in August and September 2020.
The drilling at the El Refugio target has intercepted what is now understood to be the top of a large hydrothermal system at the Cometa project.
