MTH defines silver rich zone on regional target - 3,000m of resource expansion drilling ongoing

Our Investment Mithril Silver and Gold (ASX: MTH | OTC: MTIRF | TSX: MSG) just put out a general exploration update for its project in Mexico.

MTH’s project is in Mexico’s Sierra Madre region - home to over 2 billion ounces of silver (source), with Mexico estimated to have produced 25.2% of global silver supply in 2024. (source)

MTH currently has a 373k ounce gold, 11M ounces of silver JORC resource estimate on just one of the multiple target areas across its project.

MTH is currently drilling three different targets:

1. Target 1 - looking to expand that existing resource from 373k ounce gold, 11M ounce silver.
2. Target 5 - where MTH has recently sampled the highest grade silver (up to 4,520g/t silver).
3. Target 3 - where high grade gold and silver workings were mapped recently.

(Source)

Today, MTH confirmed Target 5 as a “large silver rich target” where MTH has now hit quartz veining across an area of ~9.6km2.

Drilling at the Apomal workings has defined a mineralised zone over 350m of strike length.

Drilling at the Tasolera workings hit a ~70m thick zone with elevated silver and base metals.

And the channel sampling (that returned 0.6 m @ 38.3 g/t gold, 4,520 g/t silver) at the Candelaria workings indicating a ~1.5km mineralised zone.

Basically, MTH has multiple targets across a very large area at Target 5 - that could eventually become a resource of its own.

MTH just ran magnetic surveys across that part of its project and expects its next round of drilling to be done based on the findings of that survey:

(source)

MTH is also drilling to upgrade its existing resource right now

We also noticed in today’s announcement that MTH started another phase IV drill program at its existing resource.

So we could see some more assay results from in and around the existing resource over the coming weeks/months.

MTH will be drilling another 3,000m testing further extensions to the west and down dip to the east (where we already know MTH has hit extensions to the resource):

(source)

Fingers crossed, MTH delivers a material upgrade to its existing resource.

What’s next for MTH?

Over the coming months, we will have some big catalysts to look forward to:

🔄 Additional drilling and assays (Target 1)

Today MTH updated that drilling here has been extended with a stage IV program drilling further to the west to define the resource that is continuing to be revealed in that direction. (source)

We are looking forward to this drilling and results. Any hint of high grade mineralisation and/or extensions could add to MTH’s eventual resource upgrade in a big way.

🔲 Upgrade to the existing JORC resource (Target 1)

We want to see MTH upgrade its current 373k ounce gold, 11M ounce silver JORC resource estimate.

✅ Drilling assays (Target 5)

Results from target 5 have been received and these are being used to create a new drill program at this target.

🔲 Drilling at regional targets (Target 3)

With drilling underway, we are hoping to see MTH make material new discoveries across Target 3.