MTH drilling ongoing - resource update in Q1-2025

Our silver and gold Investment Mithril Silver & Gold (ASX: MTH), just put out an exploration update for its project in Mexico.

MTH’s project currently has a 11 million oz silver and 373,000 oz gold JORC resource.

(equivalent to ~529,000 ounces gold)

This morning, MTH confirmed that drilling was ongoing as part of its 9,000m drill program in and around its resource.

The main purpose of this round of drilling is to test the area’s surrounding MTH’s existing JORC resource and to upgrade that resource.

MTH expects that resource upgrade to come in Q1-2025.

Here is the area MTH is currently drilling:

The area MTH has been drilling to date is a tiny part of its overall ~70km^2 project area.

It was good too see Managing Director John Skeet talk about plans to test regional targets in 2025.

Especially now that MTH has the cash to drill aggressively - MTH raised $12.5M at 50c back in October…

Today’s announcement also confirmed that road and site access works were underway so MTH can hit its target of “40,000m of drilling by the end of 2025”.

So 2025 should be a pretty big year for MTH from an exploration newsflow perspective.

Here are the other targets we are looking forward to seeing MTH drill next year.

What’s next for MTH?

Below is a chart which outlines what MTH has planned in 2024-2028:

🔄 Additional assays (soon) - this will tell us how much additional, (hopefully) high grade gold-silver mineralisation is at MTH’s project in Mexico.

🔄 More drilling at resource and new targets (ongoing) - We want to see more drilling to expand the resource, and MTH to have a crack at one of numerous targets on its large project.

🔄 Ultimate goal: double JORC resource (Q1 2025) - this would enhance the scale of MTH’s project and make it more attractive as an investment for larger funds and increase its standing among precious metals projects around the world.