MTH expands Target 5 area with assays pending

Published 09-OCT-2025 13:21 P.M.

3 min read

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Our Investment Mithril Silver and Gold (ASX: MTH) is now nine holes down on drilling one of the targets we have been looking forward to the most.

MTH said nine holes had been “completed at (silver rich) Target 5”...

… and that assays were pending from those holes right now.

At Target 5 MTH is drilling a ~2km x 2km area littered with historic underground mines where MTH has returned channel sample results like 3.1 m @ 2.02 g/t gold, 1,938 g/t silver and 0.6 m @ 10.25 g/t gold, 895 g/t silver as well as many more…

Target 5 has never been drilled before and is where MTH has sampled the highest grade silver targets - so any major intercepts from this part of the project could be material for MTH’s share price over the coming weeks.

(Especially with silver knocking on the door of all time highs)

MTH also confirmed today that drilling had extended Target 1 ~300m to the west (where MTH’s 373k ounce gold, 11M ounce silver JORC resource estimate sits).

Assays from the holes to the west are also pending… (which could get the market fired up too).

MTH has two rigs on the ground now, and a third is on the way to Target 3 (due to drill in early 2026).

MTH is aiming to grow the current resource estimate to ~2.5-3M ounces gold equivalent over the next 12-14 months:

(Source)

We listened to MTH’s MD John Skeet and technical advisor Colin Jones talk about what's happening on site right now.

(Skip to 7:39 where Simon Catt (from Arlington) compares MTH’s drill targets to a night at a bar…)

They also compare MTH’s project to $2.5BN TSX listed Vizsla Silver whose project has a 4.4Moz gold equivalent resource (measured/indicated and inferred). (Source)

MTH’s project has a ~0.53M ounce gold equivalent resource and is aiming to increase that to ~2.5-3Moz gold equivalent resource.

At 13:41 in that video above director Colin Jones says “I’d be very disappointed if we were sitting here next year and we don't have the whole epithermal field interpreted accurately”.

So we should know how similar MTH is to Vizsla inside the next 12 months…

We wrote about the similarities between MTH and Vizsla in a previous weekend note here: Sunday Edition: 5th October

MTH has so far only drilled a tiny fraction of the project, with the current resource only covering ~5% of the project area.

Any big discoveries at Target 5 or 3 could start to show the market how MTH can grow its resource to a size similar to that of Vizslas.

MTH put out some more sampling results across its drill targets

Today MTH also released the results of sampling at its Target 5 area.

Underground sampling results from some of the historical mines in the Target 5 area today resulted in samples of 3,300g/t silver and 2.00g/t gold over 1.4m.

(Source)

Mineralisation across the project area is now shown to extend 1,300m of vertical elevation over 9km of the project horizon.

This has extended from 1,200m vertical elevation across 8km horizontally prior.

It will be interesting to see if the below images will correlate with the results across the project:

(Source)

Also set to get underway soon is the District wide aerial magnetic survey, set to begin later this month.

What’s next for MTH?

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

🔄 Additional assays (Target 1)

In the March quarterly report we noticed MTH mention that drilling was ongoing for targets at depth around Target 1, with this announcement mentioning that drilling is still continuing at Target 1.

In an announcement a few weeks back, MTH said these assays were pending.

We are looking forward to those results. Any hint of high grade mineralisation could add to MTH’s eventual resource upgrade in a big way.

Here is the section we want to see MTH hit high grade silver/gold: