MTH hits extensions to 373k ounce gold, 11M ounce silver resource

Published 20-JAN-2026 14:59 P.M.

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Our Investment Mithril Silver and Gold (ASX: MTH) just released high grade results from “Target 1” at its project in Mexico.

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:

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

(Source)

Today MTH hit more extensions to the resource at target 1 - including a 1.35 m hit with gold grades of 21.9g/t and silver grades of 357g

(source)

Today’s hits extend the known east-west trending mineralisation 300m further to the west, with a 300 meter down-dip extension of the current structures that hosts the resource.

More importantly though, it's another set of results that keeps adding to the “district scale” potential of MTH’s project.

MTH’s project covers such a large area and vertical extent that it potentially hosts a few if not all of these zones, which isn’t common in exploration to genuinely have this amount of scale.

At the moment MTH’s project sits across an ~8km district length and covers ~1,200m of vertical extent, with the total project landholding area covering ~70km2).

(Source)

MTH’s MD John Skeet and Arlington Capital’s Simon Catt actually spoke to this idea in an interview a few months ago here (starts at ~7:00).

So it’s full steam ahead for MTH, with a whopping 25,000m of drilling planned for the first half of this year, so we should be expecting plenty of assays to be coming through as a result.

You can see the areas MTH is drilling in our most recent deep dive: MTH: How to find a giant, high grade silver and gold system

What’s next for MTH?

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

🔄 Additional assays (Target 1)

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.

MTH confirmed recently that they are experiencing delays with lab results (source), so with some of these received today, we should see a steady stream of assay results over coming months.

🔲 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)

MTH confirmed in a recent announcement an additional 8 holes have been completed (totalling 21) and that assays are pending (for the remaining 13) so we could get results from our favourite target area soon.