MTH hits more gold and silver in Mexico, major drill campaign to come

Our Mexican gold & silver Investment Mithril Resources (ASX: MTH) just hit high grade extensions in and around its current 529k ounce gold equivalent JORC resource.

MTH’s current JORC resource is made up of 373k ounces of gold & 11M ounces of silver.

For the last ~6-9 months TTM has been drilling with the aim of doubling that JORC resource.

Resource drilling is expected to finish up by the end of this month, before the rigs start moving to MTH’s regional targets (where the company is going for NEW discoveries).

MTH has previously said it plans to drill ~35,000m across these regional targets - the first of them being “target area 2” starting in April.

So over the coming months we will have two big catalysts to look forward to:

1. The JORC resource upgrade on target area 1 (hopefully doubling the current resource).
2. Drilling on never before drilled regional targets chasing new discoveries (blue sky exploration upside…

Today’s announcement from MTH:

Today, we got more high grade hits from MTH in and around its current resource:

Four of the five holes MTH drilled today all hit mineralisation which we think is good going into that resource upgrade later in the year.

We also noticed MTH had a few deeper holes drilled/to be drilled testing for extensions at depth.

Hole #19 is the one we will be watching out for in the coming weeks.

Any hits from that hole could prove out a pretty decent extension to the current system:

Here is the area MTH is targeting relative to its current JORC resource:

35,000M of drilling to come this year:

We are looking forward to the year with MTH.

MTH is going into 2025 with $16.7M cash in the bank (at 31 December 2024) AND over 35,000m of drilling planned for the year.

MTH has the cash runway & the targets to drill out while gold and silver prices are rallying.

Gold hit US$3,000 per ounce for the first time in history last week.

Silver is also rallying…

So we think MTH will be going after completely new discoveries with the right macro tailwinds for the market to react positively to any exploration success.

Drilling is expected to start on “Target area #2” in early April.

MTH will spend the next ~9 months drilling out other targets across an area where it believes there is a deeper “10km vein system of gold and silver” that is the source of all of these gold intrusions:

What is next for MTH?

MTH recently presented at PDAC (Prospectors and Developers Association of Canada) in Canada.

PDAC is one of the biggest mining conferences in the world so its good to see MTH is out telling its story ahead of a big year of drilling.

Check out the full presentation here.

The following slide from the presentation gives a good overview of what we can expect over the coming months:

(Source)

In the short term we are looking forward to the following:

• 🔄 Additional assays - MTH is currently drilling in and around its existing JORC resource at Target 1. We are particularly interested in the results from the deeper holes being drilled to test for extensions at depth.
• 🔲 Double the existing JORC resource - 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.
• 🔲 Drill out regional targets- MTH has 35,000m of drilling planned for this year. Once all of the drilling is complete over Target 1 it will move to drill out other targets in the district.