MTH hits silver and gold in extensional holes ~300m to the west of its resource

Our Investment Mithril Silver and Gold (ASX: MTH) just hit an extension ~300m west of its existing 373k ounce gold, 11M ounce silver JORC resource estimate.

MTH hit two hits that now mean target 1’s strike is ~30% bigger:

(Source)

MTH is still drilling in and around target 1 looking to double the JORC resource by the end of this year.

MTH actually confirmed that the resource upgrade would come after this round of drilling was completed.

With the extensional hits announced today, we wouldn't mind seeing MTH delay the JORC resource to see just how much more silver and gold is to the west of the existing resource.

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.

Here are all those potential extensions relative to the current resource:

(Source)

MTH is 11 holes into the drilling at target 5

We also noticed MTH is now 11 holes into its drill program at “silver rich Target 5”...

… and that assays from the first batch of holes were in the lab and pending…

(Source)

At Target 5 MTH is drilling a ~2km x 2km area littered with historic underground mines.

At target 5 MTH has returned channel sample results like 3.1m @ 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 strong assay results from this part of the project could be material for MTH’s share price over the coming weeks.

Especially with silver now at all time highs and the market rewarding exploration results:

(Source)

MTH also has a third rig on the way

MTH also confirmed that a third rig is on the way to drill 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)

Check out the following interview with MTH’s MD John Skeet and technical advisor Colin Jones where they talk about what’s happening on site right now.

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”.

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

So we should see a fair bit of exploration newsflow over the coming 12 months from MTH.

(Check out the full interview here)

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.

🔲 Double the existing JORC resource

We want to see MTH get close to a doubling of its current JORC resource.

This should come once MTH has officially declared a cut-off for its drilling at Target 1.

🔄 Drilling assays (Target 5)

MTH said today that 11 holes have been completed and that assays are pending so we could get results from our favourite target area soon

(Source)

🔲 Drilling at regional targets

Next we want to see drilling get underway at Target 3.

MTH said today that Target 3 would be “drill ready in the coming months with addition of a third drill rig”.