MTH LiDAR survey shows expansive workings at recently acquired project

Our Investment Mithril Silver and Gold (ASX: MTH | OTC: MTIRF | TSX: MSG) just mapped…

• 18x Historic mine shafts
• 44x Historic adits (mine tunnels)
• 134x Historic mine and prospecting pits

Across its newly acquired silver/gold project in Mexico.

Sound familiar?

MTH is applying the same exploration strategy that helped define its existing 373k ounce gold, 11M ounces of silver JORC resource estimate on its main asset.

Onto its newly acquired La Dura project which sits just 15km to the south east of its main project, Copalquin.

(source)

The new asset is at a much earlier stage but we think it could have similar exploration potential to MTH’s main asset.

(More on that new ground in a second)

MTH also had an update out on the drilling happening at its main asset where MTH is currently drilling three different targets:

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

MTH confirmed that a resource update for Target 1 was coming in the next few months.

(Source)

Today’s results came from MTH’s second asset - La Dura - which sits 15km away and had a 4-leveled gold-silver mine as well as a processing facilities for 60t per day, which last operated in 2013.

The LiDAR technology has uncovered a large network of historical workings, previously hidden by the vegetation that has grown over since mining activity was last carried out in the area.

MTH has also been able to reveal a 1.5km long, 300m wide structural trend that contains 5 hidden repeated mineralised structures.

(source)

Right across the project the survey has mapped hidden infrastructure which includes 18 historic shafts, 44 adits (tunnels) and 134 prospecting pits.

MTH believes that there could be 5 stacked mineralised veins that run parallel near and into the existing mine area:

(source)

A second cluster of workings was found just 1km to the south of the main La Dura mine, suggesting that there could be other areas with notable mineralisation that will require follow up to confirm:

(source)

This has been labeled as a high priority drill target and will be a priority for future works, following the other survey results being received and analysed.

An aerial magnetic survey has also been completed with the final results expected shortly, also detailed mapping, sampling and petrography work (study of the rocks) has been completed.

What’s next for MTH?

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

🔄 Additional drilling and assays (Target 1)

Today MTH updated that drilling here has been extended with a stage IV program drilling further to the west to define the resource that is continuing to be revealed in that direction. (source)

We are looking forward to this drilling and results. Any hint of high grade mineralisation and/or extensions could add to MTH’s eventual resource upgrade in a big way.

🔲 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.

MTH expects to have a resource upgrade out on the project inside the next few months.

Here is an image showing what MTH is doing here:

(source)

🔲Follow up drilling program (Target 5)

Results from target 5 have been received and these are being used to create a new drill program at this target, so we await for the rig to get spinning here again

🔲 Drilling at regional targets (Target 3)

With drilling underway, we are hoping to see MTH make material new discoveries across Target 3, MTH has confirmed that quartz veins have been intersected as expected and drilling is ongoing.

🔲 Follow up exploration at the La Dura Project

MTH recently acquired the La Dura project and LiDAR results received today have revealed expansive historic working right across the project area.

These initial works also identified a possible stack of 5 mineralised veins that extend for 1.5km across 300m that run through/near the main historic mine area, which will be an obvious drill target.

There are other survey results still pending (magnetic and samples), which MTH says will be integrated into an initial drilling plan.