MTH sampling delivers up to 736 g/t silver, 8.99 g/t gold

Published 22-OCT-2024 13:36 P.M.

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Today, our high-grade gold-silver Investment, Mithril Silver and Gold (ASX: MTH) reported some excellent channel sampling results from its project in Mexico:

1m @ 914 g/t silver and 1.74 g/t gold over at El Cometa
2.00 m @ 8.99 g/t gold, 736 g/t silver from Soledad Level 1
1.75m @ 9.19 g/t gold, 653 g/t silver at Lumbrera Vein

Those are really high grades for these types of samples.

Below is the area that these channel samples were taken from around Soledad:

And the channel sampling from around El Cometa:

And below is how these channel sampling results sit relative to the modelled resource:

Finally, to give a sense of the scale of MTH’s project - here is the resource area relative to the overall project:

It’s hard to imagine a better macro environment for MTH, with these high-grade results coming amid a roaring precious metals market.

The high-grade channel sampling will provide MTH with valuable geochemical data on the mapped structures within historic mine workings at Copalquin.

It will also help with modelling and drill targeting for the ongoing 5,000m drill program aimed at expanding MTH's existing JORC resource.

With an experienced leadership team led by John Skeet, who was previously involved in the $1.1BN sale of the Palmarejo silver deposit in Mexico, we see significant re-rate potential for Mithril.

Skeet and his team have already delivered some of the ASX's best ever precious metal intercepts at Copalquin, and we are hopeful the current drill program can eventually prove up a multi-million ounce gold-silver deposit.

How does this news impact our MTH Investment Memo?

Today’s news directly relates to Objective #2 from our Investment Memo which is as follows:

Objective #2: Drilling to extend existing JORC resource

We want to see MTH run several drill programs to extend its existing JORC resource

Milestones
✅ Drill permits granted
✅ Drilling commenced
🔄 Drilling assays

We think today’s news means that MTH is developing increasingly better targets as the company continues to build its understanding of the geology of its project in Mexico.

What’s next for MTH?

Mithril is tracking toward a JORC resource upgrade in early 2025, which could act as a major catalyst if it delivers on our objective of doubling the existing resource base.

Below is a chart which outlines what MTH has planned in 2024-2028:

🔄 Additional assays (soon) - this will tell us how much additional, (hopefully) high grade gold-silver mineralisation is at MTH’s project in Mexico.

🔄 More drilling at resource and new targets (ongoing) - We want to see more drilling to expand the resource, and MTH to have a crack at one of numerous targets on its large project.

🔄 Ultimate goal: double JORC resource (Q1 2025) - 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.