MTH team strengthened ahead - Ex CEO of Ivanhoe Mines
Our Mexican silver and gold Investment Mithril Silver & Gold (ASX: MTH) just added some pretty key personnel to its team ahead of what is shaping up to be a big year of drilling for the company.
MTH’s project currently has a 11 million oz silver and 373,000 oz gold JORC resource.
(equivalent to ~529,000 ounces gold)
MTH is currently drilling to try and double that resource AND has plans for 35,000m of additional drilling this year.
The focus for the current drill programs is in and around the company’s existing JORC resource, the drilling in 2025, will be on regional targets spread across its ~70km^2 block.
Today, MTH brought onboard technical consultants Daniel Kunz & Associates (DKA) to help with all of the work MTH has planned for this year.
DKA as part of the engagement will also be receiving 735,000 unlisted options exercisable at 70c with a two year expiry (a nice vote of confidence given the hurdle rate).
Usually consultant appointments aren't all that interesting to us, but the background of Daniel Kunz definitely peaked our interest.
Daniel held senior exec roles at Ivanhoe Mines including three years as the companies CEO - during his time as CEO Ivanhoe discovered Oyu Tolgoi, one of the world’s largest copper-gold deposits.
For the 7 year period he was at Ivanhoe, the company's market cap went from US$400M to US$4.4BN.
Ivanhoe Mines is now capped at ~US$16BN…
More recently he was co-founder and CEO of Prime Mining Corp which managed to take its Mexican asset (Los Reyes) onto the Toronto Stock Exchange.
Overall we see today’s announcement as a strong addition to the MTH team, ahead of a year that we think could be transformational for the company.
MTH is going into the new year with ~$17.6M cash in the bank (Nov 2024) so there is plenty of room for the company to deliver some strong newsflow without having to tap capital markets again.
(Fingers crossed we get a little bit of exploration luck).
What is MTH up to right now?
MTH is currently completing a 9,000M drill program which was started in late 2024.
The main purpose of this round of drilling is to test the area’s surrounding MTH’s existing JORC resource and to upgrade that resource.
MTH expects that resource upgrade to come in Q1-2025.
Here is the area MTH is currently drilling relative to its overall project area:
What’s next for MTH?
🔄 Additional assays (drilling ongoing - this will tell us how much additional, (hopefully) high grade gold-silver mineralisation is at MTH’s project in Mexico.
🔄 JORC resource upgrade (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.
