Sampling results from new target area with grades as high as ~777g/t silver

Our Investment Mithril Silver and Gold (ASX: MTH) just released sampling results from its project in Mexico.

MTH’s project has a JORC resource of 373k ounces of gold and 11M ounces of silver.

Right now, MTH is drilling with two rigs to increase that resource AND make new discoveries…

Resource drilling is expected to finish soon, at the same time we are watching out for news on target area 2 where the second rig is working at the moment.

Yesterday's channel sampling results

MTH’s current resource sits on a small section of MTH’s overall project area.

Today, MTH put out the following channel sampling results with silver grades as high as ~777g/t:

These results came from target area 5 which sits to the south of MTH’s current resource and is where MTH confirmed a “1,000m vertical relief” between Targets 2 and 5...

That comment tells us that there is a chance MTH’s vein systems extend across that section between target 2 and 5.

We are now starting to see where MTH is trying to focus most of its exploration…

MTH has already started working on a “second exploration camp” at its “aggressive mapping and target generation at Targets 2 and 3”.

First-pass drilling at Targets 5 and 3 is scheduled for next quarter.

What’s next for MTH?

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

🔄 Additional assays (Target 1)

In the March quarterly report we noticed MTH mention that drilling was ongoing for targets at depth around Target 1.

In an announcement a few weeks back, MTH said these assays were pending.

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.

Here is the section we want to see MTH hit high grade silver/gold:

🔲 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 area 1.

🔲 Drilling at regional targets:

• Drill results from Target 2 - We want to see MTH extend its discovery at target area 2.
• Drilling start at Target area 3 and target area 5

Here is a map of the existing resource relative to the regional targets: