Mithril Resources hits high-grade gold & silver at Los Reyes Target in Mexico

Mithril Resources Ltd (ASX:MTH) has identified high-grade gold and silver mineralisation while drilling at Reyes Gold-Silver Project within the Copalquin district in Mexico. The intercepts at the Los Reyes target are in the same low-angle structural zone that extends 1.5 kilometres west to El Cometa. High-grade gold and silver were returned in the first drill holes at Los Reyes with best results including: 2.22 metres at 34.6 g/t gold equivalent (32.35 g/t gold and 184.8 g/t silver) from 91.55 metres including 1.22 metres at 58.6 g/t gold and 203 g/t silver, plus 0.7 metre at 9.3 g/t gold and 125 g/t silver from 75.9 metres, plus 1.20 metres at 2.05 g/t gold and 85 g/t silver from 84.82 metres; and 3 metres at 3.9 g/t gold equivalent (2.86 g/t gold and 83.8 g/t silver) from 103 metres including 0.6 metre at 9.79 g/t gold and 165 g/t silver. The structural zone with mineralised veins occurs up to 20 metres wide at Los Reyes. High-grade intercepts “pleasing” Mithril CEO and managing director John Skeet said: “The last month of the maiden drill program in the Copalquin district consisted of a series of scout drill holes at the three other projects beyond the main Cometa project. “It is very pleasing to have achieved the high-grade intercepts with the first scout holes at the Los Reyes target confirming the existence of high-grade gold-silver domains within this extensive, near-surface structure that runs 1.5 kilometres from El Cometa to Los Reyes, further building the potential for a bulk tonnage resource in this part of the district. “At the El Refugio target, drilling will recommence in January 2021 to test deeper in the structure in the eastern side of the large epithermal system we discovered during our maiden drill program.” Recent activity Two drill holes were completed at Los Pinos target and appear to have been drilled entirely in the footwall of the target structure. Three holes completed at La Constancia target within the Constancia Project, have intercepted discrete veins within granodiorite host rock and assays pending for them. At the Apolonia Project, 1-kilometre south of Reyes, two holes were drilled beneath the historic San Manuel mine workings and both intercepted vein as targeted. The veins, stopes and extensive historic sampling in the San Manuel workings indicate significant past production from San Manuel mine. Future drilling Drilling will restart in early January 2021 at the El Refugio target where grades and breccia thickness are observed to increase with depth. Three deeper holes are planned to test the deeper extents on the eastern side of the target where there are higher gold and silver grades and significantly greater width to the breccia zone. Closer spaced drilling in the El Cometa-Los Reyes structure will increase the probability of intercepting the high-grade gold and silver domains. Soil sampling is planned for El Refugio West, La Soledad West, El Indio and Zaragosa prospects in January-February 2021.