Mithril Silver and Gold Ltd (ASX:MTH) has discovered silver grading up to 997 grams per tonne (g/t) and gold grading up to 28g/t through a program of drilling aiming to expand the resource of Target 1 at its Copalquin District project in Mexico.

Drill assays from one hole yielded 4.60 metres at 5.51 g/t gold and 182.4 g/t silver, from 99 metres, including 2.40 metres at 10.24 g/t gold, 335 g/t silver, from 100.40 metres, including0.60 metres at 28.0 g/t gold, 997 g/t silver, from 100.40 metres.

Mithril drilled this hole as one component of a strategy targeting an area shallower than the maiden resource model, specifically at the historic El Refugio mine workings on the western side of the Target 1 resource area.

Another hole – drilled on the eastern side of the Target 1 resource area – yielded results such as 9.00 metres at 2.06 g/t gold, 90.26 g/t silver, from 98 metres, including 1.00 metre at 2.14 g/t gold, 259 g/t silver from 99 metres plus 1.60 metres at 5.09 g/t gold, 299 g/t silver from 125.60 metres including 0.50 metres at 12.15 g/t gold, 758 g/t silver from 126.7 metres.

Mithril managing director and CEO John Skeet said the results indicated a strong future for the project.

“Drilling into untested areas in and around the Target 1 maiden resource area continues to successfully expand the footprint with high to exceptionally high-grade results, as we progress our aim to double the resource at this first of multiple targets in the district with a further 5,000m of drilling to complete over the coming months,” he said.

“Ongoing LiDAR survey interpretation, together with mapping and drill/channel sample results, further demonstrate a very large epithermal gold-silver system with significant depth potential across this 10 km wide district.

“There are at least three further Target 1 size areas for future drilling plus several areas identified for field work.

“Our Copalquin District property is advancing to become the next of the many world-class gold-silver districts in Mexico’s prolific Sierra Madre Gold-Silver Trend.”

Mithril shares have risen on the news, and at 14:21 AEDT, they were trading at 51.5 cents – a rise of 15.73% since the market opened.

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