Mithril Silver and Gold Ltd (ASX:MTH) has identified numerous high-grade veins through drilling at its Copalquin District project in Mexico.

Results reported from the company today include 4.95 metres at 20.5 grams per tonne (g/t) gold, and 1,833 g/t silver, from 107 metres, including 0.55 metres at 110 g/t gold and 7,530 g/t silver from 110 metres.

The drilling is part of a wider program of ongoing work to update the Target 1 resource, with this to be completed by the end of the first quarter of 2025. Adjacent to the Target 1 area, Mithril is also running channel sampling work with a diamond rock saw; it intends to commence drilling at the Target 2 area in April.

Located along Mexico’s Sierra Madre gold-silver trend, Copalquin includes 100 historic mines in these two precious metals, plus 198 surface workings or pits across a concession area of 70 square kilometres.

Within this, there is a JORC resource of 529,000 ounces of gold equivalent (AuEq) at 6.81 g/t AuEq at the El Refugio target, which is bolstered by a conceptional underground mining study and metallurgical test work (both carried out in early 2022).

said the results from drilling at Target 1 had been exceptional.

“The La Soledad structure is open at depth and to the north-west with the opportunityto locate additional ‘ore shoots’ along strike,” managing director and CEO John Skeet said of the Target 1 drilling today.

“The drill program is expanded in the La Soledad area with several additional holes to complete before moving the drill to Refugio West in the Target 1 resource area.

“Drilling in the Target 1 area will continue until the end of March 2025, the anticipated cut-off date for the resource update drilling. The second drill is scheduled to be on site and commence drilling early April, at the Target 2 area.

“Progress is on track to complete 35,000 metres of drilling this year, aiming to considerably expand the resource footprint and define the 10 km wide, extensive epithermal silver-gold system in our 70km2 district.”

Mithril shares moved up after the news, and at 3:04pm they were trading at 37 cents – a rise of 19.36% since the market opened.

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