Mithril Silver and Gold (ASX:MTH) confirmed widespread, high-grade mineralisation at the Target 3 prospect, marking a milestone for the Copalquin District Project.
A comprehensive initial drilling programme, totalling 3,039m across 700m of strike, has validated the presence of an extensive epithermal-style system within the 1.2km2 area.
The exploration efforts yielded several standout intercepts, including 0.5m at 33.2g/t gold and 5.9g/t silver, and 0.5m at 6.91g/t gold and 475g/t silver.
Geologists noted that vein thickness and mineralisation grades improved at depth, suggesting a robust system that remains open for further exploration.
The findings have prompted Mithril to accelerate its district-scale ambitions, with a massive 25,000-metre drilling campaign scheduled for completion by October.
Beyond Target 3, the company is seeing continued success at Target 5, where the La Maquina discovery hole recently confirmed the northwest-trending vein set’s continuity.
Parallel to these drilling operations, an expanded mapping program now covers over one-third of the 70km2 concession, assisted by advanced LiDAR surveys to identify new targets.
Mithril’s Vice President of Exploration, James Barr, emphasised that the results reinforce the property's potential as a premier silver-gold district.
At the time of reporting, Mithril Silver and Gold’s share price was $0.40.