ASX ANNOUNCEMENT
17 NOVEMBER 2021
MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T GOLD EQUIVALENT
- COPALQUIN DISTRICT, MEXICO
Highlights | ||||||||||||
only | • A maiden JORC indicated and inferred mineral resource has been estimated for the first drill | |||||||||||
target area of El Refugio-La Soledad in the Copalquin District, Mexico | ||||||||||||
use | • 2,416,000 tonnes @ 4.80 g/t gold, 141 g/t silver for 373,000 oz gold plus 10,953,000 oz silver (Total | |||||||||||
529,000 oz AuEq*) using a cut-off grade of 2.0 g/t AuEq* | ||||||||||||
• 28.6% of the resource tonnage is classified as indicated | ||||||||||||
• Copalquin is a district scale opportunity with El Refugio-La Soledad one of several drill targets | ||||||||||||
• Drilling is continuing at El Refugio-La Soledad including along strike from the recently | ||||||||||||
announced hole CDH-094 with 18.67m @ 9.64 g/t gold, 278.8 g/t silver (5 Nov. 2021) | ||||||||||||
Tonnes | Tonnes | Gold | Silver | Gold | Gold | Silver | Gold | |||||
(kt) | (kt) | (g/t) | (g/t) | Equiv.* | (koz) | (koz) | Equiv.* | |||||
(g/t) | (koz) | |||||||||||
El Refugio | Indicated | 691 | 5.43 | 114.2 | 7.06 | 121 | 2,538 | 157 | ||||
Inferred | 1,447 | 4.63 | 137.1 | 6.59 | 215 | 6,377 | 307 | |||||
La Soledad | Indicated | - | - | - | - | - | - | - | ||||
Inferred | 278 | 4.12 | 228.2 | 7.38 | 37 | 2,037 | 66 | |||||
Total | Indicated | 691 | 5.43 | 114.2 | 7.06 | 121 | 2,538 | 157 | ||||
Inferred | 1,725 | 4.55 | 151.7 | 6.72 | 252 | 8,414 | 372 | |||||
TOTAL | 2,416 | 4.80 | 141 | 6.81 | 373 | 10,953 | 529 | |||||
personalFor | Table 1 Mineral resource estimate El Refugio - La Soledad using a cut-off grade of 2.0 g/t AuEq* | |||||||||||
Mithril Resources Ltd (ASX: MTH) (Mithril or the Company) is pleased to release its maiden JORC mineral resource stimate for the first target area at its Copalquin Gold Silver District, Mexico.
Mithril CEO and Managing Director, John Skeet, commented:
The maiden MRE for the El Refugio - La Soledad target area was completed by AMC Consultants and the full report is attached.
*AuEq. = gold equivalent calculated using and gold:silver price ratio of 70:1. That is, 70 g/t silver = 1 g/t gold. The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com
DIRECTORS | MITHRIL RESOURCES LIMITED | REGISTERED OFFICE |
John Skeet - Managing Director & CEO | ACN: 099 883 922 | Level 2 |
Garry Thomas - Non Executive Director | ASX: MTH | 480 Collins St |
Stephen Layton - Non Executive Director | Melbourne VIC 3000 | |
Adrien Wing - Company Secretary | T: +61 3 9614 0600 | |
www.mithrilresources.com.au | E: admin@mithrilresources.com.au | |
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Figure 1 - Copalquin 70km2 concession area showing highlight drill intercepts and the area of drilling for the maiden mineral resource estimate
in the Copalquin.
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WORK FOR REMAINDER OF 2021
S me of the main items for the remainder of 2021
ABOUT THE COPALQUIN GOLD SILVER PROJECT
The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km2 Forcontaining several dozen historic gold and silver mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico
and hosts many world-class gold and silver deposits.
Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver.
Mithril Resources is earning 100% interest in the Copalquin District mining concessions via a purchase option agreement detailed in ASX announcement dated 25 November 2019.
www.mithrilresources.com.au
For personal use only
Figure 2 - Copalquin District location map with locations of mining and exploration activity within the state of Durango.
Figure 3 - Copalquin District Geologic Model for epithermal gold/silver - geologic model (author: Hall Stewart PG, Chief Geologist)
www.mithrilresources.com.au
Preliminary Concept for Mine Access - El Refugio
Deep high-grade intercepts such as in holes CDH-061,CDH-071 and CDH-077 bring mineralisation closer to
potential access from a site with favourable logistics, taking advantage of the local topography. The CDH-077 | ||
'bonanza zone' can be reached by an exploration drift (adit) of approximately 750 metres long. Such a drift would | ||
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allow access for the close-spaced sampling that will be necessary to bring the bonanza grade zone into higher | ||
confidence resource categories. | ||
personal | ||
Figure 4 - Schematic showing an underground mine access concept for the El Refugio gold-silver deposit, Copalquin District, Mexico. | ||
-ENDS- | ||
Released with the authority of the Board. | ||
For | ||
or further information contact: | ||
John Skeet | Mark Flynn | |
Managing Director and CEO | Investor Relations | |
jskeet@mithrilresources.com.au | mflynn@mithrilresources.com.au | |
+61 435 766 809 | +61 416 068 733 |
www.mithrilresources.com.au
Competent Persons Statement
The information in this report that relates to sampling techniques and data, exploration results and geological interpretation has been compiled by Mr Hall Stewart who is Mithril's Chief Geologist. Mr Stewart is a certified onlyprofessional geologist of the American Institute of Professional Geologists. This is a Recognised Professional
Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.
Mr Stewart has sufficient experience of relevance to the styles of mineralisation and the types of deposits under co sideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Stewart consents to the inclusion in this report of the matters based on information in the form and context in which it appears.
useThe information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australasian Institute of Mining and Metallurgy. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database.
personalThe Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or dequacy of this release.
For
www.mithrilresources.com.au
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Mithril Resources Limited published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2021 23:06:05 UTC.