Mithril drills 4.95m at 20.5g/t gold, 1833g/t | Australian Markets

Bulls N’ Bears Massive Hits this week examines some notable drill intercepts revealed on the ASX, together with Mithril Silver and Gold Restricted’s 4.95-metre intercept in Mexico that assayed 20.5 grams per tonne (g/t) gold and 1833g/t silver.

Variscan Mines’ San Jose Mine in Spain and Redcastle Assets’ Queen Alexandra project in Western Australia’s Jap Goldfields additionally reported attention-grabbing drill hits.

Let’s dive in.

Mithril Silver and Gold (ASX: MTH)

La Soledad, Copalquin Au-Ag district, Durango State, Mexico.

Hit: 20.5g/t gold, 1833g/t silver over 4.95m

Mithril’s latest diamond core drilling outcomes from its La Soledad Goal 1 useful resource enlargement program in Mexico has reported some vital drill intercepts. One gap produced an spectacular run of valuable metallic grades, comprising an total run of 4.95m at 20.5g/t gold and 1833g/t silver from 107m.

The stand-out intercept consists of 0.55m at 110g/t gold and 7530g/t silver from 110m, 0.56m going 22.8g/t gold and 1425g/t silver from 130.49m, and three.77m operating 1.42g/t gold and 100.8g/t silver from 136.78m.

The final run additionally contained a 0.92m long part assaying 4.97g/t gold and 296.4g/t silver from 136.78m.

4 different drill holes reported vital gold and silver grades up to 15g/t gold and 1130g/t silver.

The company expects a second drill rig to start out onsite shortly. This may allow it to drill up to 35,000m this yr to advance the 2 fundamental goal areas and contribute to the general geological understanding of a 10-kilometre-wide epithermal gold-silver system within its 70 sq. kilometre project space.

The project is within the Copalquin mining district, which has 100 historic underground gold-silver mines and workings and nearly 200 open floor workings and pits – many recognized by LiDAR scanning. The company has recognized a number of goal areas within the district.

One goal within the centre of the concession space encloses the El Refugio deposit which, mixed with La Soledad, already hosts a maiden high-grade gold-silver JORC-compliant useful resource totalling 2.4 million tonnes (mt) at an average gold grade of 4.8g/t and silver averaging 141g/t, for a complete of 529,000 gold equal ounces at an average gold equal grade of 6.81g/t.

Mineralisation within the indicated class includes 28.6 per cent of the useful resource.

The El Refugio useful resource is additional supported by a conceptual underground mining research accomplished on the maiden useful resource in early 2022. Metallurgical testwork was additionally undertaken in 2022.

Six holes have been accomplished and reported in February at La Soledad, additional increasing the footprint and structural data of the north-west trending silver and gold-rich construction. Mithril notes the world reveals “considerable strike and depth potential”.

Drilling at La Soledad, on the northeastern aspect of the Goal 1 useful resource space, has returned wonderful intercepts forward of the deliberate useful resource replace and is ongoing. An additional seven holes have been accomplished and samples from 4 of the holes have been despatched for assays.

Goal 1 additionally accommodates the La Cometa mineralised zone, the place initial drilling recognized a number of shallow intercepts. The El Cometa space options broad mineralisation with cross-cutting constructions that host high-grade gold and silver, together with a 2024 drill gap that intercepted 33m going 31.8g/t gold and 274g/t silver from floor.

The district lies within the famend Sierra Madre gold-silver development that extends north-south alongside the western aspect of Mexico and hosts many world-class gold and silver deposits.

A number of mineralising occasions, younger intrusives regarded as heat sources driving mineralisation, widespread alteration, in depth floor vein exposures and dozens of historic mine workings all serve to characterise the Copalquin district as a main epithermal gold-silver centre.

Mithril has efficiently delivered a maiden JORC mineral useful resource estimate within 15 months of kicking off drilling within the Copalquin district and has resoundingly confirmed its high-grade gold-silver useful resource potential.

Variscan Mines Ltd (ASX: VAR)

La Caseta (Central) zone, San Jose mine, Novales-Udias project, Spain.

Hit: 15.3m at 17.42 per cent zinc and 4.4 per cent lead

Perth-based Variscan Mines launched an spectacular base-metal headline consequence from underground infill drilling at its San Jose mine in Spain, with its best-ever intercept from one gap on the mine.

The headline drill gap is an element of a focussed diamond coring program to establish attainable feeder zones adjoining to present measured and indicated assets within the La Caseta (Central) space of the San Jose mine at its more northerly Novales project space.

This system returned distinctive outcomes from all three drill holes put into La Caseta, together with the headline intercept that options huge sphalerite in dolostone from 0m to 16.95m.

The result’s supported by different wonderful responses. A second gap intercepted 14.30m going 8.09 per cent zinc and 1.28 per cent lead, whereas a third gap jagged 15.25m operating 6.10 per cent zinc and 0.46 per cent lead.

The underground infill drilling is believed to have efficiently recognized one of the mine’s key mineralising feeder systems.

Dolostone or dolomite rock is a magnesium calcium carbonate rock kind, whereas dolomite is the dominant mineral making up the rock. The carbonate rock varieties when magnesium and calcium carbonates precipitate from water.

Carbonate-hosted lead-zinc ore deposits are important and extremely worthwhile concentrations of lead and zinc ores hosted within carbonate formations that will comprise limestone, marl or dolomite or a mixture of the mineral sorts.

These ore our bodies might vary from 0.5mt of contained ore to more than 20mt of ore and will grade from 4 per cent mixed lead and zinc to more than 14 per cent. The ore our bodies are typically compact, pretty uniform plug-like or pipe-like replacements of their host carbonate sequences and might maintain extraordinarily profitable mines.

San Jose’s mineralisation model is assessed as Mississippi Valley-type (MVT) hosted within a stratiform dolomitic unit.

The company’s close by Novales and Udias tasks are separated by about 5.2km alongside a 12km long north-east/south-west hanging potential development within the company’s tenure, with the San Jose mine at Novales being the northernmost of the 2 places, about 3km south of Spain’s northern shoreline.

The tasks lie within the Basque-Cantabrian basin, which is one of Europe’s premier zinc-lead areas. The San Jose mine is simply 9.5km northwest of the world-class Reocin zinc deposit endowed with 62mt at a grade of 9.7 per cent zinc and 1 per cent lead.

A further important strategic consideration is that the San Jose mine is 145km east-southeast of Glencore’s Asturias de Zinc smelter, which is one of the largest such smelters globally.

The mixed 2012 JORC-compliant mineral useful resource estimate for the formerly-producing San Jose mine at Novales and the company’s more southerly Udias deposit is assessed within the measured, indicated and inferred classes.

In December final yr, Variscan introduced an replace to its mixed mineral useful resource estimate for each operations, totalling 3.4mt at 7.61 per cent zinc and 0.88 per cent lead, making it the highest-grade zinc development project presently on the ASX. It gives the company sturdy foundation upon which to launch any mine re-start research.

Measured and indicated assets characterize 67 per cent of the San Jose mine useful resource. The company says its measured grades are greater than some other class or deposit at 9.18 per cent zinc and 1.8 per cent lead.

The core for the headline drill gap was cut totally on 1m intervals, yielding a best single 1m interval of 34.1 per cent zinc and 12.45 per cent lead. The interval is no orphan, for throughout the 15.3m intercept, there are six 1m intervals grading above 20 per cent zinc.

At this stage, the Udias deposit carries mineralisation solely within the inferred useful resource class, with exploration work ongoing. Maiden underground drilling at Udias solely kicked off in mid-November, following the completion of the underground infill drilling at San Jose.

The model of zinc mineralisation at Udias is similar to that discovered on the San Jose mine and consists of a number of stacked lenses of high-grade zinc sulphide mineralisation occurring on the identical elevations as at San Jose, suggesting there may be no vertical offset.

The 12km-long zone options quite a few scattered historic workings that seem like most prolific within the San Jose Central zone.

Variscan is exploring within solely about 4.5km of a 12km strike development that includes plentiful historic proof of in depth, metallurgically easy, MVT-style zinc-lead sulphide mineralisation at shallow depths starting from 170m to 240m.

The company says the outcomes reported from each Udias and San Jose are vital, producing 5 of its best-ever 20 drill holes and confirming the standard of the Novales-Udias project and the effectiveness of its drilling program.

Variscan is the one energetic explorer-developer in Cantabria and with little more than a passing evaluation, the company could be seen to command appreciable potential for a useful resource enlargement within its in depth tenure.

Redcastle Assets (ASX: RC1)

Queen Alexandra project, Jap Goldfields, Western Australia

Hit: 4m at 10.94g/t gold from 6m

Redcastle Assets has jagged some sturdy hits from its current 6500m reverse circulation drilling program at its Queen Alexandra gold show, about 58km east/southeast of the Gwalia Gold mine at Leonora in Western Australia’s Jap Goldfields.

The shallow, high-grade outcomes properly spiced up this system, which Redcastle additionally managed to knock off below finances, giving it a additional 3200m of drilling to play with for a complete of 99 holes over 9700m.

The drilling highlights embrace high-grade intercepts at shallow depths in an undrilled northern space, with a best intercept of 4m at 10.94g/t gold from simply 6m depth in a single gap and a second gap nailing 4m at 4.79 g/t gold from 8m.

The company kicked off this system in early December final yr to broaden its present assets and establish new targets within or close to recognized gold mineralised zones.

The plan additionally included drilling at close by Redcastle Reef and was later prolonged to incorporate the Morgan’s Citadel East prospect additional east. All three prospects are disposed alongside an 860m north-west/south-east development.

The infill sample at Queen Alexandra was deliberate to comprise 34 holes every about 80m deep for a complete of 2720m on a nominal 25m by 25m grid spacing to observe up on profitable drilling program accomplished in July final yr,

Different drilling outcomes from the company’s newly named Kestrel Lode on the Queen Alexandra project embrace the following three high gold intercepts, with 7m going 10.16g/t from 42m, 3m assaying 6.43g/t from 15m and 2m operating 7.78 g/t from 77m.

Three more holes from Kestrel produced intercepts between 2m and 3m long carrying gold grades starting from 4.09g/t to five.26g/t. The string of six holes – in live performance with earlier drilling outcomes – defines domestically steady mineralisation in a number of instructions.

Drilling at Queen Alexandra has revealed a new zone of high-grade gold which can characterize a near-surface, free-dig, free-milling, high-grade secondary gold useful resource amenable to carbon-in-leach processing.

Redcastle says the zone justifies additional follow-up drilling with a additional 17 holes as half of the unique program metreage and that it’s planning bulk sampling of the shallow high-grade mineralisation.

Bulk sampling will additional inform a scoping research in the direction of attainable toll therapy of the useful resource, which can observe updating of final yr’s maiden mineral useful resource for the north-dipping stacked shoots at Queen Alexandra, the place mineralisation is open in each instructions.

Bettering the grades with growing depth represents vital upside potential for Queen Alexandra.

The prospect’s present mineral useful resource includes 107,800t at an average grade of 3.06g/t gold for a complete of 10,600 ounces of gold. It predominantly includes materials within the oxide and transitional profiles, with minimal contemporary materials included, to a depth of 50m beneath floor. That’s nominally the utmost depth of drilling.

Redcastle says it now envisages an in depth east-west gold hall, with the Queen Alexandra project at its core, stretching eastwards to Coronation and probably additional to its Redcastle Reef and Morgan’s Citadel East prospects.

With continued exploration, it figures the hall might prolong even additional, probably up to 2.5 km.

Administration says the current outcomes have helped develop a good understanding of the mineralisation, its extent and potential, prompting it to consider that 2025 will likely be a breakout yr for the company.

Affirmation of the extent of shallow, high-grade mineralisation at Queen Alexandra now warrants initiation of the majority sampling train to help a scoping research for an open pit development, which might prolong to potential underground development.

Moreover, drilling outcomes from the company’s close by Redcastle Reef and Morgan’s Citadel deposits level to the likelihood of satellite tv for pc open pit developments that would additional drive business enlargement, underpinned by beneficial gold costs and accessible third-party toll therapy.

Is your ASX-listed company doing one thing attention-grabbing? Contact: [email protected]