Mithril Silver and Gold Soars on New Gold and Silver Discovery
Australian micro-cap mining company, Mithril Silver and Gold, made a significant announcement regarding a new discovery of gold and silver at their mining operation in Mexico. This discovery has resulted in a surge of more than 200% in the company’s shares. The drilling at the Copalquin District Project revealed impressive results, with 144 grams per ton gold and 1,162 grams per ton silver over 7 meters.
Insight: The significance of this discovery lies not only in the high-grade mineralization but also in the potential for further expansion and doubling of the current resource estimate. This underlines the district scale of the property and the vast opportunities it presents for the company in terms of exploration and development.
CEO John Skeet commented on the findings, emphasizing the presence of both lower grade material from the surface and a high-grade zone at depth, showcasing the hallmark bonanza gold and silver grades typical of the region. Mithril Silver and Gold’s market value has now reached AU$68 million, with its shares being traded on the Australian Securities Exchange.
Insight: The market response to the news, with the stock price increasing by 80% on Friday and further gains on Monday, reflects the investor excitement surrounding the company’s potential for growth and success in the mining sector. This positive sentiment is driven by the promising results from the recent drilling activities and the future outlook for the company’s exploration efforts.
Looking ahead, Skeet outlined the company’s plans to potentially double the current resource estimate by the first quarter of the next year, highlighting the expansive nature of the mineral system and the abundant gold and silver resources present near the surface.
In conclusion, Mithril Silver and Gold’s recent discovery has propelled the company into the spotlight, attracting investor attention and driving significant share price gains. The continued exploration and development efforts in the Copalquin District Project position the company for further success and growth in the mining industry.
