Mithril Resources (ASX:MTH) said drilling at a new discovery at the Target 2 area in its Copalquin silver-gold district project in Mexico intercepted high-grade silver and gold mineralization from near-shallow depths, according to a Tuesday Australian bourse filing.
Its results included a significant interception of 11.5 meters at 8.61 grams per tonne grade of gold and 57.6 g/t grade of silver from 44.5 meters. Follow-up drilling of around 80 meters down dip is planned for the next phase.
It also defined a new target at the El Apomal workings, where a 130-meter underground adit was dewatered, mapped, and sampled.
Its shares jumped 7% in recent trading on Tuesday.
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