Mithril Silver and Gold, an Australian micro-cap mining company with a mining operation in Mexico announced a new discovery of gold and silver and shares have skyrocketed more than 200% on the news.
According to a release from the company on Friday, drilling at the Copalquin District Project intersected 144 grams per ton gold and 1,162 grams per ton silver over 7 meters.
“The intercept includes a zone of lower grade material from surface plus a very high-grade zone from 16m down hole, including the typical bonanza gold and silver grades that are a hallmark of this important mining district,” CEO John Skeet said.
The company is now valued at AU$68 million and is traded on the Australian Securities Exchange.
“It’s a very big system, so even though we’ve got a maiden resource there of over half a million ounces gold equivalent at nearly 7 grams per ton gold equivalent, we’re aiming to double that between now and the first quarter of next year,” Skeet said. “The big story is the district scale of this property. This is a much bigger system that has created all the gold and silver near the surface.”
Mithril’s stock price rose about 80% on Friday after release of the news, and that move continued even stronger into trading on Monday.
