‘Globally significant’ gold results drive tripling in explorer’s share price

A gold exploration minnow has made what it says is a ‘globally significant’ find, sending its shares through the roof.

The gold price has been surging recently.

Mithril Silver and Gold shares have more than tripled after the company reported a “globally significant’’ gold strike at its exploration project in Mexico.

The company’s stock is up from 20c on Thursday to close at 68c on Monday. The shares were trading at just 11.5c at the start of the month.

Mithril on Friday reported gold exploration results including gold equivalent results of more than 1kg per tonne across some intercepts.

Results included 33m at 31.8 grams of gold per tonne (g/t) and 274g/t of silver from the surface, with that result including 2m at 495g/t of gold and 3765g/t of silver.

Mithril managing director John Skeet said the exploration hole CDH-159 was “globally significant’’, with the company aiming to double its gold resource at the project by the first quarter of 2025.

“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,’’ Mr Skeet said.

“With the exceptional drill results combined with our recent LIDAR survey, district access road upgrade works and development of the district geological model, Copalquin continues to progress as another significant gold-silver district in Mexico’s prolific Sierra Madre trend.’’

Mithril currently has a gold resource of 529,000 ounces at a grade of 6.81g/t at its El Refugio project, and said there is considerable strike and depth potential.

Originally published as ‘Globally significant’ gold results drive tripling in explorer’s share price