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Several companies in the mining sector have recently reported significant developments, showcasing promising results from their exploration projects. Here are some notable updates from the industry.
Mithril Silver and Gold (ASX:MTH)
MTH is making waves with its Copalquin gold project in Mexico, which the company does not yet own but has the opportunity to acquire for US$10 million by August 7, 2028. The latest drill results reveal impressive findings: 7 meters at 144 g/t gold and 1,162 g/t silver from just 18 meters down, forming part of a broader 33-meter intersection averaging 31.8 g/t gold and 274 g/t silver from the surface.
These results highlight the project's potential, especially given that the company plans to double the existing resource of 529,000 ounces at 6.81 g/t gold during the first quarter of next year. LiDAR surveys have also uncovered more targets across the 70 km² concession, indicating the presence of 100 historical underground gold-silver mines and numerous surface workings. MTH has stated that the Copalquin District is emerging as a significant gold-silver area, akin to other prolific districts in Mexico’s Sierra Madre trend.
The market responded positively, with MTH shares surging nearly 26% recently, continuing a remarkable rise of over 500% since September 9, when prices were at 9 cents and are now trading at 46 cents.
Golden Deeps (ASX:GED)
Golden Deeps Ltd has also made headlines with exciting results from its Havilah project. An 80-meter-thick high-grade copper intersection initially caused a stir, and further drilling revealed an even larger 92-meter sulphide hit that extends the Hazelbrook copper zone.
Copper grades reached up to 3.6% based on handheld readings, suggesting significant potential for future exploration. The company believes it is on the cusp of discovering a large porphyry-sulphide system, similar to major deposits in the Lachlan Fold Belt, where mining giants are actively investing in new projects.
New Age Exploration (ASX:NAE)
New Age Exploration is making strides with its Wagyu gold project in Western Australia’s Pilbara region. The company is advancing its Phase 2 drilling program, which includes approximately 4,300 meters targeting high-priority sites that could be similar to the nearby Hemi gold deposit.
The Phase 1 program, conducted earlier this year, involved over 7,640 meters of drilling across 156 holes, with assay results anticipated by the end of the month. The company’s executives express optimism about the geological findings and are eager to continue exploration efforts.
Errawarra Resources (ASX:ERW)
Errawarra Resources is focusing on its Pinderi Hills lithium project, where recent reconnaissance samples identified a large lithium soil footprint stretching up to 3 kilometers within a 6 km² area. With concentrations of up to 228 ppm Li2O, further exploration is planned, and updates on this initiative are expected soon.
Macro Metals (ASX:M4M)
Macro Metals, an iron ore-focused company, has received approval for a program of works at its Goldsworthy East project in Western Australia’s Pilbara. The plan includes a minimum of 30 holes for a maiden campaign of 6,000 to 8,000 meters in an area known for rock chip samples showing 58-65% iron content. This project is strategically located near the historical Mt Goldsworthy iron ore site, previously mined by BHP.
The recent developments from MTH, GED, NAE, ERW, and M4M underscore the dynamic nature of the mining sector, marked by significant discoveries and ongoing exploration efforts. Investors and stakeholders will be watching closely as these companies advance their projects and uncover further potential in their respective areas.
