Mithril Silver and Gold Limited (ASX:MTH) is on track to significantly expand the current 529,000 ounce gold in its coffers after receiving strong support for a $12.5 million capital raising.
The company attracted firm confirmations from new and existing institutional, professional and sophisticated clients of PAC Partners Securities Pty Ltd and Arlington Group Asset Management for the investment in the company.
“We are very pleased with Jupiter Gold and Silver and the 1832 Funds’ continued support and welcome several new high- quality Australian and global funds to the register,” Managing Director and CEO, John Skeet, said.
“The funding allows Mithril to considerably expand drilling at Copalquin with additional drill capacity and open up the district for more rapid advancement of exploration work.
“We remain on track for the high-grade resource update at the Target 1 area in Q1 2025, where we aim to greatly expand the current resource and establish at least two further resource target areas by the end of 2025 with ~40,000 metres of drilling. In addition to the resource expansion work, we continue to advance the district geologic model to determine the source of the widespread gold and silver mineralisation across the 70km2 mining district with its 298 historic mines and workings and to establish Copalquin as another world class gold-silver district in the prolific Sierra Madre Gold-Silver Trend of Mexico.”
Use of Funds
The company will use the proceeds from the placements to complete the current 9,000m drill programme to expand the high-grade maiden JORC resource1 at the Target 1 area and the upgrade of the access road, for District target advancement and prepare Targets 2 (Las Brujas-El Peru) and 3 (Constancia-El Jabali) for drilling in 2025.
It is projected the company will double its total metres drilled in the District by the end of 2025 with an additional, fully funded ~40,000 metres of drilling.
The Directors of the Company have committed to subscribe for $200,000.