What's Happening?
Mithril Silver and Gold has entered into a purchase option agreement to acquire the La Dura gold-silver property in Durango State, Mexico. The property, which spans 2,052 hectares, is located near Mithril's
existing Copalquin property. The La Dura site includes several historic mines and a processing facility, last operational in 2013. Mithril has the exclusive option to acquire a 100% interest in the property within four years for $4 million. The company plans to conduct LiDAR and aerial magnetic surveys to assess the site's potential for gold and silver mineralization. These surveys are scheduled for the coming months, with a minimum exploration spend of $200,000 required in the second year.
Why It's Important?
The acquisition of the La Dura property could significantly enhance Mithril's mining portfolio, particularly given its proximity to the company's Copalquin property. This strategic expansion may bolster Mithril's position in the gold and silver mining sector, potentially increasing its resource base and production capabilities. The planned surveys and exploration activities could uncover new mineral deposits, offering economic benefits and potentially increasing shareholder value. The move reflects a broader trend in the mining industry towards consolidating assets and expanding exploration efforts to meet global demand for precious metals.
What's Next?
Mithril plans to proceed with the LiDAR and aerial magnetic surveys to evaluate the La Dura property's mineral potential. Following these assessments, the company may undertake detailed mapping, sampling, and future drill testing. The results of these activities will likely influence Mithril's decision to fully acquire the property. Stakeholders, including investors and local communities, will be watching closely to see how these developments unfold and what impact they may have on the region's mining landscape.
