Highlights

• Experienced mining and exploration project developers, John Skeet and Hall Stewart appointed as Chief Executive Officer and Chief Geologist respectively.
• Appointments mark the final stage of the transformational acquisition of Sun Minerals
• Key Executives to drive the exploration of the exciting Copalquin project in Mexico
• Systematic exploration plan to be executed throughout 2020

Mithril Resources Limited [ASX: MTH] (“Mithril” or “the Company”) is pleased to announce the appointment of a new Chief Executive Officer (“CEO”) and Chief Geologist to drive the exploration of the high-grade Copalquin Gold Silver Project in Durango, Mexico.

The appointment of the founders of Sun Minerals Pty Ltd (“Sun Minerals”) very experienced project exploration and development team, John Skeet (CEO) and Hall Stewart (Chief Geologist) – marks the final stage of the Company’s transformational acquisition of Sun Minerals.

Both Mr Skeet and Mr Stewart are highly regarded and regionally experienced mining executives with strong track records of exploration and project development success in Mexico. As directors of Sun Minerals, both have worked to complete the Mithril-Sun Minerals transaction and will continue to drive the exploration of the Copalquin Gold Silver Project.

Commenting on the appointments, Mithril’s Non-Executive Director and Company Secretary, Adrien Wing, said:

“We are delighted to have secured the services of two talented and highly experienced mining executives, with the  appointments marking the completion of the transformational acquisition for Mithril. 

This is an exciting time for Mithril and on behalf of my fellow directors and shareholders, I would like to welcome John and Hall on board. We look forward to their contribution and leadership of the company.”

John Skeet – CEO (metallurgist, F. AusIMM)

John has over 30 years’ experience in gold-silver mining, both in management at operations and developing projects in Australia, Republic of Georgia and Mexico. He has 16 years’ experience in Mexico including managing the development of the Palmarejo gold-silver project prior to its acquisition by US based Coeur Mining and COO of Cerro Resources prior to its takeover by TSX listed Primero Mining. John founded Sun Minerals in 2017 and acquired the option to purchase the Copalquin Project.

Hall Stewart – Chief Geologist (geologist, CPG, PG)

Hall is a professional geologist with significant experience and success in managing, developing, and exploring mining projects in USA and Mexico. Hall has considerable experience in the gold-silver trend in Mexico and located and recommended the multimillion-ounce Palmarejo project to Bolnisi Gold and managed its regional exploration. Hall co- founded Puno Gold Corp. and Commonwealth Silver & Gold which were both acquired by Canadian companies.

Copalquin Project

The Copalquin Gold Silver Project is located in an ideal geological setting with the concessions covering an entire mining district  (70km2  area) in  Durango  state,  Mexico. There  has  been  notable  past  production  of  gold  and   silver from several underground mines with reported bonanza grades. Previous exploration work in the 1990’s and 2000’s consisted of soil sampling programs and non-systematic drilling of  70  diamond  core  holes. Mithril’s recently acquired Sun Minerals compiled the previous data, confirmed rock chip sampling of historic underground working, completed extensive geologic mapping and acquired high resolution satellite imagery and topography.

Exploration Plan

John and Hall will now lead the efforts to aggressively explore Copalquin. Diamond drilling will commence once in- country personnel, contractors and equipment are mobilised to the project site

Previous drilling has identified three areas with underground mineable grades over potentially mineable widths. These areas are El Refugio, La Soledad and El Cometa (which also include open pit resource potential). Mithril’s drilling campaign will systematically test each of these high-priority areas and will also drill test Los Reyes, Los Pinos, and later La Constancia and the important San Manuel multi-level mine workings.

The Company has updated and expanded its COVID-19 health and safety protocols to incorporate the Mexican Ministry of Health recommendations and is working with its contractors and the local community to meet mandated guidelines and reporting protocols required for work to start.

Dudley Leitch – Non-executive Director

In addition to the above appointments, Mithril would like to confirm that Mr Dudley Leitch who was nominated by Sun Minerals to join the Board of the Company and which was approved by shareholders at the meeting on 12 February 2020, will join as a Non-Executive Director.

Mr Leitch is a geologist and mining entrepreneur with over 40 years developing mining projects and running ASX mining/exploration companies with projects in Australia, Mexico, USA. He was director and major shareholder – Perseverance Corp, Mogul Mining, Valdora Minerals, Bolnisi Gold, Kings Minerals.

-ENDS-

Released with the authority of the Board.

Regards,

Adrien Wing

Non-Executive Director and Company Secretary Mithril Resources Limited

APPENDIX 1 – Remuneration Details: Mr John Skeet

Mr Skeet will be engaged full time under an executive services agreement and be paid an annual salary of A$180,000 plus statutory entitlements.

Summary:

Original Article: https://www.asx.com.au/asxpdf/20200609/pdf/44jhb5rb9kw6kd.pdf