Mitre Mining Corporation Ltd Surges as Cerro Bayo Project Unveils Exceptional Silver Grades

Mitre Mining Corporation Ltd’s (ASX: MMC) shares are poised for a uptick following the revelation of remarkable bonanza-grade rock chip and channel samples from the Cerro Bayo Silver-Gold Project in Chile.

The standout discovery from the Cristal Vein showcases an astonishing 39,481g/t silver equivalent (AgEq), composed of 32,849g/t silver and 79.9g/t gold.

These findings transcend the current JORC Indicated and Inferred Resource of 50 million ounces at 311g/t AgEq, promising substantial resource expansion potential.

Additional noteworthy rock chip highlights include:

  • 31,342g/t AgEq (6,557g/t silver and 298.6g/t gold)
  • 21,130g/t AgEq (12,988g/t silver and 98.1g/t gold)
  • 17,614g/t AgEq (3,903g/t silver and 165.2g/t gold)

Similarly, channel sampling yielded remarkable results, such as:

  • 0.5 meters at 19,856g/t AgEq (1,442g/t silver and 221.9g/t gold)
  • 0.6 meters at 11,965g/t AgEq (1,967g/t silver and 120.5g/t gold)
  • 0.3 meters at 11,261g/t AgEq (9,205g/t silver and 24.8g/t gold)

Ray Shorrocks, interim executive director, expressed enthusiasm, stating, “These astounding results mark a significant milestone in our journey toward resource expansion and underscore the immense prospectivity of the Cerro Bayo project.

The consistently high-grade mineralisation, spanning over a 700-metre strike and remaining open, coupled with its proximity to the processing plant within 1.5 kilometres, further solidifies our confidence in the project’s potential.”

Shorrocks continued, “Furthermore, these findings hint at the vast opportunities for discoveries and rapid resource growth within Cerro Bayo.”

Notable historic drill intercepts outside of the current resource zone include 8 metres at 1,592g/t silver and 26.5g/t gold, and 3 meters at 1,440.5g/t silver and 12.05g/t gold, further accentuating the project’s considerable upside potential.

With over A$150 million worth of existing infrastructure in place, the Cerro Bayo project is well-positioned for rapid development.

Multiple underground mines provide support for a swift restart, offering a clear path to establishing a significant silver operation in the near to medium term.

An ongoing resource growth drilling program at Pegaso 7 has already identified multiple mineralised zones, promising a steady stream of positive updates for investors.

Situated in a world-class mining province, Cerro Bayo boasts a prestigious neighbourhood, hosting major players such as Newmont, Yamana, Anglo Ashanti, and McEwen Mining.

The project’s strategic location, with Chile Chico town merely 10 kilometres away by road for the main workforce and a local airport situated 17 kilometres from the site, further enhances its appeal.

In response to these promising developments, shares in the company have surged by a third in the past month alone, reaching approximately $0.40, signaling investor confidence in the project’s potential.

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