New Target 5 Results Raise Stakes for Mithril’s Copalquin Resource Expansion

A New High-Grade Discovery at Copalquin

Mithril Silver and Gold Limited has revealed exciting exploration progress at its Copalquin property in Durango State, Mexico, with high-grade channel sampling results from a newly developing drill target known as Target 5. The assays include gold grades up to 5.36 grams per tonne and silver up to 706 grams per tonne, underscoring the potential of this expansive 70 square kilometre district to host multiple high-grade deposits.

Target 5 is characterised by a broad 1.6-kilometre-wide vein corridor featuring multiple northwest-trending parallel veins extending up to 500 metres in length. Located just 1.5 kilometres southwest of the existing Target 1 resource area, this zone sits at a lower elevation (650–900 metres) and exhibits significant base metal mineralisation, including copper, lead, and zinc, which adds further economic interest.

District-Scale Epithermal System Potential

The mineralisation styles and host rock geology observed at Target 5 align with a district-wide low sulfidation epithermal system, potentially centred along a 5-kilometre east-west trend of rhyolite flow domes. Mineralised veins have now been mapped and sampled over more than 1,000 metres of vertical relief between Target 2 and Target 5, suggesting a robust vertical extent and a multi-target mineralised system.

These findings complement the maiden JORC mineral resource estimate at Target 1 (El Refugio-La Soledad), which currently stands at approximately 121,000 ounces of indicated gold and 252,000 ounces of inferred gold, alongside millions of ounces of silver. Mithril’s ongoing exploration strategy aims to expand this resource footprint across the district.

Upcoming Drilling and Exploration Plans

Following the completion of resource update drilling at Target 1 and refinement of the district-scale geological model, Mithril plans to commence first-pass drilling at Targets 5 and 3 in the upcoming quarter. This will be the first-ever drilling campaign at Target 5, providing critical data to assess the resource potential of this newly identified corridor.

Additional exploration activities include continued mapping and sampling south and southeast of the El Apomal Mine within Target 5, as well as follow-up work near historic mines such as Tasolera and Guamuchilito. Infrastructure development, including an exploration road to Target 5, is underway to facilitate drilling operations.

Strategic Positioning in a Prolific Gold-Silver Trend

The Copalquin district lies within Mexico’s prolific Sierra Madre Gold-Silver Trend, a region known for world-class epithermal deposits. Mithril holds an exclusive option to acquire 100% interest in the Copalquin mining concessions by August 2028, positioning the company to capitalise on the district’s multi-million-ounce potential.

With high-grade assay results, significant base metal presence, and a clear path toward drilling, Mithril’s exploration at Target 5 marks a compelling chapter in the company’s growth story. The combination of historic workings, modern sampling, and upcoming drilling campaigns sets the stage for potential resource expansion and value creation.