Mithril Ignites Copalquin with 45,000m Drilling Push and High-Grade Hits

Exploration Momentum Builds at Copalquin

Mithril Silver and Gold Limited has accelerated its exploration efforts at the Copalquin gold-silver district in Durango State, Mexico, with a fully funded 45,000-meter drilling program set to unfold over the next 12 to 14 months. The company is already preparing to add a third drill rig in early 2026, signaling confidence in the district's potential.

The Copalquin district is a sprawling 70 square kilometer area peppered with over 100 historic underground mines and numerous surface workings, nestled within Mexico's prolific Sierra Madre Gold-Silver Trend. Mithril’s ongoing work aims to expand on its maiden JORC resource, which currently estimates over half a million ounces of gold equivalent at high grades.

Target 1, Deepening and Extending High-Grade Zones

At the heart of the program is Target 1, where drilling continues to deliver compelling high-grade intercepts. Recent results from the La Soledad area include standout hits such as 3.3 meters at 8.63 grams per tonne gold and 41.2 grams per tonne silver, including a narrow but exceptionally rich 0.5-meter interval grading nearly 49 grams per tonne gold and 91.5 grams per tonne silver. Meanwhile, the new Zaragoza zone, located 500 meters southeast of the Refugio resource, has revealed mineralization extending 160 meters below historic workings, with assays like 0.57 meters at 6.8 grams per tonne gold and a remarkable 4,400 grams per tonne silver.

Step-out drilling west of the maiden resource area at Refugio West is ongoing, targeting structural extensions toward El Gallo, further expanding the known mineralized footprint. These results reinforce the vertical and lateral continuity of the epithermal system, suggesting a district-scale opportunity.

Target 5, First Drilling at Apomal Historic Mine

Drilling has also commenced at Target 5, focusing on the Apomal historic mine area. This initial 5,000-meter program is the first ever at this target and aims to test veins mapped on surface, stepping out along strike and at depth. Early indications are encouraging, supported by widespread high-grade surface samples, though assay results from the first three holes are still awaited.

Looking Ahead, Expanding the District Footprint

Beyond Targets 1 and 5, Mithril is advancing systematic mapping and sampling at Target 3, preparing for maiden drilling in the coming months. A closely spaced aeromagnetic survey is planned for the fourth quarter of 2025 to refine exploration targeting across the district after the wet season.

With a conceptual underground mining study and metallurgical test work supporting the development of the El Refugio-La Soledad resource, Mithril is well positioned to leverage its growing resource base. The company holds an exclusive option to acquire 100% interest in the Copalquin mining concessions by August 2028, underscoring its commitment to advancing this district-scale project.

Managing Director John Skeet highlighted the team’s progress, noting that the exploration efforts are consistently delivering excellent results and accelerating geological modelling of this large epithermal gold-silver system.