Mithril Accelerates Copalquin Exploration with High-Grade Extensions and Strong Cash Position

Exploration Momentum Builds at Copalquin

Mithril Silver and Gold Limited has delivered a strong September quarter update, underscoring accelerating exploration activity at its flagship Copalquin District in Durango State, Mexico. The company’s systematic drilling and surface sampling continue to reveal extensive high-grade gold and silver mineralisation, with recent results extending the known resource footprint at Target 1 by an impressive 300 metres to the west and further expansions to the east.

Two drill rigs have been actively turning throughout the quarter, with a third rig scheduled to commence operations at Target 3, signalling a clear ramp-up in exploration intensity. The ongoing drilling at Target 1 has yielded standout intercepts such as 7.19 grams per tonne (g/t) gold and 260 g/t silver over 8.03 metres, reinforcing the district’s potential as a significant epithermal gold-silver system.

Expanding Targets and Pending Assays

Beyond Target 1, Mithril has initiated drilling at Target 5, completing 12 holes with assay results eagerly awaited. Channel sampling at Target 5 has already returned remarkable silver grades up to 3,300 g/t and gold values around 2 g/t, highlighting the prospectivity of this 2 km by 2 km area. Additionally, newly defined Target 6, centred on the historic Santa Cruz mine, has produced exceptional surface and underground channel samples, including 57.8 g/t gold and 2,120 g/t silver over 0.7 metres, further expanding the district’s exploration footprint.

The company’s exploration team is also refining a district-scale geological model aimed at identifying the major feeder systems responsible for mineralisation across multiple deposits. This integrated approach is expected to enhance targeting precision and resource definition in the coming months.

Strong Financial Position Supports Growth

Financially, Mithril is well positioned to sustain its aggressive exploration program. Following a successful C$11.5 million placement in July, the company closed the quarter with a robust cash balance of A$18.3 million and remains debt free. Exploration expenditure for the quarter was A$4.87 million, focused entirely on advancing the Copalquin District projects.

Moreover, Mithril’s common shares have qualified for trading on the OTCQB Venture Market in the United States under the symbol MTIRF, broadening its investor base and enhancing liquidity. The company also completed the divestment of its remaining interest in the Lignum Dam tenements in Western Australia, allowing it to concentrate resources on its Mexican assets.

Outlook and Strategic Implications

With a maiden JORC mineral resource already established at Target 1 and ongoing drilling poised to expand this base, Mithril’s Copalquin District is shaping up as a compelling gold-silver exploration story. The company holds a 50% interest in the Copalquin mining concessions and retains an exclusive option to acquire 100% ownership by 2028, providing strategic optionality for future development.

As assay results from recent drill campaigns are released and the geological model matures, Mithril is expected to deliver a steady flow of news that could further enhance market interest. The combination of high-grade intercepts, multiple emerging targets, and a strong balance sheet positions Mithril well to capitalize on the district’s significant upside potential.