Mithril Uncovers High-Grade Silver-Gold Zone at Copalquin’s Target 5
Mithril Silver and Gold Limited reports impressive high-grade silver and gold intercepts from initial drilling at Target 5 within the Copalquin District, Mexico, confirming a new silver-rich zone with ongoing exploration underway.
- High-grade silver-gold intercepts at Target 5 with assays up to 1,714 g/t silver equivalent
- Drilling completed for 13 holes at Target 5, assays received for first eight all mineralized
- Copalquin District hosts a maiden JORC resource with significant gold and silver ounces
- Mithril fully funded for 45,000 metres of drilling through 2026, adding third rig at Target 3
- Exploration and metallurgical work support district-scale potential in prolific Sierra Madre trend
Emerging Silver-Rich Target in Copalquin
Mithril Silver and Gold Limited has announced compelling exploration results from its Copalquin Gold-Silver District in Durango, Mexico. The company’s maiden drilling program at Target 5, a newly identified silver-rich zone in the southwest of the district, has delivered multiple high-grade intercepts, including an outstanding 1,714 grams per tonne silver equivalent over one metre. These results confirm Target 5 as a significant addition to the district’s portfolio of mineralized zones.
Target 5 lies near the historic El Apomal mine and has been tested to only about 5% of the mapped and projected vein system, highlighting substantial upside potential. The initial eight drill holes have all returned reportable mineralization, with assays showing consistent silver and gold grades over multiple intervals. Drilling is ongoing, with 13 holes completed and further assays pending.
District-Scale Potential and Strategic Drilling Plans
The Copalquin District itself is a prolific epithermal gold-silver system within Mexico’s renowned Sierra Madre Gold-Silver Trend, hosting over 100 historic underground mines and workings. Mithril’s maiden JORC mineral resource estimate at Target 1 (El Refugio-La Soledad) already demonstrates a multi-million-ounce gold and silver resource, with indicated and inferred categories totaling over 370,000 ounces of gold and more than 10 million ounces of silver.
Fully funded to complete up to 45,000 metres of drilling through the second half of 2026, Mithril is advancing multiple targets simultaneously. Preparations are underway to add a third drill rig at Target 3, another highly prospective gold-silver area with extensive veins and high-grade surface samples. Meanwhile, drilling continues to expand the resource footprint at Target 1 and deepen the understanding of Target 5’s silver-rich veins.
Supporting Work and Future Outlook
Complementing the drilling, Mithril is conducting detailed geological mapping, channel sampling, and geophysical surveys, including an upcoming aerial magnetic survey. Petrographic fluid inclusion studies are also underway to refine the district-scale geological model. Metallurgical test work on drill core composites supports the feasibility of conventional underground mining and processing, with high recovery rates for both gold and silver.
With an exclusive option to acquire 100% interest in the Copalquin concessions by August 2028, Mithril is strategically positioned to capitalize on the district’s exploration success. The combination of high-grade intercepts, extensive historic workings, and robust resource estimates underscores Copalquin’s potential to evolve into a significant gold-silver mining district.
Managing Director John Skeet emphasized the early success at Target 5, noting that only a fraction of the veins have been tested to date and that the company’s work is just beginning to unlock the district’s full potential.
Bottom Line?
Mithril’s expanding high-grade discoveries at Copalquin signal a promising path toward a major silver-gold district development.
Questions in the middle?
- How will upcoming assay results from the remaining Target 5 drill holes influence resource estimates?
- What impact will the addition of a third drill rig have on exploration velocity and target prioritization?
- How might metallurgical test updates affect the economic viability of mining at Target 5 and other zones?
