Mithril Plans 25,000 Metres Drilling at Copalquin Targeting Multi-Million Ounce Resource
Mithril Silver and Gold accelerates exploration at its Copalquin gold-silver project with a third drill rig mobilized and a 25,000-metre drilling program planned for 2026, targeting multiple high-grade zones.
- Third drill rig mobilized for Copalquin project in early 2026
- Expanded 25,000-metre drilling program across Targets 1, 3, and 5
- Historic high-grade assays include up to 38.3 g/t gold and 4,520 g/t silver
- Maiden JORC resource at Target 1 totals ~373,000 oz gold and 10.95 million oz silver
- Geophysical surveys and LiDAR mapping underway to refine exploration targets
Building Momentum at Copalquin
Mithril Silver and Gold Limited is entering 2026 with significant momentum at its 100%-owned Copalquin gold-silver project in Durango State, Mexico. The company has mobilized a third drill rig to the site, signaling an aggressive expansion of its exploration efforts. Following a year of steady progress, Mithril plans to execute a 25,000-metre drilling campaign targeting multiple high-priority zones within the district.
Targeted Drilling Across Multiple Zones
The upcoming drilling program will focus on three main targets. Target 1, where a maiden JORC resource was established in 2021, will see approximately 3,000 metres drilled in early 2026 to test extensions along strike from recent high-grade intercepts, including an 8.03-metre interval grading 7.19 g/t gold and 260 g/t silver. Target 3 is set to commence drilling in January near historic El Jabali workings, where channel sampling returned impressive results such as 0.65 metres at 16 g/t gold and 1,275 g/t silver. Meanwhile, Target 5 has already yielded promising drill results, including intervals with over 5 g/t gold and more than 1,300 g/t silver, with further assays pending.
District-Scale Potential and Exploration Techniques
The Copalquin district spans approximately 70 square kilometres and hosts numerous historic gold and silver mines. Mithril’s exploration approach integrates modern geophysical surveys and LiDAR mapping, recently completed at the newly acquired La Dura concession, to refine structural interpretations and identify new targets. A district-scale aerial magnetic survey is planned for January 2026 to complement these efforts, underscoring the company’s commitment to a comprehensive exploration thesis.
Resource and Metallurgical Highlights
The maiden resource estimate at Target 1 highlights the district’s potential, with indicated and inferred resources totaling approximately 373,000 ounces of gold and nearly 11 million ounces of silver at a cut-off grade of 2.0 g/t gold equivalent. Metallurgical test work supports conventional underground mining methods with high recovery rates; 91% for silver and 96% for gold; suggesting efficient processing and strong project economics.
Looking Ahead
With a robust balance sheet and an expanded land position, Mithril is well-positioned to unlock further value from Copalquin. The company holds an exclusive option to acquire 100% interest in the mining concessions by August 2028, providing strategic flexibility. As assay results from recent drilling are awaited, Mithril’s 2026 exploration program promises to deepen understanding of this district-scale epithermal system and potentially expand its resource base significantly.
Bottom Line?
Mithril’s expanded drilling and geophysical work set the stage for a pivotal year at Copalquin, with assay results poised to shape the project’s next phase.
Questions in the middle?
- How will pending assay results from Targets 1 and 5 influence the upcoming resource update?
- What new targets might emerge from the planned aerial magnetic survey and LiDAR data analysis?
- Will Mithril exercise its option to acquire full ownership of the Copalquin concessions before 2028?