Mithril Silver and Gold has commenced a 3,300-metre maiden drill program at Target 3 within its Copalquin gold-silver district in Mexico, aiming to test mineralisation continuity and scale following promising historic sampling results.
- Maiden 3,300m drill program started at Target 3, Copalquin District
- Historic channel sampling at El Jabali showed high-grade gold and silver
- Drilling ongoing at Targets 1 and 5 with resource update planned for Target 1
- 25,000m total drilling planned across Copalquin in first half of 2026
- Drone magnetic survey to commence soon to support exploration
Drilling Kicks Off at Target 3
Mithril Silver and Gold Limited has officially commenced its maiden drilling program at Target 3 within the Copalquin gold-silver district in Durango State, Mexico. The 3,300-metre program focuses on the El Jabali historic workings, an area known for significant past mining activity and recent channel sampling results that returned impressive grades of up to 16 grams per tonne gold and 1,275 grams per tonne silver over 0.65 metres.
This drilling initiative marks an important step in testing the continuity and scale of mineralisation in a large, highly prospective area on the eastern side of the district. It also forms part of a broader 25,000-metre drilling campaign planned across the Copalquin district during the first half of 2026, underscoring Mithril's commitment to advancing multiple targets simultaneously.
Progress at Other Targets and Upcoming Surveys
Alongside Target 3, drilling continues at Targets 1 and 5. Notably, Target 1 drilling is scheduled for completion in the first quarter of 2026, ahead of an update to its maiden mineral resource estimate. This resource, announced in late 2021, highlighted the district's potential with indicated and inferred resources containing significant quantities of gold and silver.
Complementing the drilling efforts, a drone magnetic survey over the Copalquin and La Dura concessions is set to commence shortly. This geophysical survey aims to refine the understanding of subsurface structures and guide future exploration efforts.
District-Scale Potential and Strategic Outlook
The Copalquin district spans approximately 70 square kilometres and hosts numerous historic gold and silver mines, positioning it as a major epithermal system within the prolific Sierra Madre Gold Silver Trend. Mithril’s exploration strategy leverages multiple high-grade historic workings and geological indicators to unlock the district’s broader potential.
With a maiden JORC mineral resource already established at Target 1, the company is focused on expanding this footprint through systematic drilling and exploration. The option to acquire 100% ownership of the Copalquin concessions by August 2028 adds a strategic layer to Mithril’s long-term plans, potentially consolidating its position in this promising gold-silver district.
As assay results from the current drilling programs are awaited, the market will be watching closely for signs of resource growth and the implications for project development.
Bottom Line?
Mithril’s maiden drilling at Target 3 is a pivotal move in realising Copalquin’s district-scale gold-silver potential, with upcoming assay results set to shape the next phase.
Questions in the middle?
- Will the Target 3 drilling confirm continuity and scale of high-grade mineralisation?
- How will the updated Target 1 resource estimate impact the project’s valuation and development timeline?
- What insights will the upcoming drone magnetic survey provide for future exploration targeting?