Mithril Unveils High-Grade Gold-Silver Expansion at Copalquin Ahead of Resource Update

Exploration Success at Target 1

Mithril Silver and Gold Limited has delivered a compelling update from its Copalquin gold-silver project in Durango State, Mexico, revealing high-grade drill intercepts that significantly expand the known mineralised footprint at Target 1. The company’s recent drilling campaign has intersected impressive grades, including 1.35 metres at 21.9 grams per tonne (g/t) gold and 357 g/t silver, with a standout 0.5 metre interval grading 57.7 g/t gold and 924 g/t silver. These results underpin the upcoming mineral resource estimate (MRE) update and reinforce the district’s potential as a major precious metals hub.

District-Scale Potential and Structural Extensions

Beyond the immediate resource expansion, Mithril’s drilling has extended key mineralised structures by 300 metres both laterally and down-dip. Notably, a broad anomalous silver zone with pervasive hydrothermal alteration on the western side of Target 1 suggests the presence of a major feeder zone, a critical conduit for mineralising fluids. This east-west structure is believed to extend a further 600 metres west to the historic El Gallo workings, where previous drilling intercepted high-grade mineralisation, indicating substantial upside potential across the district.

Aggressive 2026 Exploration Program

Looking ahead, Mithril plans an ambitious 25,000-metre drilling program in the first half of 2026, targeting resource expansion and new high-priority zones across the 70-square-kilometre Copalquin district. The program will integrate geophysical data and focus on multiple targets, including the recently acquired La Dura property. This strategic approach aims to delineate additional mineralised zones and refine the district-scale exploration model, leveraging the extensive historic workings and geological complexity of the region.

Robust Geological Model and Metallurgical Insights

Mithril’s 3D geological modelling, incorporating recent drilling and post-mineral intrusive units, has produced a robust and predictable framework for the MRE update. The presence of a large hydrothermal alteration halo combined with silver-rich mineralisation is characteristic of a well-developed low sulfidation epithermal system. Preliminary metallurgical test work supports the feasibility of conventional underground mining and onsite processing, with high recovery rates for both gold and silver, enhancing the project’s economic prospects.

Established Maiden Resource and Future Outlook

The maiden JORC resource at Target 1, released in 2021, reported indicated resources of 691,000 tonnes at 5.43 g/t gold and 114 g/t silver, alongside inferred resources of 1.725 million tonnes at 4.55 g/t gold and 152 g/t silver. These figures translate to over 370,000 ounces of gold and 10 million ounces of silver, underscoring the district’s significant precious metals endowment. Mithril holds an exclusive option to acquire 100% interest in the Copalquin concessions by August 2028, positioning the company to capitalise on the district’s growing resource base.