Mithril Unveils High-Grade Silver-Gold Zones at Copalquin Amid Aggressive 2026 Drilling Plans

Exploration Momentum Builds at Copalquin

Mithril Silver and Gold Limited has delivered a significant exploration update on its Copalquin silver-gold project in Durango State, Mexico, highlighting the confirmation of high-grade mineralisation across multiple targets within this expansive district-scale property. The maiden drilling program at Target 5 has delineated a substantial silver-rich zone extending over an area of approximately 9.6 square kilometres, with impressive intercepts of silver and gold mineralisation hosted in banded quartz veins.

Drilling results from Target 5 include standout intercepts such as 2.75 metres grading 660 grams per tonne silver equivalent (AgEq), featuring 5.8 g/t gold and 1,308 g/t silver, underscoring the high-grade nature of the mineralisation. These findings reinforce the potential of the Copalquin district as a major epithermal silver-gold system with multiple mineralised corridors open for expansion.

Advancing Resource Definition and New Targets

Alongside Target 5, Mithril has commenced Phase IV drilling at Target 1, aiming to complete a resource update. This program includes approximately 3,000 metres of drilling designed to extend the resource footprint westward by 300 metres and fill internal gaps within the current block model. The existing maiden JORC resource at Target 1 stands at 691,000 tonnes indicated at 5.43 g/t gold and 114 g/t silver, plus 1.7 million tonnes inferred at 4.55 g/t gold and 152 g/t silver, collectively representing over 373,000 ounces of gold and nearly 11 million ounces of silver.

Meanwhile, maiden drilling at Target 3 has commenced with encouraging early signs, intercepting mineralised quartz veins at predicted depths. This, combined with ongoing mapping, sampling, and geophysical surveys, positions Mithril to advance multiple targets concurrently within the district.

Geophysical Survey Enhances Targeting Strategy

A recent aerial magnetic survey covering the southern half of the Copalquin mining concession has been completed, with interpretation pending. This survey, alongside detailed geological mapping and spectral studies, is expected to refine drill targeting by identifying key structural ‘feeder’ zones that control mineralisation. A similar survey is underway over the adjacent La Dura property, recently added to Mithril’s portfolio, which hosts its own historic high-grade workings.

The integration of these geophysical datasets with historic and current exploration results is central to Mithril’s strategy to unlock further resource upside across the district’s extensive 70-kilometre mining concession area, which includes over 100 historic underground workings and numerous surface prospects.

Looking Ahead – Aggressive Drilling Campaign

With a clear vision for growth, Mithril plans an aggressive drilling campaign in 2026, targeting up to 25,000 metres across the Copalquin district within the first 6 to 8 months of the year. This program aims to expand known mineralised zones, test new high-priority targets, and integrate the latest geophysical data to advance the district-wide exploration thesis.

Managing Director and CEO John Skeet emphasised the district’s scale and potential, noting that the combination of alteration intensity, structural controls, and geochemical vectors points to a major hydrothermal system with significant expansion upside. Mithril’s strategy focuses on advancing Target 1 towards development, while Targets 3 and 5 are being progressed to define additional resources.

Importantly, Mithril holds an exclusive option to acquire 100% interest in the Copalquin mining concessions by August 2028, positioning the company to fully capitalise on the district’s multi-million-ounce gold and silver potential.