Mithril finds more high-grade ground at Copalquin

Copalquin-Zaragoza strike grows to 700 metres

Mithril Silver and Gold Limited (ASX:MTH) has added 150 metres to the defined high-grade strike at its Copalquin-Zaragoza structure in Mexico, extending it from 550 metres to 700 metres across two sub-parallel veins. The latest drilling included 0.50 metres at 1,738 g/t silver equivalent, or AgEq, in hole CO26-009, alongside 1.15 metres at 1,048 g/t AgEq in hole CO26-006.

The extension builds on the 550-metre Target 4 drilling reported earlier this week. Mithril says the drilling has closed a gap between the historical Copalquin and Zaragoza workings, linking them into a semi-continuous structure despite a series of post-mineralisation dykes.

High-grade hits remain narrow and downhole

Hole CO26-006 produced several notable intervals, including 2.65 metres at 411 g/t AgEq from 109.8 metres, with a higher-grade 0.90-metre section at 622 g/t AgEq. The same hole also returned 0.50 metres at 292 g/t AgEq, while hole CO26-008 delivered 1.95 metres at 138 g/t AgEq.

Those figures are exploration results, not yet a resource estimate. The reported lengths are downhole intervals and true widths have not been established for this structure. Mithril is testing the vein with roughly 60-metre lateral step-outs at a targeted elevation of about 850 metres above sea level, a method intended to improve its understanding of continuity along strike.

San Manuel adds a second mineralisation signature

Surface and underground channel sampling at San Manuel, about 400 metres southeast along trend, points to a higher-level, gold-dominant system alongside the silver-rich drilling at Copalquin-Zaragoza. More than 50 of 135 channel samples returned grades above 1 g/t AuEq, with the strongest result reaching 16.55 g/t gold and 616 g/t silver over 0.60 metres at the Mina del Aire workings.

Other standout samples included 11.20 g/t gold and 402 g/t silver over 0.50 metres underground at Mina Hijo, and 10.40 g/t gold and 422 g/t silver over 0.80 metres at Mina Larga on surface. These are channel samples from historical workings and outcrops, rather than modern resource drilling, so their value lies chiefly in defining targets for the next phase of testing.

Eight assays remain from the 2026 campaign

Two drills have completed 24,181 metres of Mithril's 25,000-metre 2026 program, with assays pending from eight holes. The company plans to continue step-out drilling into the roughly 400-metre untested extensions toward Target 1's Refugio area to the northwest and San Manuel to the southeast, while refining its geological model.

That work is running in parallel with the Target 1 PEA program, which had begun earlier this week. Target 1 currently contains 464,000 ounces of indicated gold equivalent and 151,000 ounces inferred, but Mithril cautions that those mineral resources are not mineral reserves and do not demonstrate economic viability. The next meaningful test for Target 4 will be whether pending assays and further drilling convert impressive isolated intervals into consistent widths and continuity across enough of the 1.5-kilometre interpreted corridor.