Mithril Silver and Gold Extends High-Grade Mineralisation at Copalquin Project in Mexico

Mithril Silver and Gold (ASX: MTH) has intersected further high-grade gold and silver mineralisation during drilling at the Target 1 resource area within its Copalquin district project in Mexico.

The latest results came from the final five holes in the western expansion area of El Refugio and the final two holes in the La Soledad south-east expansion area, ahead of an updated mineral resource estimate (MRE) planned for late June.

The strongest new result returned 7.25 metres at 4.01 grams per tonne gold and 225.1g/t silver, or 7.22g/t gold equivalent, from 375.70m.

The standout intercept included sections of 3.30m at 7.11g/t Au and 368.2g/t Ag from 376.80m and 0.50m at 15.25g/t Au and 533g/t Ag from 378m, or 22.86g/t AuEq.

Another hole returned 2.85m at 2.41g/t Au and 107.8g/t Ag from 395.05m, including 0.95m at 2.83g/t Au and 188g/t Ag, while a third produced two gold-rich intervals of 1.20m at 6.64g/t Au and 6.4g/t Ag from 304.20m, along with 1.65m at 3.79g/t Au and 8.3g/t Ag from 316.75m.

El Refugio Expansion

Mithril has now completed 204 holes for 60.6km at the Target 1 resource area, including 127 holes drilled after the 2021 maiden resource.

The 2026 campaign has focused on de-risking the model by drilling inferred resource areas and testing gaps within the El Refugio vein system.

Eight holes were drilled early in the year to improve confidence in the main El Refugio body, where work has identified two new veins and lifted the system to four veins on the footwall and hangingwall sides of the main structure.

The final seven El Refugio holes tested western continuity beyond a post-mineral dyke system and confirmed mineralisation remains open at depth.

Resource Upgrade Focus

The latest El Refugio results sit about 190m from a previously reported hole that returned 9.65m at 7g/t Au and 370.3g/t Ag, or 12.29g/t AuEq.

Vice-president of exploration James Barr said the western expansion work had defined structural continuity and a north-west mineralisation plunge that remains open for future drilling.

“With our immediate objectives in the Target 1 resource area being substantially complete, our focus shifts to completing an update of the Target 1 MRE with an emphasis on upgrading confidence in the geological and grade distribution, targeting substantial conversion from the Inferred resource classification.”

Mr Barr said recent drilling had also confirmed mineralisation continuity at similar grade and thickness across the dyke, which had split and offset the mineralised structure.

La Soledad Extension

La Soledad drilling continued to return elevated gold values along the south-east trend outside the 2021 resource footprint, and Mithril has now identified six subparallel mineralised structures in the footwall to the main vein near the intersection with the Refugio main vein.

One hole intersected 3.25m at 5.23g/t Au and 30.5g/t Ag from 92m including 0.85m at 19.45g/t Au and 96.8g/t Ag from 94.40m, as well as several narrower intervals including 0.85m at 2.04g/t Au and 5.8g/t Ag from 293.15m.

Mithril has completed 11,238m of drilling from a planned program of up to 25,000m across Copalquin during the first six to eight months of 2026.

The district contains more than 100 historical underground workings and about 200 small surface workings across a 70-square-kilometre mining concession area, with upcoming work to include mapping in the District North section, target development in areas not previously drilled, and extensional drilling to follow up earlier success at Target 5.

Mithril has also secured an exclusive option to acquire the nearby 20-square-kilometre La Dura gold-silver property, where LiDAR and aerial magnetic surveys have advanced future targeting.