Mithril Silver and Gold Copalquin Drilling Returns 8.03 m at 7.19 g/t Au
Mithril’s Copalquin project reveals epithermal gold-silver mineralisation over 9 km strike and 1,200 m vertical extent, with Target 1 drilling yielding 8.03 m at 7.19 g/t Au and 260 g/t Ag, extending the strike by 30%. The company holds A$14.1 million cash, remains debt-free and plans a Q2 maiden resource update after a 3,000 m infill drill program.
1. Copalquin District Exploration Progress
During the December 2025 quarter, Mithril Silver and Gold advanced its Copalquin gold–silver project in Durango State, Mexico, defining mineralisation along a 9 km strike and 1,200 m vertical extent within a 70 km² concession. Integrated mapping, sampling, spectral analysis and petrography have confirmed a dominant east–west structural corridor with multiple northwest-trending feeder structures. The program encompassed an aerial magnetic survey (commenced January 2026) to refine key shear zones and fault systems, and 3,000 m of follow-up drilling is slated to underpin a maiden resource update in Q2 2026.
2. Target 1 Resource Expansion
Ongoing drilling at the Refugio–La Soledad zone (Target 1) extended strike by over 30% and established a robust geology model. Highlight intercepts include 7.20 m at 2.78 g/t Au and 148 g/t Ag from 260.9 m, including 2.05 m at 7.41 g/t Au and 419 g/t Ag; and 8.03 m at 7.19 g/t Au and 260 g/t Ag from 257.72 m, including 4.40 m at 9.87 g/t Au and 507 g/t Ag. The zone remains open at depth and along strike towards El Gallo and the northwest extension of La Soledad.
3. Target 5 Silver-Rich Discovery
Maiden drilling at the Apomal–Candelaria system (Target 5) confirmed a silver-dominant epithermal system hosted in granodiorite. Key results include 2.75 m at 660 g/t AgEq (2.28 g/t Au, 500 g/t Ag) from 93.6 m, including 1.00 m at 1,714 g/t AgEq; 3.35 m at 366 g/t AgEq from 90.15 m; and 1.25 m at 728 g/t AgEq from 119.2 m. Surface sampling returned up to 4,520 g/t Ag and 38.3 g/t Au over historic working channels. Drilling to date has tested only a fraction of mapped veins, indicating substantial upside potential.
4. Corporate and Financial Highlights
Mithril closed the quarter debt free with a cash balance of A$14.1 million and invested A$3.88 million in Copalquin exploration. Mexican VAT refunds of MXN3.8 million were received in January 2026, with MXN10 million pending. The Annual General Meeting on 5 November 2025 passed all resolutions. For the March 2026 quarter, the company plans to complete Target 1 resource infill drilling, advance programmes at Targets 5 and 3, interpret the aerial survey, and develop drill plans for Targets 4 and 6.