Mithril Silver and Gold Limited (TSXV: MSG) has reported new drilling and surface sampling results from Target 4 at its Copalquin property in Durango State, Mexico, extending high-grade silver-gold mineralisation along the Copalquin-Zaragoza structure to 700 metres of strike length. Top drill intercepts include 1.15 m grading 1,048 g/t silver equivalent and 0.50 m grading 1,738 g/t silver equivalent. The results build on an existing Target 1 Mineral Resource Estimate of 464 koz AuEq Indicated and 151 koz AuEq Inferred, currently undergoing a Scoping Study and Preliminary Economic Assessment. Investors may be watching Target 4 closely as the company positions it as a potential next resource growth area.

Key Points

  • Mithril Silver and Gold Limited (TSXV: MSG | ASX: MTH | OTCQB: MTIRF)
  • Drilling at Target 4 extends Copalquin-Zaragoza strike length from 550 m to 700 m across two sub-parallel veins, with assays pending for eight drill holes
  • Surface and underground channel sampling at the San Manuel area returned grades up to 16.55 g/t gold and 616 g/t silver over 0.60 m; 24,181 m drilled of a budgeted 25,000 m 2026 program
  • The Copalquin-Zaragoza structure remains open for approximately 400 m in both the northwest and southeast directions, offering clear step-out targets

Drill Results Strengthen the Copalquin-Zaragoza Strike Extension at Target 4

New drilling at Target 4 has confirmed and extended vein-hosted silver-gold mineralisation, with standout intercepts from holes CO26-006 and CO26-009. Hole CO26-006 returned 1.15 m at 1,048 g/t AgEq (2.76 g/t gold and 855 g/t silver) from 104.75 m, and 2.65 m at 411 g/t AgEq from 109.8 m. Hole CO26-009 intersected 0.50 m at 1,738 g/t AgEq (3.11 g/t gold and 1,520 g/t silver) from 154.50 m. The mineralisation occurs in two sub-parallel structures — the Copalquin vein and Copalquin FW vein — spaced approximately 10–15 m apart, and drilling continues using lateral step-outs of approximately 60 m.

San Manuel Sampling Reveals Gold-Dominant Mineralising System at Copalquin

Geological mapping now covers an additional 80 hectares around the San Manuel historical mine, the second largest historical producer in the Copalquin district. More than 50 of 135 channel samples returned grades above 1 g/t AuEq. Underground sampling within the Mina del Aire workings graded up to 16.55 g/t gold and 616 g/t silver over 0.60 m, while surface sampling at Mina Larga returned up to 10.4 g/t gold and 422 g/t silver over 0.8 m. These results indicate a higher-level, gold-dominant system at San Manuel that the company is working to connect structurally with drilling-defined mineralisation along the Copalquin-Zaragoza corridor.

Target 1 Resource and Scoping Study Advance Alongside Target 4 Exploration

Mithril's Target 1 Mineral Resource Estimate, with an effective date of June 29, 2026, totals 464 koz AuEq Indicated and 151 koz AuEq Inferred, constrained within preliminary underground mining shapes incorporating expected dilution. A Scoping Study and Preliminary Economic Assessment for Target 1 is underway, targeted for completion in early 2027. The 25,000 m 2026 drill program across the Copalquin district has reached 24,181 m to date, with Mithril holding an exclusive option to purchase 100% of the Copalquin mining concessions by paying US$10 million on or before August 2028.