Copalquin Channel Samples Hit 38.3 g/t Gold and 4,520 g/t Silver

Exploration Highlights at Copalquin

Mithril Silver and Gold Limited has delivered a compelling exploration update from its Copalquin gold-silver district in Durango State, Mexico. The company’s recent channel sampling has yielded outstanding high-grade results, including an extraordinary 0.60 metre interval grading 38.3 grams per tonne (g/t) gold and 4,520 g/t silver at Target 5 (Candelaria). Other notable intercepts include 0.50 m at 16.8 g/t gold and 625 g/t silver at Target 1 West (El Gallo) and 0.65 m at 16.0 g/t gold and 284 g/t silver at Target 3 (El Jabali).

District-Scale Potential Confirmed

The Copalquin project spans a vast 70 square kilometre mining concession area, encompassing multiple historic underground mines and surface workings. Mithril’s ongoing petrographic studies reinforce a district-scale epithermal system with a vertical mineralised extent exceeding 1,200 metres. This geological model is supported by recent drilling at Refugio West and Target 1 South, which intersected significant gold-silver mineralisation along a northwest-trending structure known as the Copalquin Structure.

Resource Growth and Upcoming Drilling

Target 1 continues to be a focal point, with resource update drilling successfully expanding mineralisation westward and refining the geological model. Meanwhile, Target 5 remains highly prospective, with eight recent drill holes completed and assays pending. Target 3, which includes the historic high-grade El Jabali underground mine, is poised for its first phase of drilling scheduled to commence in early January 2026.

Established JORC Resource and Strategic Outlook

The district already hosts a maiden JORC mineral resource estimate at Target 1 (El Refugio-La Soledad), comprising 691,000 tonnes indicated at 5.43 g/t gold and 114 g/t silver, and 1,725,000 tonnes inferred at 4.55 g/t gold and 152 g/t silver. This translates to over 370,000 ounces of gold and more than 10 million ounces of silver across the resource categories. Mithril’s CEO John Skeet emphasised the district’s exceptional scale and continuity, highlighting the company’s systematic approach to defining a high-grade, multi-target gold-silver district.

Fully Funded Exploration Program Ahead

Looking ahead, Mithril is well-positioned with a fully funded exploration program for 2026, targeting 25,000 metres of drilling in the first half of the year. This ambitious campaign aims to expand known mineralised zones, test new targets, and further delineate the district’s resource potential. The company holds an exclusive option to acquire 100% interest in the Copalquin concessions by August 2028, underscoring its commitment to advancing this prolific gold-silver district within Mexico’s renowned Sierra Madre Gold-Silver Trend.