Mithril Silver and Gold Limited (ASX: MTH), a company focused on the exploration and development of precious metals, has announced significant exploration success at its district-scale Copalquin property in Durango State, Mexico. The latest drilling results from Target 1 have revealed high-grade gold and silver intercepts, paving the way for an updated mineral resource estimation (MRE). These promising results highlight the potential for resource expansion within the Copalquin district.
Key drilling highlights from Target 1 include an intercept of 1.55 metres at 2.11 g/t gold and 5.5 g/t silver from 24.65 metres, as well as a high-grade section of 1.35 metres at 21.9 g/t gold and 357 g/t silver from 142.75 metres, which included 0.50 metres at 57.7 g/t gold and 924 g/t silver. Another significant intercept was 3.05 metres at 1.68 g/t gold and 107 g/t silver from 52.0 metres, including a higher-grade portion of 0.50 metres at 9.60 g/t gold and 612 g/t silver.
Furthermore, drilling on the western side of Target 1 has extended the east-west mineralised structure by 300 metres, accompanied by extensive hydrothermal alteration. This alteration zone suggests substantial hydrothermal fluid flow, potentially indicating a major feeder zone within the district. The east-west structure may extend a further 600 metres west to the El Gallo workings, where previous drilling intercepted high-grade gold and silver. A 300-metre down-dip extension of the Refugio 1 structure has also been identified, representing the deepest intercepts in the area to date, which provides vectors for continued expansion of the Copalquin District model.
John Skeet, Managing Director & CEO, stated that the recent drilling at Target 1 has successfully expanded the resource potential for the upcoming Target 1 MRE update and aided in the development of the larger District scale model. Mithril is undertaking an aggressive exploration program in 2026, with 25,000 metres of drilling planned across the Copalquin District during the first half of the year, focusing on expanding known mineralized zones and testing new high-priority targets.
