Mithril Silver and Gold Limited (MTH: ASX), a company focused on the exploration and development of precious metal projects, has announced the commencement of its maiden drill program at Target 3 within its Copalquin District gold-silver project in Durango State, Mexico. The company aims to unlock the broader potential of the Copalquin epithermal system. The initial focus is on Target 3, a historically significant mining area on the eastern side of the district.
Recent channel sampling at the El Jabali historic workings within Target 3 revealed promising results, with assays reaching up to 0.65 metres at 16 grams per tonne gold and 1,275 grams per tonne silver, according to a previous ASX announcement. The current drill program at Target 3 plans for approximately 3,300 metres of drilling, forming part of a larger 25,000-metre district-wide drilling initiative planned for the first half of 2026. The program is designed to assess the continuity and scale of mineralisation in the area.
In addition to the activity at Target 3, Mithril also reported ongoing drilling progress at Targets 5 and 1. Drilling at Target 1 is expected to be completed during the first quarter of 2026, after which the company intends to update the maiden mineral resource estimate (MRE) for the target. A drone magnetic survey covering the Copalquin and La Dura mining concessions is scheduled to begin this month, with further assay results from 2025 exploration anticipated in the coming weeks.
John Skeet, Managing Director & CEO, stated that the commencement of drilling at Target 3 marks another crucial step in advancing multiple high-priority areas within the Copalquin District. He highlighted the high-grade results from recent channel sampling and the extensive historic mine workings as strong indicators of a well-developed epithermal system. The programs aim to test both the continuity and scale of mineralisation across various targets.
