Mithril Silver and Gold Limited press release
Mithril Gives Exploration Update Including Channel Sample Results up to 4,520 g/t Silver, and 38.2 g/t Gold as Expansion of the District Continues at Copalquin, Mexico
TSXV - TSX Venture Exchange · Gold · Silver · Vanadium · Titanium · Australia
Mithril Gives Exploration Update Including Channel Sample Results up to 4,520 g/t Silver, and 38.2 g/t Gold as Expansion of the District Continues at Copalquin, Mexico
(TheNewswire)
Melbourne, Australia and Vancouver, Canada – TheNewswire - December 1, 2025 - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide an exploration update over multiple targets at the district scale Copalquin property, Durango State, exico.
Channel sampling across multiple district targets continues to deliver high-grade gold and silver with highlights including:
0.50 m @ 16.8 g/t gold, 625 g/t silver ( Target 1 West – El Gallo)
0.65 m @ 16.0 g/t gold, 284 g/t silver ( Target 3 – El Jabali)
0.60 m @ 38.3 g/t gold, 4,520 g/t silver ( Target 5 - Candelaria)
Ongoing petrographic work is confirming Mithril’s district scale model for the Copalquin epithermal system which has a vertical mineralised extent of over 1,200m.
This work is vectoring into potential feeder zones at Target 1, around Refugio West drill holes MTH-RE25-044 and 045 (7.20 m @ 2.78 g/t gold, 148 g/t silver plus 2.80 m @ 3.97 g/t gold, 208 g/t silver and 8.03 m @ 7.19 g/t gold, 260 g/t silver respectively) 1 , and around Target 1 South drill hole MTH-ZG25-037 (0.57 m @ 6.80 g/t gold and 4,400 g/t silver) 2 , both of which are interpreted to lie along the same northwest trending structure (the Copalquin Structure).
Target 1 resource update drilling continued, successfully expanding mineralisation to the west and providing valuable input into the Target 1 geology model that is now robust and predictive.
Target 5 drilling, mapping and channel sampling results continue to expand this highly prospective area in the southwest of the district. A further 8 drill holes have been completed at Target 5 with assays pending.
Target 3 is ready for the first phase of drilling, commencing early January 2026. Target 3 includes several high-grade historic workings including the El Jabali underground mine.
“Copalquin continues to demonstrate its exceptional scale and continuity,” commented John Skeet, Managing Director & CEO . “High-grade results from multiple targets across 9 kilometres with more than a kilometre of vertical extent, confirm we are advancing a large, district scale epithermal gold-silver system.
Our detailed study of the recent high-grade intercepts at Refugio West, Zaragoza and Target 5 (Apomal) validate the deeper plumbing of a large, vertically extensive epithermal system. This supports our modelling and demonstrates the true scale and potential of the Copalquin district. With the upcoming Target 1 resource update, Target 5 expanding and Target 3 drill-ready, we are systematically defining a high-grade, multi-target gold-silver district. Throughout 2025 we have completed the detailed groundwork ahead of a fully funded exploration program in 2026, which includes 25,000 metres of drilling in the first 6 months.”
COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO
With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km 2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC mineral resource estimate (MRE) at the Target 1 area (El Refugio-La Soledad) 3 and a NI 43-101 Technical Report filed on SEDAR+, supported by a conceptional underground mining study completed on the maiden resource in early 2022 and metallurgical test work (see ASX Announcement 25 February 2022 ). There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the widespread gold-silver mineralisation.
With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico.
Click Image To View Full Size
Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.
Click Image To View Full Size
Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal), and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3). Several new areas highlighted across the district for follow-up work including recently sampled Target 6
Copalquin District Exploration Progress Update
Drilling
Drilling continues at Copalquin at Targets 1 and 5, with work at Target 1 focused on expanding mineralization in the Refugio West area. Defining the geometry of the Refugio structure and its relationship to post mineral dykes and sills remains critical for refining the exploration model.
Drilling at Target 5 continues to test continuous high grade quartz veins traced for more than 1.2 km along surface and from underground workings ( Figure 5 ). Upcoming holes will focus on the Tasolera workings, located roughly 500 m southeast along strike from Apomal ( Figure 5 ).
Channel Sampling
Channel sampling at the Copalquin Project continues to deliver strong results from both surface and underground workings, reinforcing the continuity and grade potential of the district’s principal vein systems. Recent channels consistently report high grade gold and silver values along well-developed structures, confirming that mineralization is both laterally and vertically extensive (8 km and 1.2 km, respectively) across the project area. These results strengthen confidence in the modelled geometry of the Refugio, Soledad, Zaragoza, and related veins, and they validate ongoing exploration aimed at expanding known mineralized zones and identifying additional high-grade shoots along strike and at depth.
Target 1
Gold and silver samples from the Guacima Mine and the El Gallo area, located approximately 500 and 950 meters west of mineralized drillholes MTH-RE25-44 and 45, respectively, confirm the presence of additional mineralized structures that extend the broader footprint of the Copalquin system Figure 4 .
Surface samples collected to the southeast of the Copalquin structure returned grades up to 1 g/t gold and 770 g/t silver. The Copalquin structure, tested to date in the Zaragoza and Copalquin areas, remains open down dip and along strike to both the northwest and southeast. At Zaragoza, drillhole MTH-ZG25-037 intersected 0.57 m grading 6.80 g/t gold and 4,400 g/t silver , an interval interpreted to lie on the same northwest trending Copalquin Structure ( Figure 8 ).
Additionally, several samples have returned promising results from a 1.2 m wide , banded quartz vein located 650 m north of Los Reyes and 650 m northeast of La Soledad with up to 2 g/t Au and 201 g/t Ag .
Target 3
Underground sampling at Jabali continues to yield excellent results from historic workings. Samples from a previously unsampled working have returned up to 15.95 g/t Au and 1275 g/t Ag over a 0.65 m interval. These samples further highlight the prospective nature of Target 3.
Target 5
Underground and surface sampling from the San Miguel Mine, located 550 m southeast of Tasolera and 1.2 km southeast along trend from the Apomal vein system, has returned several high-grade silver assays and anomalous to locally high-grade gold values. These samples display Ag:Au ratios characteristic of Target 5, commonly greater than 100:1. Although most samples contain low to moderate gold, one 0.60 m interval returned 38.3 g/t Au and 4,520 g/t Ag . These results are consistent with the very high-grade samples collected at Apomal and Tasolera, underscoring the continuity and strength of mineralization across Target 5.
Table 1 Highlights of surface and underground sample assay results
Sample
Easting (m)
Northing (m)
Elevation (m)
Surface/
UG
Location
Width (m)
Au (g/t)
Ag (g/t)
Cu (g/t)
Pb (g/t)
Zn (g/t)
815820
287880
2822314
720
Surface
Los Martires
0.90
0.8
106
28
482
332
815826
287526
2821913
749
Surface
El Limon
0.50
2.53
501
116
205
130
815832
287126
2821566
724
Surface
El Limon
0.30
0.643
59.6
8
23
29
815834
287099
2821670
721
Surface
El Limon
1.00
0.668
25.7
36
11
49
815839
287650
2823707
979
Surface
El Platano
0.80
3.55
77
123
1120
35
815843
287627
2823692
980
Surface
El Platano
0.73
1.04
48
36
47
25
815772
287843
2822716
766
Surface
Apomal
0.50
16.8
625
98
240
164
815869
288132
2823629
995
Surface
La Guacima
1.00
0.477
46.5
21
76
57
815873
288130
2823631
996
Surface
La Guacima
0.50
3.01
198
13
105
81
815896
287663
2822032
808
Surface
Camino El Limon
0.60
0.617
136
62
5180
796
815897
287646
2822082
820
Surface
Camino El Limon
0.40
0.875
179
31
2080
281
815898
287615
2822234
835
Surface
Camino El Limon
1.10
0.873
149
41
135
182
815899
287616
2822235
835
Surface
Camino El Limon
0.50
0.558
85.6
40
155
144
815885
288724
2821914
923
Surface
Candelaria Working
0.60
0.216
320
74
2080
259
815886
288635
2821817
874
Underground
San Miguel Mine
0.75
1.71
314
208
339
277
815887
288634
2821817
874
Underground
San Miguel Mine
0.75
0.357
67.9
143
194
183
815888
288632
2821819
874
Underground
San Miguel Mine
0.60
1.23
335
92
152
134
815889
288631
2821818
874
Underground
San Miguel Mine
0.55
0.606
67.8
133
223
220
815891
288627
2821820
876
Underground
San Miguel Mine
0.60
38.3
4520
1945
4460
523
815892
288625
2821822
878
Underground
San Miguel Mine
0.60
0.482
77.4
546
415
143
815893
288621
2821823
878
Underground
San Miguel Mine
0.60
0.624
59.5
196
499
188
815894
288617
2821825
880
Surface
San Miguel Mine
0.65
1.055
123
43
96
75
815895
288616
2821825
880
Surface
San Miguel Mine
0.55
0.97
295
182
339
114
814734
292487
2824820
1460
Surface
Jabali mine II
0.65
15.95
1275
50
17
42
814735
292487
2824820
1460
Surface
Jabali mine II
0.55
0.998
641
43
12
45
814739
292450
2824837
1458
Underground
Jabali mine II
1.15
4.59
396
51
20
34
814741
292454
2824840
1458
Underground
Jabali mine II
0.75
6.54
157
36
17
58
814743
292466
2824837
1442
Underground
Jabali mine I
1.00
2.52
126
29
18
20
814744
292466
2824837
1442
Underground
Jabali mine I
1.00
2.69
55.9
30
13
38
814749
292508
2824820
1442
Underground
Jabali mine I
0.65
0.854
50.2
6
21
26
814852
292508
2824814
1442
Underground
Jabali mine I
0.60
2.01
201
9
9
21
814853
292508
2824814
1442
Underground
Jabali mine I
0.60
1.995
119
34
50
56
814854
292510
2824802
1442
Underground
Jabali mine I
0.50
1.475
19.4
15
17
20
814855
292512
2824792
1442
Surface
Jabali mine I
0.50
2.62
6.9
14
47
47
814768
290269
2823165
880
Surface
Copalquin East
0.80
1.01
770
2730
209
729
Click Image To View Full Size
Figure 3 Property-wide channel sampling results for the middle and south district sections within ~50% of the 70 km2 mining concession area covering the Copalquin District
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Figure 4 Target 1 channel sampling results. Mineralization of the Refugio structure to the west towards the Guacima Mine and La Soledad
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Figure 5 Target 5 channel sampling results. Several NW trending structures with underground workings with strike lengths over 1 km with high-grade channel sampling
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Figure 6 Channel sampling results at the historic El Jabali underground mine in Target 3 where first drilling will commence early January 2026
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Figure 7 Channel sampling north of the Target 1 resource drilling area
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Figure 8 Sampling along the Copalquin Structure at the historic workings of Zaragoza and Copalquin 800-900 metres southeast of the Target 1 resource area
ABOUT THE COPALQUIN GOLD SILVER PROJECT
The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km 2 containing several dozen historic gold and silver mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many gold and silver districts.
Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver.
Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below (see ASX release 17 November 2021 ) ^ and a NI 43-101 Technical Report filed on SEDAR+
Indicated 691 kt @ 5.43 g/t gold, 114 g/t silver for 121 ,000 oz gold plus 2,538,000 oz silver
Inferred 1,725 kt @ 4.55 g/t gold, 152 g/t silver for 252 ,000 oz gold plus 8,414,000 oz silver
(using a cut-off grade of 2.0 g/t AuEq*)
28.6% of the resource tonnage is classified as indicated
Table 2 Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*
Tonnes
(kt)
Tonnes
(kt)
Gold
(g/t)
Silver
(g/t)
Gold Eq.* (g/t)
Gold
(koz)
Silver
(koz)
Gold Eq.* (koz)
El Refugio
Indicated
691
5.43
114.2
7.06
121
2,538
157
Inferred
1,447
4.63
137.1
6.59
215
6,377
307
La Soledad
Indicated
-
-
-
-
-
-
-
Inferred
278
4.12
228.2
7.38
37
2,037
66
Total
Indicated
691
5.43
114.2
7.06
121
2,538
157
Inferred
1,725
4.55
151.7
6.72
252
8,414
372
* In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the formula: AuEq grade = Au grade + ((Ag grade/70) x (Ag recovery/Au recovery)). The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com .
For silver equivalent (AgEq.) grade reporting, the same factors as above are used with the formula AgEq grade = Ag grade + ((Au grade x 70) x (Au recovery/Ag recovery))
At this early stage, the metallurgical recoveries were assumed to be equal (93%). Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022) and these will be used when the resource is updated in the future. In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold.
^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 - MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq * ), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
Mining study (conceptual) and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing. The average vein width is approximately 4.5 metres.
Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-million-ounce gold and silver potential. Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.
-ENDS-
Released with the authority of the Board.
For further information contact:
John Skeet
Managing Director and CEO
jskeet@mithrilsilvergold.com
+61 435 766 809
NIKLI COMMUNICATIONS
Corporate Communications
liz@mithrilsilvergold.com
nicole@mithrilsilvergold.com
The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Competent Persons Statement - JORC
The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.
Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr Darren LeFort who is Mithril’s Exploration Manager. Mr LeFort is a member of the Engineers and Geoscientists of British Columbia and a Certified Professional Geologist (P.Geo). This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.
Mr LeFort has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr LeFort consents to the inclusion in this report of the matters based on information in the form and context in which it appears.
The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, former Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australian Institute of Geoscientists. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears
Qualified Persons – NI 43-101
Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.
Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and assaying of sample pulps performed in North Vancouver, BC, Canada
A cautionary note regarding surface and channel samples, which by their nature, are selective samples and may not represent true underlying mineralization.
Table 3 All Channel Sampling Results reported in this announcement
Sample
Easting (m)
Northing (m)
Elevation (m)
Surface/UG
Location
Width (m)
Au (g/t)
Ag (g/t)
Cu (g/t)
Pb (g/t)
Zn (g/t)
815785
288145
2823621
977
Underground
La Guacima
1.00
0.014
2.5
26
21
57
815786
288144
2823622
977
Underground
La Guacima
1.00
0.027
0.7
11
10
52
815788
288144
2823623
977
Underground
La Guacima
1.00
0.031
0.7
9
11
48
815789
288144
2823624
977
Underground
La Guacima
1.00
0.012
0.5
4
12
142
815790
288143
2823625
977
Underground
La Guacima
1.00
0.028
1.7
20
19
288
815791
288143