Mithril Silver and Gold Limited press release

Mithril Silver and Gold June 2025 Quarterly Activities Report

2025-07-31

TSXV - TSX Venture Exchange · Gold · Silver · Vanadium · Titanium · Australia

(TheNewswire)

| [](www.mithrilsilvergold.com) | | |

Continued Copalquin District Expansion

July 31, 2025 – TheNewswire - Melbourne, Australia and Vancouver, Canada - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) is pleased to provide its June 2025 quarterly activities report at its Copalquin District – Durango State, Mexico

Channel sampling and first drilling at Target 2 produced high-grade gold and silver results from this new area in the east of the district and at a higher elevation in the system

Highlight Target 2 channel sampling results:

1.00m @ 21.5 g/t gold, 337 g/t silver, (LB001)

1.00m @ 28.7 g/t gold, 356 g/t silver, (LB009)

1.00m @ 15.3 g/t gold, 127 g/t silver, (LB010)

1.00m @ 21.8 g/t gold, 156 g/t silver, (LB013)

9.50m @ 5.66 g/t gold, 155 g/t silver, (MEP001)

2.00m @ 26.8 g/t gold, 1,004 g/t silver, (MEP002)

1.00m @ 31.8 g/t gold, 233 g/t silver, (MEP003)

With the addition of a second drill in the District in April , drilling at Las Brujas in Target 2 , returned excellent results with the highlight discovery drill hole T2DH25-006 returning:

11.5m @ 8.61 g/t gold, 57.6 g/t silver from 44.5m, (T2DH25-006) 1 , including

3.85m @ 25.33 g/t gold, 128 g/t silver from 46.65m, including

0.85m @ 109.5 g/t gold, 325 g/t silver from 46.65m

At Target 5 in the south-west of the Copalquin District extensive channel sampling prepares this new target area (2.5 km wide x up to 0.8 km long) for first drilling next quarter

Highlight channel sample results from surface and underground workings within Target 5:

0.7 m @ 4.64 g/t gold, 732 g/t silver (226229; Mina Apomal)

0.8 m @ 2.84 g/t gold, 777 g/t silver (527107; Mina Apomal)

0.5 m @ 5.36 g/t gold, 706 g/t silver (527143; Apomal Norte)

0.8 m @ 2.58 g/t gold, 716 g/t silver (798719; Dulces Nombres)

Resource expansion drilling continued at the Target 1 resource area successfully intercepted the El Refugio structure 120 metres down dip on the eastern side, returning a high-grade result:

2.90m @ 9.06 g/t gold, 10.6 g/t silver, from 339.6 m (MTH-LS25-20), including

0.50m @ 44.7 g/t gold, 42.7 g/t silver, from 342m

At Target 3 in the east of the District, mapping and sampling commenced aided by the establishment of a second exploration camp

Subsequent to the end of the quarter (July 7, 2025), channel sampling results from surface and underground workings were announced for Targets 2, 3, 4 and 5 with highlights including:

0.50 m @ 6.21 g/t gold, 265 g/t silver (814502; Mina Lico, T2)

1.00 m @ 19.85 g/t gold, 270 g/t silver (527248; Mina Constancia, T3)

0.90 m @ 12.40 g/t gold, 820 g/t silver (527285; Surface, T3)

0.50 m @ 13.25 g/t gold, 558 g/t silver (814552; T3)

Corporate

A C$11.5M brokered private placement to institutional and sophisticated investors was successfully complete in July 2025

Cash balance of A$11M at end of the June 2025 quarter exclusive of net funds from the July 2025 placement referred to above

Board changes – Meghan Lewis, a mining finance professional and geologist, was appointed as a non-executive director in May 2025. Garry Thomas and Stephen Layton retired from the Board at the end of June 2025

Michael Port was appointed CFO at the end of April 2025, having manage Mithril’s financial reporting since 2020.

COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO

[](https://www.thenewswire.com/data/tnw/clients/img/dbcf6f79183cfc2390d495b5129ea2e8.png) Click Image To View Full Size

Figure []()1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.

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) 2 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.

[](https://www.thenewswire.com/data/tnw/clients/img/24277370a9a26fed41f71d77a2d55dc9.png) Click Image To View Full Size

Figure []()2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Targets 1 and Zaragoza mine area, high priority drill target area of La Constancia-El Jabali (Target 3) and Target 5. Several new areas highlighted across the district for follow-up work including recently sampled Target 6

[](https://www.thenewswire.com/data/tnw/clients/img/d759bafc17a026ba5b80538482801f3c.png) 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 km 2 mining concession area covering the Copalquin District, including results released in July 2025

Channel Sampling at Target 3

Target 3 , which includes the Jabali, Constancia, San Antonio, and Guadalupe mines, has revealed a network of veins through ongoing mapping efforts (Figure 4). While many of these veins exhibit limited continuity, they occur in various orientations, with a dominant northwest strike over a cumulative strike length of 1km. Channel sampling from both surface and underground workings has returned numerous high-grade gold and silver values, highlighting the potential of the area. Notably, the Jabali mine hosts veins characterized by abundant amethyst, suggesting a distinct mineralogical signature that may be useful for further vectoring. Mapping and sampling continues in the area to fully develop drill targeting.

Significant gold and silver Target 3 channel sampling highlights include:

1.0 m @ 1.08 g/t Au, 114 g/t Ag ( 527246 ; underground)

1.0 m @ 19.85 g/t Au, 270 g/t Ag ( 52724 8; underground)

1.0 m @ 3.49 g/t Au, 231 g/t Ag (527255; surface)

0.5 m @ 1.32 g/t Au, 66 g/t Ag (527256; surface)

1.0 m @ 2.31 g/t Au, 60.8 g/t Ag (527271; surface)

1.0 m @ 3.08 g/t Au, 179 g/t Ag (527272; surface)

0.5 m @ 1.46 g/t Au, 50.6 g/t Ag (527284; surface)

0.9 m @ 12.40 g/t Au, 820 g/t Ag (527285; surface)

0.6 m @ 2.54 g/t Au, 170 g/t Ag (742048; underground)

0.5 m @ 2.52 g/t Au, 155 g/t Ag (742049; underground)

0.6 m @ 1.02 g/t Au, 83.3 g/t Ag (814551; underground)

0.5 m @ 13.25 g/t Au, 558 g/t Ag (814552; underground)

0.5 m @ 4.04 g/t Au, 314 g/t Ag (814553; underground)

0.7 m @ 1.40 g/t Au, 83.3 g/t Ag (814557; surface)

0.65 m @ 5.67 g/t Au, 365 g/t Ag (814559; surface)

0.7 m @ 3.47 g/t Au, 256 g/t Ag (814565; surface)

0.5 m @ 5.80 g/t Au, 1 g/t Ag (814572; surface)

0.5 m @ 1.49 g/t Au, 41.7 g/t Ag (527288; underground)

0.8 m @ 1.02 g/t Au, 41.7 g/t Ag (814608; surface)

1.0 m @ 2.00 g/t Au, 4.7 g/t Ag (814609; surface)

1.0 m @ 1.73 g/t Au, 27.6 g/t Ag (814610; underground)

1.0 m @ 2.08 g/t Au, 43.4 g/t Ag (814611; underground)

0.8 m @ 1.34 g/t Au, 52.0 g/t Ag (814612; underground)

0.9 m @ 8.03 g/t Au, 108 g/t Ag (814613; underground)

[](https://www.thenewswire.com/data/tnw/clients/img/4d55ec0746927ab7dec06d82318e7ebe.png) Click Image To View Full Size

Figure []()4 Channel sample results and vein traces in the Target 3 Area

Channel Sampling at Target 5

Surficial and underground channel sampling at the Target 5 Area (El Apomal, El Duraznito, Veta Azul, Dulces Nombres) returned excellent results , with several channel samples intersecting very high-grade silver and high-grade gold within a broad, outcropping vein system, which extends 1.6 km west of the Dulces Nombres to El Apomal Mine ( Figure 5 ).

Significant gold and silver Target 5 channel sampling highlights include:

Dulces Nombres Mine area :

1.0 m@ 0.141 g/t Au, 841 g/t Ag (798709; underground)

0.8 m @ 2.58 g/t Au, 716 g/t Ag (798719; underground)

El Apomal Mine area:

0.7 m @ 4.64 g/t Au, 732 g/t Ag (226229; underground)

0.8 m @ 3.14 g/t Au, 333 g/t Ag (226241; underground)

0.9 m @ 5.20 g/t Au, 297 g/t Ag (226244; underground)

0.6 m @ 1.25 g/t Au, 381 g/t Ag (527103; underground)

0.8 m @ 2.84 g/t Au, 777 g/t Ag (527107; underground)

1.0 m @ 2.47 g/t Au, 252 g/t Ag (527141; surface)

0.5 m @ 5.36 g/t Au, 706 g/t Ag (527143; surface)

[](https://www.thenewswire.com/data/tnw/clients/img/4ac01043a0206f41b5ae454cce7bb847.png) Click Image To View Full Size

Figure []()5 Channel sample results and vein traces in the Target 5 Area in the south west corner of the District

Significant base metal Target 5 channel sampling highlights include:

1.0 m @ 1.48 g/t gold, 236 g/t silver, 0.17% copper, 1.73 % lead, 0.06% zinc (798776; Veta Azul)

1.0 m @ 0.04 g/t gold, 8 g/t silver, 0.03% copper, 0.09 % lead 1.28 % zinc (79770; Veta Azul)

1.0 m @ 0.07 g/t gold, 41 g/t silver, 1.59 % copper, 19 ppm lead, 61 ppm zinc (226223; Apomal)

0.85 m @ 0.06 g/t gold, 145 g/t silver, 0.1% copper, 1.14 % lead , 0.05% zinc (527169; Duraznito)

High-Potential Discovery at Target 5 – El Apomal: Target 5 development started with the dewatering, mapping and sampling of the historic El Apomal Mine (Figure 5). The mine, a 130-metre underground adit, is dominated by a mineralized quartz vein, up to 1.5 m wide (The Apomal vein). The southeast trending Apomal vein can be traced over 500 metres and remains open to the northwest and southeast. Several parallel vein sets have been mapped and sampled up to 300 m to the southwest of the Apomal Mine.

The Veta Azul and Dulces Nombres Mines are located over 900 m northeast of the El Duraznito Mine and have returned high-grade silver values. The veins in these mines appear to have a similar orientation to the veins observed underground and on surface in the El Apomal Mine area.

Moderate-grade Au and Ag mineralized quartz veins were intersected in two holes (CDH152 -5.66m @ 2.58 g/t gold, 230 g/t silver from 18.5m including 1.98m @ 4.59 g/t gold, 520 g/t silver from 18.5m and CDH-154 - 2.90m @ 1.86 g/t gold, 240 g/t silver from 75.1m) drilled at the historic Copalquin Mine which is located approximately 2.5 km east of El Apomal Mine . The veins at Copalquin are interpreted to be part of the wide vein system observed at Target 5 .

Target 5 veins mapped to date, are primarily hosted in granodiorite and are situated at a lower elevation in the system at 650 – 900 m compared with the mineralised zones at Target 1 (900 – 1,150 m) and Target 2 (1,500 - 1,700 m). Mineralised parallel vein sets have now been mapped and sampled for over 1,000 metres of vertical relief between Target 2 and Target 5 across a width of approximately 5 km, a further indication of the Copalquin District to potentially host a large, multi-target mineralized system.

The styles of mineralisation and associated host rocks found at various elevations conform to the model of a district wide low sulphidation epithermal system potentially centred along a 5km east-west trend of rhyolite flow domes.

Continued mapping and sampling is underway to the south and southeast of the El Apomal Mine where several outcropping veins have been identified. An exploration road is advancing to the Target 5 area to provide access for drill pads.

Further targets for mapping and sampling include the areas to the immediate south of Target 5 towards the historic mines Tasolera 1 and 2 (~1 km from Apomal) and to the southeast towards the historic mine Guamuchilito (~1.7 km from Apomal).

Further mapping at Target 5 — including the El Apomal, El Duraznito, Veta Azul, and Dulces Nombres areas — continued to identify additional vein systems and underground workings, significantly expanding the Target 5 area both along strike and across strike (Figure 5). Several of the mapped veins display good continuity, with some traceable for over 600 metres. The vein system is predominantly striking northwest-southeast with veins in the southwest of the target area dipping to the southwest and veins in the northeast dipping to the northeast (Figure 5). Target 5 veins mapped to date, are hosted in granodiorite and are situated at a lower elevation in the system at 650 – 900 m compared with the mineralised zones at Target 1 (900 – 1,150 m) and Target 2 (1,500 - 1,700 m).

Surface and underground channel sampling continues to return anomalous gold and silver values, with numerous assay results still pending.

Significant gold and silver target 5 channel sampling highlights include:

0.6 m @ 1.17 g/t Au, 85 g/t Ag ( 814016 ; surface)

0.55 m @ 1.17 g/t Au, 34.1 g/t Ag (814033; surface)

0.5 m @ 1.28 g/t Au, 59.3 g/t Ag (814037; surface)

0.5 m @ 1.29g/t Au, 252 g/t Ag (814045; surface)

0.5 m @ 3.07 g/t Au, 34.2 g/t Ag (814053; surface)

0.3 m @ 1.11 g/t Au, 43.0 g/t Ag (814058; surface)

Channel Sampling at Target 2

Mina Lico , located just over one kilometre west-southwest of Las Brujas within Target 2 , returned high-grade gold and silver values from limited sampling (se Figure 3). These results further support the potential for property-wide for high-grade mineralization and point to the need for continued mapping and sampling in the Target 2 area.

Significant gold and silver Target 2 channel sampling highlights include: []()

0.5 m @ 1.83 g/t Au, 213 g/t Ag (742097; underground)

0.5 m @ 2.59 g/t Au, 191 g/t Ag (742098; underground)

0.6 m @ 1.36 g/t Au, 142 g/t Ag (814501; underground)

0.5 m @ 6.21 g/t Au, 265 g/t Ag (814502; underground)

Soil Sampling in Target 4

Previously unreported soil samples from the San Manuel Mine ( Target 4 ) Area have returned numerous high-grade gold and silver assay results. The high-grade samples are located primarily to the north of the workings of the San Manuel Mine (see Figure 3). These high-grade results further indicate the potential for the extension of mineralised structures from the San Manuel Mine and warrant detailed mapping and sampling to fully develop the Target 4 Area.

Significant gold and silver target 4 soil sampling highlights include:

SM-036 @ 2.56 g/t Au, 59 g/t Ag

SM-037 @ 4.1 g/t Au, 83 g/t Ag

SM-083 @ 2.73 g/t Au, 102 g/t Ag

SM-111 @ 5.66 g/t Au, 154 g/t Ag

SM-112 @ 5.77 g/t Au, 139 g/t Ag

SM-113 @ 2.1 g/t Au, 58 g/t Ag

SM-114 @ 4.13 g/t Au, 120 g/t Ag

SM-124 @ 5.03 g/t Au, 237 g/t Ag

SM-127 @ 2.53 g/t Au, 20 g/t Ag

SM-128 @ 2.08 g/t Au, 47 g/t Ag

Target 6 Drill Results Discussion

Drilling at Las Brujas in Target 2 , has returned excellent results with the highlight discovery drill hole T2DH25-006 returning:

11.5m @ 8.61 g/t gold, 57.6 g/t silver from 44.5m, (T2DH25-006) 3 , including

3.85m @ 25.33 g/t gold, 128 g/t silver from 46.65m, including

0.85m @ 109.5 g/t gold, 325 g/t silver from 46.65m

The initial programme of drill hole at Target 2 around the las Brujas historic workings are summarised below in Table 1 .

Shallow drilling at the Target 2 prospect ( Las Brujas and El Peru) has intersected a mineralized vein system featuring localized breccia zones , banded to colloform quartz , and trace black sulphides . The vein trends east-west with a strike length exceeding 500 met re s , dipping approximately 40° to the south . High-grade mineralization in T2DH25-006 is associated with greenish, colloform quartz banding which is present in other Au-Ag epithermal deposits of the Sierra Madre.

Drilling results, combined with previously reported channel samples from historical workings, confirm a mineralized dip extent of ~115 meters along the Target 2 vein system .

Mineralization remains open at depth below the discovery hole T2DH25-006 , which confirmed high-grade intervals consistent with earlier surface sampling. Follow-up drilling is underway to test potential down-dip extensions.

Additionally, there is significant exploration potential for new high-grade ore shoots along the Target 2 vein system , both at depth and along strike—particularly within the ~400-meter gap between the Las Brujas and El Peru targets.

[]()Table []()1 Summary of drill intercepts from first programme of shallow drilling at Target 2, Las Brujas.

| Drill Hole ID | From (m) | To (m) | Interval (m) 2 | Gold (g/t) | Silver (g/t) | | T2DH25-001 | 19.9 | 22 | 2.1 | 0.10 | 44.50 | | T2DH25-001 | 46.5 | 47 | 0.50 | 0.20 | 12.30 | | T2DH25-002 | 19.15 | 20.5 | 1.35 | 0.06 | 96.90 | | T2DH25-002 | 24.3 | 26.3 | 2.00 | 0.02 | 20.80 | | T2DH25-003 | 34.95 | 35.9 | 0.95 | 0.05 | 15.00 | | T2DH25-003 | 41.1 | 42.1 | 1.00 | 0.66 | 21.70 | | T2DH25-003 | 43.2 | 48.4 | 5.20 | 1.21 | 46.64 | | including | 46.5 | 47.4 | 0.90 | 3.76 | 174 | | T2DH25-004 | 51.8 | 53.65 | 1.85 | 1.74 | 96.14 | | including | 51.8 | 53 | 1.20 | 2.66 | 137.00 | | T2DH25-005 | 40 | 42 | 2.00 | 0.09 | 21.20 | | T2DH25-005 | 62.6 | 63.1 | 0.50 | 0.32 | 14.50 | | T2DH25-006 | 44.5 | 56 | 11.50 | 8.61 | 57.59 | | including | 46.65 | 50.5 | 3.85 | 25.33 | 128.74 | | including | 46.65 | 47.5 | 0.85 | 109.50 | 325.00 | | T2DH25-007 | 64.63 | 68 | 3.37 | 0.84 | 26.38 | | including | 66 | 66.68 | 0.68 | 2.03 | 59.80 | | T2DH25-009 | 7.85 | 8.5 | 0.65 | 0.44 | 10.00 | | T2DH25-010 | NRI | | | | |

[](https://www.thenewswire.com/data/tnw/clients/img/d745b780b5ede95874e7e93ba6a3c1f8.png) Click Image To View Full Size

Figure []()6 Plan view showing reported drill traces at Las Brujas and pending drill hole traces at El Peru, within the Target 2 area

[](https://www.thenewswire.com/data/tnw/clients/img/889060a0b77026d1b4ace84644d070b0.png) Click Image To View Full Size

Figure []()7 Area (18km2) within 70km2 Copalquin District showing the current drill targets and ongoing channel sampling locations

[](https://www.thenewswire.com/data/tnw/clients/img/370ce0a413905ce2a6346901674e285f.png) Click Image To View Full Size

Figure []()8 Plan map showing drill traces and results of first phase of drilling at Las Brujas in Target 2 area

[](https://www.thenewswire.com/data/tnw/clients/img/0c0adaf6b5c889068d991e02a680918a.png) Click Image To View Full Size

Figure []()9 Cross section of first phase of drilling at Las Brujas in Target 2 with preliminary geology

Target 1 Drill Results Discussion

Drilling at La Soledad , released during the June 2025 Quarter, the north-westerly tending structure on the north-eastern side of the Target 1 resource area, has returned excellent results.

2.90m @ 9.06 g/t gold, 10.6 g/t silver, from 339.6 m (MTH-LS25-20), including

0.50m @ 44.7 g/t gold, 42.7 g/t silver, from 342m,

MTH-LS25-20 was drilled 120 metres down dip of previous drilling in the area, producing a significant step out result down dip on the eastern end of the main Refugio structure.

Drill holes MTH-LS25-18 and MTH-LS25-19 did not return reportable intercepts.

[](https://www.thenewswire.com/data/tnw/clients/img/af95ac0238d9feee508420260c33b104.png) Click Image To View Full Size

Figure []()10 Cross Section at the La Soledad structure on the eastern side for the Target 1 Resource area

Corporate

A C$11.5M brokered private placement to institutional and sophisticated investors was successfully complete in July 2025

Cash balance of A$11M at end of the June 2025 quarter exclusive of net funds from the July 2025 placement referred to above

Michael Port was appointed CFO at the end of April 2025, having manage Mithril’s financial reporting since 2020

Monthly Mexican VAT refunds continued throughout the quarter.

Exploration Expenditure

Exploration expenditure for the quarter was $2.675M focussed entirely on the Copalquin District in Mexico with some minor administrative costs for the Australian tenement interests.

Related party Payments

Mithril Silver and Gold June 2025 Quarterly Activities Report

Earlier from Mithril Silver and Gold Limited