Mithril Silver and Gold lifts Copalquin Indicated gold 196% to 343,000 oz and silver to 8.5M oz; two rigs drill district targets as resource moves toward mine planning.
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Mithril Silver and Gold (ASX: MTH) has upgraded the Target 1 mineral resource estimate at its Copalquin project in Mexico, lifting higher-confidence Indicated gold and silver content by 196% while continuing exploration across the wider district.
The constrained and diluted Indicated MRE now contains 343,000 ounces of gold and 8.479 million ounces of silver, or 464,000 ounces gold equivalent. A further 151,000 ounces AuEq sits in the Inferred category. About 75% of the total gold and silver is now in the Indicated category, with the resource constrained inside preliminary underground mining shapes and adjusted for expected dilution.
Mithril finished June with A$7.3 million cash, is debt free, and has fully funded the remaining 12,000 metres of its 2026 drilling program.
The Indicated MRE comprises 3.391 million tonnes grading 3.15 grams per tonne gold and 77.8 g/t silver. The Inferred component totals 1.436 million tonnes at 2.23 g/t gold and 73.6 g/t silver. The estimate incorporates about 60,568 metres from 204 diamond drill holes, generated using underground shapes based on long hole open stoping with average mining widths of about 4 metres and internal dilution included.
“The upgraded MRE moves the deposit beyond a purely geological inventory by constraining the resource within preliminary underground mining shapes and incorporating dilution,” chief executive officer John Skeet said. “This provides a more practical foundation for mine planning, engineering, and economic evaluation.”
Initial 2026 drilling at Target 3 tested 700 metres of strike across a 1.2 km by 1.2 km area and confirmed extensive epithermal gold-silver mineralisation around the Jabali, Guadalupe, Constancia, and El Maizon workings. Standout results included 0.5 metres at 33.2 g/t gold and 5.9 g/t silver at Guadalupe, alongside 0.5 metres at 6.91 g/t gold and 475 g/t silver at Jabali, where vein continuity has been confirmed over at least 230 metres and remains open.
At Target 5, the first La Maquina drill hole intersected 0.85 metres at 6.20 g/t gold and 764 g/t silver 68 metres down dip from a newly mapped surface vein, extending the known mineralised system in an area without recorded historical workings.
Final pre-MRE drilling at Target 1 also returned broad high-grade intersections west of El Refugio, including 9.65 metres at 7.00 g/t gold and 370.3 g/t silver, with the structure remaining open at depth beyond a post-mineral dyke system.
Two drill rigs are active at Copalquin and will test extensions west and northwest of Target 1, follow mineralisation along strike from the historical Copalquin mine workings, and target deeper district-scale structures. Mithril will also drill deeper at Target 3, progress economic assessment and de-risking work for Target 1, and advance initial drilling plans and permitting for the nearby La Dura property.
Exploration expenditure totalled A$3.4 million during the quarter, while Mexican value added tax refunds contributed about A$940,000. The company retains an option to acquire the remaining 50% of Copalquin for US$10 million before 7 August 2028.
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