Mithril Silver & GOLD Extends 8 Km Long High-Grade GOLD-Silver System at Copalquin; Drilling Ramps up
ASX: MTH
TSX.V: MSG
July 7, 2025
MITHRIL SILVER & GOLD EXTENDS 8 KM LONG HIGH-GRADE GOLD-SILVER
SYSTEM AT COPALQUIN; DRILLING RAMPS UP
- Expanded Channel Sampling and Mapping Continue to Highlight District-Scale
Property -
Melbourne, Australia and Vancouver, Canada - Mithril Silver and Gold Limited ("Mithril” or the
"Company") (TSXV: MSG) (ASX: MTH) is pleased to announce that it has defined an extensive
high-grade gold-silver system spanning 8 kilometres and 1,200 metres vertically, at its flagship
Copalquin Project in Mexico. Building on high -grade channel sampling and detailed mapping,
drilling is about to commence at the Target 5 area with Target 3 progressing for drilling late Q3
2025. New sampling has extended mineraliz ation at Target 2 by a further 1,000 metres,
highlighting the district’s significant discovery potential as multiple high-priority targets advance
in parallel.
Highlights
• Drilling to commence this month at Target 5 – following strong gold and silver channel
sample assays (further to results announced June 3, 2025)
• Target 3 drilling to commence late this quarter - high-grade gold and silver channel
sample results reported with excellent progress for drill readiness
• Target 2 mineralised trend extended by 1,000m WSW with new sampling results
• Santa Cruz historic multi -level mine sampled , confirming continuous mineralization
spanning 8 km across the district with 1,200 m vertical extent — assays pending. High-
grade soil sampling results reported for Target 4 (San Manuel Mine): first drill holes at
the Zaragosa Mine area planned for this month.
Highlight channel sample results from surface and underground workings at Targets 2, 3, 4
and 5
• 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)
• 0.70 m @ 5.92 g/t gold, 392 g/t silver (814557; T3)
• 0.65 m @ 5.67 g/t gold, 365 g/t silver (814559; T3)
• 0.50 m @ 5.80 g/t gold, 1 g/t silver (814572; T3)
• 0.90 m @ 8.03 g/t gold, 108 g/t silver (814572; T3)
• 0.50 m @ 1.29 g/t gold, 252 g/t silver (814045; Surface T5)
• 0.50 m @ 3.07 g/t gold, 34.2 g/t silver (814053; Surface T5)
Target 4 soil sample highlights at San Manuel mine area
SM-037 @ 4.10 g/t gold, 83 g/t silver
SM-083 @ 2.73 g/t gold, 102 g/t silver
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SM-111 @ 5.66 g/t gold, 154 g/t silver
SM-112 @ 5.77 g/t gold, 139 g/t silver
SM-114 @ 4.13 g/t gold, 120 g/t silver
SM-124 @ 5.03 g/t gold, 237 g/t silver
SM-127 @ 2.53 g/t gold, 20 g/t silver
With drilling underway this month at Target 5 where we have abundant veining mapped and
sampled, the first drill holes planned for the central Zaragosa Mine area and at Target 3 end of
Q3 2025, we are entering an exciting phase of exploration at Cop alquin,” said John Skeet, MD
and CEO of Mithril Silver and Gold. “The scale of th is high-grade epithermal gold-silver system
continues to impress, with mineralisation now extending 8 kilometres across the district and
over 1,200 metres vertically, as demonstrated by our recent work at the Santa Cruz historic mine
at the eastern end of the middle trend . With multiple high -priority targets advancing in paralle l
and significant extensions identified at Target 2 , we are well -positioned to unlock the district’s
substantial potential.”
COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO
Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure. Note: the
reserve/resources from company websites for the neighbouring properties does not necessarily apply to the Copalquin
Project. Resources/resources for neighbouring properties marked with * include estimated past production.
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)1 and a NI 43-101 Technical Report filed on
1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
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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.
Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Targets 1 and 2, high priority
drill target area of La Constancia-El Jabali (Target 3) and the new developing Target 5. Several new areas highlighted across the
district for follow-up work.
Copalquin District Exploration Progress Update
Surficial and underground channel sampling at Target 2, 3, 4 and 5 Areas have continued to
deliver excellent results, with several channel samples intersecting very high-grade silver and
high-grade gold within broad, outcropping vein systems (Figure 3).
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Figure 3 Property-wide channel sampling results
Ongoing mapping at Target 5 — including the El Apomal, El Duraznito, Veta Azul, and Dulces
Nombres areas — continues to identify additional vein systems and underground workings,
significantly expanding the Target 5 area both along strike and across strike (Figure 4). 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 th e northeast dipping to the northeast ( Figure 4).
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.
Complete sample results are presented in Table 1.
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)
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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)
An exploration road is advancing to the Target 5 area to provide access for drill pads.
Figure 4: Channel sample results and vein traces in the Target 5 Area
Target 3, which includes the Jabali, Constancia, San Antonio, and Guadalupe mines, has
revealed a network of veins through ongoing mapping efforts (Figure 5) . While many of these
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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 will continue in the area to fully develop drill targeting.
Complete sample results are presented in Table 1.
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 (527248; 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)
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Figure 5: Channel sample results and vein traces in the Target 3 Area
Mina Lico, located just over one kilometre west-southwest of Las Brujas within Target 2, has
returned high -grade gold and silver values from limited sampling (Figure 1, Table 1) . 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)
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Table 1 High-Grade Gold and Silver Assay Results from The Copalquin Project Area Channel Samples.
Sample Easting
Northing Elevation Width m Type Location Channel
Section
Au
ppm
Ag
ppm
742097 291724.0 2822066.0 1624 0.50 Underground Mina Lico (T2) 1/2 1.83 213.0
742098 291724.0 2822066.0 1625 0.50 Underground Mina Lico (T2) 2/2 2.59 191.0
814501 291571.0 2822063.0 1674 0.60 Underground Mina Lico (T2) 1/1 1.36 142.0
814502 291563.0 2822063.0 1674 0.50 Underground Mina Lico (T2) 1/1 6.21 265.0
814016 287949.8 2822584.4 738 0.60 Surface Apomal (T5) L2 1/1 1.17 85.0
814033 288036.0 2822589.7 685 0.55 Surface Arroyo Copalquín (T5) L1 2/2 1.17 34.1
814037 288065.0 2822657.0 679 0.50 Surface Arroyo Copalquín (T5) L1 1/1 1.28 59.3
814045 288050.3 2822732.4 683 0.50 Surface Arroyo Copalquín (T5) L2 1/1 1.29 252.0
814053 288294.0 2822752.0 670 0.50 Surface Arroyo Copalquín (T5) L1 1/1 3.07 34.2
814058 288388.0 2822652.0 754 0.30 Surface Arroyo Copalquín (T5) L1 1/1 1.11 43.0
527246 292729.01 2824287.64 1438.5 1.00 Underground La Constancia (T3) 1/2 1.08 114.0
527248 292720.36 2824295.25 1438.5 1.00 Underground La Constancia (T3) 1/2 19.85 270.0
527255 292720.8 2824223.2 1461.22083 1.00 Surface La Constancia (T3) 1/2 3.49 231.0
527256 292720.3 2824222.6 1461.22083 0.50 Surface La Constancia (T3) 2/2 1.32 66.0
527271 292923.8 2824345.9 1570.04675 1.00 Surface La Constancia (T3) 1/1 2.31 60.8
527272 292925.4 2824346.1 1563.90491 1.00 Surface La Constancia (T3) 1/1 3.08 179.0
527284 292933.3 2824295.9 1521.75061 0.50 Surface La Constancia (T3) 1/1 1.46 50.6
527285 292913.8 2824247.5 1483.08142 0.90 Surface La Constancia (T3) 1/1 12.40 820.0
742048 293069.0 2824338 1580.00 0.60 Underground Guadalupe Mine (T3) 1/1 2.54 170.0
742049 293068.0 2824341 1579.00 0.50 Underground Guadalupe Mine (T3) 1/1 2.52 155.0
814551 293068.0 2824346 1577.00 0.60 Underground Guadalupe Mine (T3) 1/1 1.02 83.3
814552 293068.0 2824343 1578.00 0.50 Underground Guadalupe Mine (T3) 1/1 13.25 558.0
814553 293052.0 2824337 1580.00 0.50 Underground Guadalupe Mine (T3) 1/1 4.04 314.0
814557 292997.0 2824336 1563.00 0.70 Surface La Constancia (T3) 1/1 5.92 392.0
814558 292989.0 2824335 1563.00 0.55 Surface La Constancia (T3) 1/1 1.40 83.3
814559 292987.0 2824337 1569.00 0.65 Surface La Constancia (T3) 1/1 5.67 365.0
814565 292509.0 2824784 1445.00 0.70 Surface El Jabalí (T3) 1/1 3.47 256.0
814572 292472.0 2824724 1423.00 0.50 Surface El Jabalí W (T3) 1/1 5.80 1.0
527288 292320.9 2824635.4 1346.54 0.50 Underground La Constancia (T3) 1/2 1.49 41.7
814608 292385.8 2824712.5 1417.56665 0.80 Surface La Constancia(T3) 2/2 1.02 41.7
814609 292381.7 2824741.9 1429.61157 1.00 Surface La Constancia(T3) 1/1 2.00 4.7
814610 292404.3 2824781.5 1473.32 1.00 Underground La Constancia(T3) 1/1 1.73 27.6
814611 292408.4 2824786.4 1473.32 1.00 Underground La Constancia(T3) 1/1 2.08 43.4
814612 292438.7 2824396.4 1298.11 0.80 Underground La Constancia(T3) 1/1 1.34 52.0
814613 292441.1 2824393.3 1298.11 0.90 Underground La Constancia(T3) 1/1 8.03 108.0
Drilling at Target 1 and 2 Areas