Mithril Accelerates Exploration with New Drilling at Target 5 and Ongoing Expansion at Target 1
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MITHRIL ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET 5
AND ONGOING EXPANSION AT TARGET 1
- Fully funded 45,000 m program positions Mithril for catalyst-rich year ahead -
Melbourne, Australia and Vancouver, Canada – August 2 8, 2025 - Mithril Silver and Gold Limited
("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide exploration
results for multiple targets at Mithril’s district scale Copalquin property, Durango State, Mexico.
District Outlook
Mithril is fully funded to complete 45,000 m of drilling over the next 12 –14 months, with preparations to
add a third drill rig in early 2026. Exploration , including drilling and detailed mapping, continues to
advance across multiple targets, underpinning the district -scale potential of Copalquin. A closely -
spaced aeromagnatic survey is planned for Q4 2025 after the wet season.
Target 5 – Apomal Historic Mine
Drilling has commenced at the Apomal historic mine in the Target 5 area , with the first three holes
completed in an initial 5,000 metre program. Apomal is being tested down dip, below the old workings
and along strike . This program marks the first drilling at the target and is designed to test the mapped
veins while stepping out into untested areas along strike and at depth. Target 5 has so far been traced on
surface for over 1.2km along strike of the vein system, and some 1.5km across the strike of the system.
Target 1 – Objective to Expand High-Grade Footprint Ahead of Target 1 Resource Update
• La Soledad (East): Drilling continues to return strong high-grade intercepts, including 3.30 m @
8.63 g/t gold, 41.2 g/t silver (MTH-LS25-36), with 0.50 m @ 48.85 g/t gold and 91.55 g/t silver.
• Zaragoza (South): The first drill hole at this new area, located 500 m southeast of Refugio ,
returned 0.57 m @ 6.80 g/t gold and 4,400 g/t silver at the projected target depth (MTH-ZG25-
37). The intercept lies ~160 m below historic workings, confirming depth potential and opening a
new high-grade zone along strike toward the historic Copalquin Mine 900 metres south east of
Refugio. The entire strike length of approximately 1,400 metres is now considered to be a target.
• Refugio West: Step-out drilling is in progress 250 metres west of the maiden resource area,
targeting extensions along the east -west structure toward El Gallo, a further 900 m etres to the
west.
Target 3 – Preparing for 2025 Drilling
Systematic mapping and sampling at Target 3 continues to define targets in this extensive area ahead of
its maiden drill program in the coming months.
“Our exploration program continues to advance across the district, expanding the Target 1 resource area,
drilling new zones and develping additional targets through systematic mapping and sampling ,”
commented John Skeet, Managing Director & CEO . “The Team’s efforts are consistently delivering
excellent results, accelerating the geologic modelling of this large epithermal gold-silver system.
First-pass drilling at Zaragoza, 500 metres southeast of Refugio, has confirmed extensions of high-grade
mineralization to depth, with notably higher silver grades relative to gold . Mineralisation is now
demonstrated 160 metres down-dip into the granodiorite intrusive, underscoring the potential scale and
vertical continuity of this system. Drilling at Target 5 commenced on schedule, with the first three holes
already complete and assays pending.”
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COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO
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
70km2 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 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.
1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
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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
Drill Results Discussion
Exploration Progress Update
Drilling at La Soledad, the NW trending structure on the eastern side of Target 1, has produced further
excellent results with the highlight drill holes MTH-LS25-35 and MTH -LS25-36. These holes confirm
mineralisation down dip from the existing block model, and that mineralisation is still open at depth.
• MTH-LS25-35 1.1m @ 9.95 g/t gold, 44.6 g/t silver from 156.9m
• MTH-LS25-36 0.5 m @ 3.21 g/t gold, 13.8 g/t silver from 103.3 m
• MTH-LS25-36 3.3 m @ 8.63 g/t gold, 41.24 g/t silver from 169.7 m, including
0.5 m @ 48.85* g/t gold, 91.55* g/t silver from 169.7 m
*Values were averaged from duplicate samples
Table 1 Summary of drill intercepts drilling at Target 1, La Soledad.
Drill Hole ID
From
(m)
To (m) Interval
(m)
Au g/t Ag g/t Au Eq
g/t
MTH-LS25-35 156.90 158.00 1.1 9.95 44.6 10.59
MTH-LS25-36 103.3 103.8 0.5 3.21 13.8 3.41
MTH-LS25-36 169.7 173 3.3 8.63 41.24 9.21
Including 169.7 170.2 0.5 48.85 91.55 50.16
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Figure 3 Plan map showing drill traces and results of ongoing drilling at La Soledad in Target 1 area
First Drilling at Zaragoza, located 500 metres from the Refugio resource area (see Figure 6), has yielded
excellent results. Four holes have been completed over a 200 metre strike length. Drill hole MTH-ZG25-
37 intersected significant gold and silver within two separate, broad structures returning:
• MTH-ZG25-37 0.57 m @ 6.4 g/t gold, 4400 g/t silver from 342.4 m
• MTH-ZG25-37 0.66 m @ 3.49 g/t gold, 127 g/t silver from 389.1 m
Table 2 Summary of drill intercepts at Target 1, Zaragoza
Drill Hole ID
From
(m)
To (m) Interval
(m)
Au g/t Ag g/t Ag Eq
g/t
MTH-ZG25-37 342.4 342.97 0.57 6.4 4,400 4,848
MTH-ZG25-37 389.1 389.76 0.66 3.49 127 371.3
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Figure 4 Plan view showing reported drill traces and pending drill hole traces at Zaragoza, within the Target 1 area
Drilling at Target 5 has commenced, focusing on numerous north west-trending vein systems, including
those at the historic Apomal Mine. To date, three drill holes have been successfully completed, and early
indications from the program have delivered encouraging results, which, coupled with the widespread
high grade surface samples, support the potential for a significant area of mineralization in this highly
prospective zone.
Figure 5 Cross section for first drill hole at Zaragoza MTH-ZG25-37
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Figure 6 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 (see July 29, 2025 announcement, High-Grade Channel Sample Results)
ABOUT THE COPALQUIN GOLD SILVER PROJECT
The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of
70km2 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
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Table 3 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 th e
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. 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.
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
+61 435 766 809
NIKLI COMMUNICATIONS
Corporate Communications
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.
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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 Australasi an 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 Securi ties
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 Patrick Loury who is
Mithril’s Project Consultant. Mr Loury is a mem ber of the American Institute of Professional Geologists
and a Certified Professional Geologist (CPG). This is a Recognised Professional Organisation (RPO) under
the Joint Ore Reserves Committee (JORC) Code.
Mr Loury 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 Loury 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, Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australasian
Institute of Mining and Metallurgy. The report was peer revie wed 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 Gl obal with sample preparation performed in Chihuahua City, Mexico and
assaying of sample pulps performed in North Vancouver, BC, Canada.