Craig Sharpe – Non-Executive Chair John Skeet – Managing Director & CEO Garry Thomas – Non-Executive Director Stephen Layton – Non-Executive Director David Toyoda – Independent Non-Executive Director Justyn Stedwell– Company Secretary
ASX ANNOUNCEMENT
03 March 2025
DIRECTORS
Craig Sharpe – Non-Executive Chair
John Skeet – Managing Director & CEO
Garry Thomas – Non-Executive Director
Stephen Layton – Non-Executive Director
David Toyoda – Independent Non-Executive Director
Justyn Stedwell– Company Secretary
MITHRIL SILVER AND GOLD LIMITED
ACN: 099 883 922
ASX:MTH, TSXV:MSG
www.mithrilsilvergold.com
REGISTERED OFFICE
The Block Arcade
Level 3, Suite 324, 96 Elizabeth St
Melbourne VIC 3000
T: +61 3 9088 2049
Mithril Drills 20.5 g/t Gold, 1,833 g/t Silver Over 4.95m
Drilling at La Soledad, has intercepted multiple high-grade veins as the Target 1 resource update
drilling progresses at the Copalquin silver and gold district property in Durango State, Mexico.
HIGHLIGHTS
• 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including
o 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,
• 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m
• 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including
o 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m
• 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, (MTH-ES25-10), including
o 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m
• 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m including
o 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m
o 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m
• 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09),
• 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m
• 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m (MTH-ES25-08),
• 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m, including
o 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m
• 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m
• In February, a further six drill holes have been completed at La Soledad, with drilling ongoing
expanding the footprint and structural knowledge in this silver and gold rich NW trending
structure. Considerable strike and depth potential exists in this area.
• Addition of a second drill is on schedule with the municipal access road upgrade for completion
late March, allowing 35,000m of core drilling in the district throughout 2025 and advancing the
next two target areas while developing the large district scale geologic model
Mithril Silver and Gold Limited (“Mithril” or “the Company”) (MTH:ASX, MSG:TSXV) announces drill
results for the Target 1 resource expansion programme at its Copalquin District project, Mexico.
John Skeet, Mithril’s Managing Director and CEO commented:
“Drilling at La Soledad in the Target 1 area has continued to produce exceptional results for this silver and gold rich
multi-level historic mine area. The La Soledad structure is open at depth and to the north-west with the opportunity
to locate additional ‘ore shoots’ along strike. The drill program is expanded in the La Soledad area with several
additional holes to complete before moving the drill to Refugio West in the Target 1 resource area. Drilling in the
Target 1 area will continue until the end of March 2025, the anticipated cut-off date for the resource update drilling.
The second drill is scheduled to be on site and commence drilling early April, at the Target 2 area. Progress is on
track to complete 35,000 metres of drilling this year, aiming to considerably expand the resource footprint and define
the 10 km wide, extensive epithermal silver-gold system in our 70km2 district.”
www.mithrilsilvergold.com
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COPALQUIN GOLD-SILVER DISTRICT, MEXICO
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 resource at El Refugio (529koz AuEq @6.81 g/t AuEq )1supported by a
conceptional underground mining study completed on the maiden resource in early 2022 ( see ASX
announcement 01 March 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.
Drilling is in progress at the Target 1 drill area where the current maiden resource drilling is scheduled to be
completed by end of Q1 2025. Channel sampling work, using a diamond rock saw, has continued adjacent to
the Target 1 area and immediately to the south towards the Copalquin creek. Drilling is planned to commence
with the second drill rig at the Target 2 area by April 2025.
Figure 1 LiDAR identified historic workings across the 70km2 district. Target 1 area current drilling location, channel sampling area and
the high priority drill target areas of Las Brujas-El Peru (Target 2) and La Constancia-El Jabali (Target 3). Several new areas highlighted
across the district for follow-up work.
Drill Results Discussion
Drilling at La Soledad, the north-westerly tending structure on the north-eastern side of the Target 1 resource
area, has returned excellent intercepts ahead of the planned resource update. Results for drill holes MTH-
ES25-08 to MTH-ES25-11 are summarised below. Drilling is continuing at La Soledad where a further seven
holes have been completed and four of these dispatched to the assay laboratory.
1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
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• 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including
o 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,
• 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m
• 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including
o 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m
• 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m (MTH-ES25-10), including
o 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m
o 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m
• 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, including
o 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m
• 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09), plus
• 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m
• 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m (MTH-ES25-08), including
o 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m
• 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m
• 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m
www.mithrilsilvergold.com
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www.mithrilsilvergold.com
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At El Cometa on the eastern side of the Target 1, the last two holes completed at resource area returned
multiple shallow intercepts. The near surface (<100m down hole) cut-off for reporting the intercepts in the El
Cometa area is lower (0.25 g/t AuEq2 compared with 1.00 g/t AuEq2 for >100m down hole intercept reporting)
reflecting its potential for lower cost mining methods.
El Cometa features a broad mineralised structure with cross cutting structures hosting very high-grade gold
and silver, such as reported from drill hole CDH-159 in 2024 (33.00m @31.8 g/t gold, 274 g/t silver from
surface).
Intercepts for MTH-EC25-06 and MTH-EC25-07 are summarised below and have continued to build on the
excellent results from this shallow mineralisation.
• 1.00m @ 1.56 g/t gold, 58.3 g/t silver from 31.0m (MTH-ES25-07)
• 1.00m @ 0.72 g/t gold, 29.0 g/t silver from 33.5m
• 6.00m @ 1.33 g/t gold, 178.6 g/t silver from 95.0m, including
o 1.70m @ 4.07 g/t gold, 588 g/t silver from 98.15m
• 7.00m @ 1.56 g/t gold, 70.5 g/t silver from 126m, including
o 1.00m @ 8.70 g/t gold, 272 g/t silver from 127m
• 2.90m @ 0.83 g/t gold, 88.0 g/t silver from 22.6m (MTH-ES25-06)
2 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
www.mithrilsilvergold.com
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www.mithrilsilvergold.com
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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 world-class gold and silver deposits.
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 NI43-101 Technical Report filed on SEDAR+
• 2,416,000 tonnes @ 4.80 g/t gold, 141 g/t silver for 373,000 oz gold plus 10,953,000 oz silver (Total
529,000 oz AuEq*) using a cut-off grade of 2.0 g/t AuEq*
• 28.6% of the resource tonnage is classified as indicated
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
TOTAL 2,416 4.80 141 6.81 373 10,953 529
Table 1 - Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*
* The gold equivalent (AuEq.) values are determined from gold and silver values and assume the following: AuEq. = gold equi valent calculated using and
gold:silver price ratio of 70:1. That is, 70 g/t silver = 1 g/t gold. 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. Metallurgical recoveries are assumed to be approximately equal for both gold and silver at this
early stage. Actual metallurgical recoveries from test work to date are 96% and 91% for gold and silver, respectively. In the Company’s opinion there is reasonable
potential for both gold and silver to be extracted and sold. Actual metal prices have not been used in resource estimate, only the price ratio for the AuEq reporting.
Formula for AuEq. = Au grade +((Ag grade/gold:silver price ratio) x (Ag recovery/Au recovery))
^ 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 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 2026 (option has been extended by 3 years). Mithril has reached an agreement with
the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).
www.mithrilsilvergold.com
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Figure 2 – Copalquin District location map, locations of mining and exploration activity and local infrastructure
-ENDS-
Released with the authority of the Board.
For further information contact:
John Skeet
Managing Director and CEO
+61 435 766 809
+1 672 962 7112
Mark Flynn
Investor Relations
+61 416 068 733
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 Ricardo Rodriguez who is
Mithril’s Project Manager. Mr Rodriguez is a Member of the Australasian Institute of Mining and Metallurgy.
This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.
Mr Rodriguez 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,