Mithril Confirms High-Grade and Widespread Silver and GOLD at Target 3, Copalquin Project
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MITHRIL CONFIRMS HIGH-GRADE AND WIDESPREAD SILVER AND GOLD AT
TARGET 3, COPALQUIN PROJECT
Melbourne, Australia and Vancouver, Canada – April 9, 2026 - Mithril Silver and Gold Limited ("Mithril”
or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide details of continued
exploration progress at Mithril’s district scale Copalquin property, Durango State, Mexico.
Target 3 Drilling
Drilling at the Copalquin project continues to expand the extent of the large silver-gold mineralising
system within the current 9 km long and over 1,200 metres vertical extent across the district. The initial
programme of shallow drilling in the Target 3 area has tested 700 metres of strike within this 1.2 km x 1.2
km area.
Target 3 Drill Program Highlights include:
0.90 m @ 2.79 g/t gold, 151 g/t silver from 155.45 m (JA26-002)
0.50 m @ 6.91 g/t gold, 475 g/t silver from 102.5 m (JA26-004)
0.50 m @ 33.2 g/t gold, 5.9 g/t silver from 134.95 m (GU26-002)
The drill programme at Target 3, consisting of 3,039 m, tested four of several historic workings. These
initial results confirm extensive epithermal style mineralisation, with important key attributes observed
in the drill core. The vein style and grades being intercepted indicate the mineralisation is at a high level
in the system , with best intercepts and vein thicknesses found deeper in the drill holes . The results
establish Target 3 as a highly prospective area for growth, reinforcing the broader district scale upside at
Copalquin.
Target 5 Drilling
One drill hole has been completed at the northern end of the Target 5 area confirming continuing high -
grade silver-gold mineralisation located 68 metres down dip from surface in this silver rich area of the
Copalquin District.
La Maquina Discovery Drill Hole
0.85 m @ 6.20 g/t gold, 764 g/t silver from 122.8 m (MA26-001)
The veins are hosted in granodiorite within a parallel vein set trending northwest, approximately on trend
1.6 km southwest of El Gallo where drilling in 2021 intercepted high -grade veins . Like recent
intersections reported in Target 5 at Apomal (see Mithril News Release from February 11, 2026), the
mineralisation contains high grade silver and gold, and we continue to prepare Target 5 for its next phase
of drilling.
At Target 1 , two drill s are making excellent progress to complete the resource upgrade drilling with
resource reporting on schedule for later in th e first half of the year. Our geological team continues to
expand the detailed mapping of the district, now at 24 km2 of the 70 km2 mining concession area. This
work continues to generate new targets with numerous historical workings identified by LiDAR still to be
systematically evaluated.
As previously reported, the Company completed an aerial magnetic survey which is currently being
further evaluated by our recently engaged geophysicist to reveal important geologic trends and features
ahead of a district structural geology study.
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Mithril’s V.P. Exploration, James Barr states , “The results from Target 3 drilling open up new expansion
opportunities within the Copalquin district with the drill -confirmed vein extensions from historically
mined and recently mapped veins. The intersection of both high -grade silver and gold at the Jabali area
is unique, so far, for the eastern part of the district. We continue to see positive results from the hard work
invested in mapping and sampling across the property as Copalquin continues to grow as a large
epithermal silver–gold system. With one third of the property scale mapping completed since early 2025,
we are confident the scale and extent of this system will continue to grow.
“Modern discoveries such as the drill intersection at La Maquina in Target 5 underscore the successful
combination of ground mapping and sampling combined with the LiDAR and remote sensing, as
prospective tools in the process of continued target generation.
“While expediting the mineral resource development work at the Target 1 area, our team continues to
develop drilling and exploration targets across the property in line with our strategy to unlock the broader
district scale potential at Copalquin.”
Copalquin District - 2026
Mithril is undertaking an aggressive exploration programme in 2026, with up to 25,000 metres of drilling
planned during the first 6 - 8 months of the year across the Copalquin District. Upcoming work will focus
on expanding known mineralized zones, testing new high -priority targets, integrating district -wide
geophysical data, and continuing to advance the Company’s district -scale exploration the sis. The
district features over 100 historic underground workings (c.1850 – 1910) including several multi-level
mines and 200 small surface workings. Mapping and sampling across the lower half of the 70 km2 mining
concession area demonstrates a large epithermal silver -gold system with multiple target areas for
potential resource growth plus the conduit system responsible for the widespread gold and silver
mineralisation.
The northern half of the Copalquin concession area features large areas of alteration. The LiDAR image
shows evidence of historic mining activity and indicates some key structures. Along with historic
sampling data, the northern section of the property presents as a potentially significant large exploration
area within Mithril’s Copalquin mining concessions.
The nearby 20 km 2 La Dura property has recently been added to the portfolio providing a brown field
property with a database of mapping, sampling and drilling. The recent LiDAR survey has revealed
multiple historic workings within the concession area, including the 4-level high-grade La Dura mine. An
initial 1.5 km long mineralisation corridor has been identified as a future drill target. An aerial magnetic
survey has been complete with interpretation work currently progressing.
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Figure 1 Mithril’s Copalquin and La Dura property locations in Durango State, Mexico
Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1, Target 3 and Target 5 with ongoing
mapping and sampling plus recently completed aerial magnetic survey (report pending)
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Figure 3 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. Current drilling locations at Target 1, Target 3 and Target 5 with ongoing mapping and
sampling plus recently completed aerial magnetic survey (report pending)
Target 3 Drilling and Discussion
The 2026 drilling program was directed to test vein extensions from the mapped historical workings in the
area and to build on the information collected by Mithril from three holes previously drilled at the
Constancia Main workings in 2020 (holes CDH-044/045/046).
Target 3 is hosted in a favourable intermediate volcaniclastic tuff and breccia with several phases of
rhyolitic intrusive and flows present. Dominant veins are trending east-west, northwest and locally in a
less common northeast trend at Jabali. Styles of mineralisation include disseminated and banded silver-
sulphides, as well as visible gold (GU26-002).
These features indicate high level continuity within the broad property wide east-west mineral trend
and/or a local ized upwelling source to minerali sation. Intersection of the Jabali and Guadalupe
structures is projected approximately 950 m etres west of Guadalupe and approximately 200 m etres
south of the southernmost Jabali drillhole JA26-004 and is a favourable target for future drill testing. The
Target 3 drill programs are described below, and drilling highlights are listed in Table 1.
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Figure 4 Map – Target 3 Area
Jabali
Six drill holes were completed at Jabali to test two veins mapped on surface and within historical
workings. The Jabali main workings, located to the north, have less than 150 m etres of lateral
development over two levels, while the smaller southern workings have about 40 m etres of lateral
development on one level. Recent channel sampling in the Jabali main workings returned results of up to
0.65 m of gold at 16 g/t gold and 1,275 g/t silver, or 34.21 g/t AuEq. Drill results confirm vein continuity
down dip and along strike at least 230 metres with mineralisation remaining open in all directions.
Guadalupe
Five holes were drilled at Guadalupe to test the dip of a small stope in historical workings. Hole GU26 -
002 intersected minor veining and stockwork with visible gold. Channel samples from quartz veining near
historical workings on the surface returned 13.25 g/t gold and 558 g/t silver, or 21.22 AuEq, over 0.50 m.
These holes confirm the presence of quartz veining with epithermal breccia textures within a broad zone
of anomalous gold and silver mineralisation.
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Constancia
Two holes were drilled along the northwest trending Constancia vein s. The first hole tested a small
historical working approximately 150 metres immediately south of Jabali while the second drill hole
tested the down dip continuity of mapped surface vein located 100 m etres immediately south of the
Guadalupe workings. Hole CS26-001 intersected weak alteration and anomalous gold and silver grades
over 4 m, from approximately 177 -181 m. CS26-002 intercepted weak to moderate alteration over 30
metres between 45-75 m with anomalous gold and silver grades.
El Maizon
Two holes were drilled to test the continuity of a new vein mapped on surface grading 0.25 g/t gold and
23 g/t silver, or 0.59 got AuEq over 0.50 m, along an interpreted east -west mineral trend. The holes
successfully intercepted quartz breccia/epithermal veining and anomalous gold and silver assays over
several intervals within weakly altered microdiorite.
Figure 5 Section – JA26-004, looking northeast
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Target 5 Drilling and Discussion
La Maquina Workings
One hole at La Maquina was completed to test the down dip extension of a new vein discovery on surface
in an area where no historical workings are known to exist. Channel sampling conducted by Mithril
returned grades of up to 3.54 g/t gold, 11.3 g/t silver, or 3.7 g/t AuEq over 0.5 m. The drill hole intercepted
the projected vein 68 met res down dip from the surface within the granodiorite intrusive, with
mineralisation characterised as concordant veining with banding and microbands of black sulphides .
Vein continuity seen in mapping and sampling to the northwest remains a favourable target for future drill
testing. La Maquina drilling highlights are listed in Table 1.
Figure 6 Map – La Maquina
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Figure 7 Section – La Maquinna, looking to the northwest
Table 1 Recent results received for Target 3 and Target 5 drilling
Hole ID From (m) To (m) Interval (m) Au g/t Ag g/t AuEq g/t
Target 5
MA26-001* 122.80 123.65 0.85 6.20 764.0 17.11
MA26-001* 169.45 170.20 0.75 1.16 18.1 1.42
Target 3
JA26-002 29.35 29.95 0.60 0.14 10.9 0.30
JA26-002 35.00 36.00 1.00 0.16 7.6 0.26
JA26-002 36.00 36.50 0.50 0.95 120.0 2.67
JA26-002 92.00 93.35 1.35 0.33 0.5 0.34
JA26-002* 155.45 156.35 0.90 2.79 151.0 4.95
JA26-003 57.45 58.45 1.00 0.23 1.2 0.25
JA26-003 69.65 70.50 0.85 0.26 5.2 0.33
JA26-004 27.95 29.45 1.50 0.38 3.3 0.42
JA26-004 34.70 36.80 2.1 0.12 18.4 0.38
JA26-004* 102.50 103.00 0.50 6.91 475.0 13.70
JA26-006* 54.50 55.15 0.65 1.12 17.8 1.37
GU26-001 6.70 7.70 1.00 0.27 1.2 0.29
GU26-001 25.70 26.70 1.00 0.16 17.0 0.40