MITHRIL EXPANDS SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/T SILVER, 2.0 G/T GOLD OVER 1.30M Sampling expands silver-rich Target 5 to over 2 km × 2 km; assays pending for drilling at both Targets 1 and 5
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MITHRIL EXPANDS SILVER RICH TARGET 5, SAMPLING UP TO 3,300 G/T
SILVER, 2.0 G/T GOLD OVER 1.30M
Sampling expands silver-rich Target 5 to over 2 km × 2 km; assays pending for drilling at
both Targets 1 and 5
Melbourne, Australia and Vancouver, Canada – October 9 , 2025 - Mithril Silver and Gold Limited
("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide exploration
results and update for multiple targets at Mithril’s district scale Copalquin property, Durango State,
Mexico.
Highlights
• First nine holes completed at Target 5 (assays pending)
• Sampling and mapping at Target 5 expan d the silver-rich Target to over 2 km x 2 km , with
highlights up to 3,300 g/t silver and 2.00 g/t gold over 1.40 m from the historic Tasolera mine.
Resource expansion drilling at Target 1 successfully extend s the east -west mineralised
structure a further 300 m west increasing the total strike length to over 1,200 m (assays pending)
• Target 3 drill plan advancing with pads and access roads under development
• District wide aerial magnetic survey to commence later this month
• A petrographic fluid inclusion study is currently underway on samples collected from multiple
locations and depths across the property support the district scale geologic model development
• The mineralised horizon is currently extended to over 1,300 metres vertical across 9 km (Santa
Cruz to El Jarillal) in the southern half of the Copalquin district
“Drilling at the silver rich Target 5 is off to a strong start, with the first nine holes now complete at the
historic Apomal mine area (assays pending)”, commented John Skeet, Managing Director &
CEO. “Results from previous sampling across the broader area continue to return standout silver grades,
confirming a much larger mineralised target now covering over two kilometres across.
At Target 1 we have successfully extended the main structure a further 300 metres to the west (assays
pending), adding strike to an already substantial high -grade resource area. Preparations for maiden
drilling at Target 3 are advancing quickly, opening another significant growth opportunity in the coming
months.
In parallel, we are accelerating development of the district-scale geologic model to test for the underlying
conduit system responsible for the widespread gold-silver mineralisation, supported by the launch of the
first district-wide aerial magnetic survey.”
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 at Target 3 . Exploration , including drilling and detailed mapping,
continues to advance across multiple targets, underpinning the district-scale potential of Copalquin. A
closely spaced aerial magnetic survey is to be flown late r this month and a petrographic fluid inclusion
study on samples across the district will support the ongoing development of the district scale model for
this large epithermal gold-silver system
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Target 5 – Silver Rich in Southwest of Copalquin District
Drilling continues around the Apomal historic mine in the Target 5 area , with the first nine holes
completed (assays pending) in an initial 5,000 metre program. Apomal is being tested down dip, below
the old mine workings and along strike in the north western part of this large target area . This program
marks the first drilling at Target 5 and is designed to test the mapped veins while stepping out into
untested areas along strike and at depth.
Previously completed mapping and sampling at Target 5 has recently returned excellent results from
surface and underground samples with the discovery of the historic La Lianas, Los Martires, Jarillal, and
Tasolera Mines within the Target 5 area, which covers 2 km x 2 km
Underground sample highlights at Target 5:
• 3.1 m @ 2.02 g/t gold, 1,938 g/t silver (Tasolera Mine Level 2),
including 1.40 m @ 2.00 g/t gold, 3,300 g/t silver
• 0.6 m @ 10.25 g/t gold, 895 g/t silver (Los Martires)
• 0.9 m @ 3.31 g/t gold, 219 g/t silver (Los Martires)
Surface samples at Target 5:
• 0.5 m @ 3.89 g/t gold, 157 g/t silver (La Candelaria)
• 0.5 m @ 0.145 g/t gold, 284 g/t silver (La Tasolera)
• 0.5 m @ 3.76 g/t gold, 54.5 g/t silver (Candelaria)
• 0.65 m @ 3.75 g/t gold, 555 g/t silver (Apomal)
• 0.6 m @ 24.5 g/t gold, 670 g/t silver (Apomal)
• 0.50 m @ 4.69 g/t gold, 520 g/t silver (Los Martires)
Target 3 – Preparing for 2025 Drilling
Ongoing systematic mapping and sampling at Target 3 are further defining priority targets in this large
prospective area, with maiden drilling set to commence in the coming months.
COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, 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 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 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.
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
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Copalquin District Exploration Progress Update
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
Underground samples at Target 5 over 100 g/t silver Eq:
• 3.1 m @ 2.02 g/t gold, 1,938 g/t silver (Tasolera Mine Level 2),
• including 1.40 m @ 2.00 g/t gold, 3,300 g/t silver
• 1.0 m @ 0.863 g/t gold, 210 g/t silver (Tasolera Mine Level 2)
• 1.0 m @ 0.542 g/t gold, 96.6 g/t silver (Tasolera Mine Level 3)
• 1.0 m @ 0.322 g/t gold, 79.9 g/t silver (Tasolera Mine Level 3)
• 0.5 m @ 0.603 g/t gold, 154 g/t silver (Las Lianas)
• 0.6 m @ 10.25 g/t gold, 895 g/t silver (Los Martires)
• 0.8 m @ 1.72 g/t gold, 191 g/t silver (Los Martires)
• 0.9 m @ 3.31 g/t gold, 219 g/t silver (Los Martires)
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Figure 4 Target 5 new channel sample assay results. First 9 drill holes have been completed in the northern part of this large
target area (assays pending)
Surface samples at Target 5 over 100 g/t silver Eq:
• 0.5 m @ 3.89 g/t gold, 157 g/t silver (La Candelaria)
• 1.0 m @ 0.893 g/t gold, 204 g/t silver (La Candelaria)
• 0.6 m @ 0.39 g/t gold, 92.9 g/t silver (La Candelaria)
• 0.7 m @ 0.914 g/t gold, 50.9 g/t silver (Las Lianas)
• 0.3 m @ 1.275 g/t gold, 61.9 g/t silver (La Tasolera)
• 0.5 m @ 0.476 g/t gold, 68.7 g/t silver (La Tasolera)
• 0.5 m @ 0.145 g/t gold, 284 g/t silver (La Tasolera)
• 0.9 m @ 0.056 g/t gold, 227 g/t silver (La Tasolera)
• 1.0 m @ 0.076 g/t , 108 g/t silver (Cementerio el Limon)
• 0.5 m @ 0.323 g/t gold, 101 g/t silver (Candelaria)
• 0.5 m @ 3.76 g/t gold, 54.5 g/t silver (Candelaria)
• 0.4 m @ 1.04 g/t gold, 160 g/t silver (Apomal)
• 0.65 m @ 3.75 g/t gold, 555 g/t silver (Apomal)
• 0.6 m @ 24.5 g/t gold, 670 g/t silver (Apomal)
• 1.0 m @ 0.423 g/t gold, 140 g/t silver (Tasolera Level 2)
• 1.00 m @ 0.162 g/t gold, 129 g/t silver (Tasolera Level 2)
• 1.00 m @ 0.459 g/t gold, 249 g/t silver (Tasolera Level 2)
• 1.00 m @ 1.29 g/t gold, 264 g/t silver (El Jarillal)
• 1.10 m @ 0.492 g/t gold, 67.3 g/t silver (El Jarillal)
• 0.50 m @ 4.69 g/t gold, 520 g/t silver (Los Martires)
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Figure 5 Target 1 channel sample results with anomalous values extending the to west
Underground and surface samples at Targets 1 and 3 over 1 g/t Au Eq:
• 0.5 m @ 1.635 g/t gold, 110 g/t silver (Cementerio El Limon; Target 1; Surface)
• 0.7 m @ 8.81 g/t gold, 329 g/t silver (Jabali Level 3; Target 3; Underground)
• 1.0 m @ 3.42 g/t gold, 194 g/t silver (Jabali Level 3; Target 3; Underground)
• 0.7 m @ 5.16 g/t gold, 176 g/t silver (Jabali Level 3; Target 3; Underground)
• 0.6 m @ 1.225 g/t gold, 5.7 g/t silver (South Jabali; Target 3; Surface)
• 0.5 m @ 2.18 g/t gold, 100 g/t silver (North Jabali; Target 3; Surface)
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Figure 6 Targets 3 and 6 areas with new channel sample assay results for Target 3 area which is being prepared for maiden drill
program via addition of a third drill rig
Drilling at Target 5 has commenced, focusing on numerous northwest-trending vein systems, including
those at the historic Apomal Mine . To date, nine drill holes have been successfully completed with
assays pending. Early indications from the program are encouraging which, coupled with the widespread
high-grade surface and historic mine samples, support the potential for a significant area of
mineralisation in this highly prospective zone at a lower elevation in the district.
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+
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• 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
Table 1 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 + ((silver grade/70) x (silver 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.