Mithril Gives Exploration Update Including Channel Sample Results up to 4,520 G/T Silver, and 38.2 G/T GOLD as Expansion of the District Continues at Copalquin, Mexico
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MITHRIL GIVES EXPLORATION UPDATE INCLUDING CHANNEL SAMPLE
RESULTS UP TO 4,520 G/T SILVER, AND 38.2 G/T GOLD AS EXPANSION OF THE
DISTRICT CONTINUES AT COPALQUIN, MEXICO
Melbourne, Australia and Vancouver, Canada – December 1, 2025 - Mithril Silver and Gold Limited
("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide an exploration
update over multiple targets at the district scale Copalquin property, Durango State, Mexico.
• Channel sampling across multiple district targets continues to deliver high-grade gold and silver
with highlights including:
o 0.50 m @ 16.8 g/t gold, 625 g/t silver (Target 1 West – El Gallo)
o 0.65 m @ 16.0 g/t gold, 284 g/t silver (Target 3 – El Jabali)
o 0.60 m @ 38.3 g/t gold, 4,520 g/t silver (Target 5 - Candelaria)
• Ongoing petrographic work is confirming Mithril’s district scale model for the Copalquin
epithermal system which has a vertical mineralised extent of over 1,200m.
• This work is vectoring into potential feeder zones at Target 1, around Refugio West drill holes MTH-
RE25-044 and 045 (7.20 m @ 2.78 g/t gold, 148 g/t silver plus 2.80 m @ 3.97 g/t gold, 208 g/t
silver and 8.03 m @ 7.19 g/t gold, 260 g/t silver respectively)1, and around Target 1 South drill
hole MTH-ZG25-037 (0.57 m @ 6.80 g/t gold and 4,400 g/t silver)2, both of which are interpreted
to lie along the same northwest trending structure (the Copalquin Structure).
• Target 1 resource update drilling continued, successfully expanding mineralisation to the west
and providing valuable input into the Target 1 geology model that is now robust and predictive.
• Target 5 drilling , mapping and channel sampling results continue to expand this highly
prospective area in the southwest of the district. A further 8 drill holes have been complete d at
Target 5 with assays pending.
• Target 3 is ready for the first phase of drilling, commencing early January 2026. Target 3 includes
several high-grade historic workings including the El Jabali underground mine.
“Copalquin continues to demonstrate its exceptional scale and continuity,” commented John Skeet,
Managing Director & CEO . “High-grade results from multiple targets across 9 kilometres with more
than a kilometre of vertical extent, confirm we are advancing a large, district scale epithermal gold -
silver system.
Our detailed study of the recent high -grade intercepts at Refugio West , Zaragoza and Target 5
(Apomal) validate the deeper plumbing of a large, vertically extensive epithermal system. This
supports our modelling and demonstrates the true scale and potential of the Copalquin district. With
the upcoming Target 1 resource update, Target 5 expanding and Target 3 drill -ready, we are
systematically defining a high -grade, multi -target gold-silver district. Throughout 2025 we have
completed the detailed groundwork ahead of a fully funded exploration program in 2026, which
includes 25,000 metres of drilling in the first 6 months.”
1 See ASX announcement 16 Oct. 2025, 300 Metre T1 Extension -10.9 G/T AUEQ over 8.03m
2 See ASX announcement 28 Aug. 2025 MTH ACCELERATES EXPLORATION WITH NEW DRILLING AT TARGET 5
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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) 3 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.
Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.
3 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
Drilling
Drilling continues at Copalquin at Targets 1 and 5, with work at Target 1 focused on expanding
mineralization in the Refugio West area. Defining the geometry of the Refugio structure and its
relationship to post mineral dykes and sills remains critical for refining the exploration model.
Drilling at Target 5 continues to test continuous high grade quartz veins traced for more than 1.2 km along
surface and from underground workings (Figure 5). Upcoming holes will focus on the Tasolera workings,
located roughly 500 m southeast along strike from Apomal (Figure 5).
Channel Sampling
Channel sampling at the Copalquin Project continues to deliver strong results from both surface and
underground workings, reinforcing the continuity and grade potential of the district’s principal vein
systems. Recent channels consistently report high grad e gold and silver values along well -developed
structures, confirming that mineralization is both laterally and vertically extensive (8 km and 1.2 km,
respectively) across the project area. These results strengthen confidence in the modelled geometry of
the Refugio, Soledad, Zaragoza, and related veins, and they validate ongoing exploration aimed at
expanding known mineralized zones and identifying additional high -grade shoots along strike and at
depth.
Target 1
Gold and silver samples from the Guacima Mine and the El Gallo area, located approximately 500 and
950 meters west of mineralized drillholes MTH -RE25-44 and 45, respectively, confirm the presence of
additional mineralized structures that extend the broader footprint of the Copalquin system Figure 4.
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Surface samples collected to the southeast of the Copalquin structure returned grades up to 1 g/t gold
and 770 g/t silver. The Copalquin structure, tested to date in the Zaragoza and Copalquin areas, remains
open down dip and along strike to both the north west and southeast. At Zaragoza, drillhole MTH -ZG25-
037 intersected 0.57 m grading 6.80 g/t gold and 4,400 g/t silver , an interval interpreted to lie on the
same northwest trending Copalquin Structure (Figure 8).
Additionally, several samples have returned promising results from a 1.2 m wide , banded quartz vein
located 650 m north of Los Reyes and 650 m northeast of La Soledad with up to 2 g/t Au and 201 g/t Ag.
Target 3
Underground sampling at Jabali continues to yield excellent results from historic workings. Samples from
a previously unsampled working have returned up to 15.95 g/t Au and 1275 g/t Ag over a 0.65 m interval.
These samples further highlight the prospective nature of Target 3.
Target 5
Underground and surface sampling from the San Miguel Mine, located 550 m southeast of Tasolera and
1.2 km southeast along trend from the Apomal vein system, has returned several high-grade silver assays
and anomalous to locally high -grade gold values. These samples display Ag:Au ratios characteristic of
Target 5, commonly greater than 100:1. Although most samples contain low to moderate gold, one 0.60
m interval returned 38.3 g/t Au and 4,520 g/t Ag . These results are consistent with the very high -grade
samples collected at Apomal and Tasolera, underscoring the continuity and strength of mineralization
across Target 5.
Table 1 Highlights of surface and underground sample assay results
Sample Easting
(m)
Northing
(m)
Elevation
(m)
Surface/
UG Location Width
(m)
Au
(g/t)
Ag
(g/t)
Cu
(g/t)
Pb
(g/t)
Zn
(g/t)
815820 287880 2822314 720 Surface Los Martires 0.90 0.8 106 28 482 332
815826 287526 2821913 749 Surface El Limon 0.50 2.53 501 116 205 130
815832 287126 2821566 724 Surface El Limon 0.30 0.643 59.6 8 23 29
815834 287099 2821670 721 Surface El Limon 1.00 0.668 25.7 36 11 49
815839 287650 2823707 979 Surface El Platano 0.80 3.55 77 123 1120 35
815843 287627 2823692 980 Surface El Platano 0.73 1.04 48 36 47 25
815772 287843 2822716 766 Surface Apomal 0.50 16.8 625 98 240 164
815869 288132 2823629 995 Surface La Guacima 1.00 0.477 46.5 21 76 57
815873 288130 2823631 996 Surface La Guacima 0.50 3.01 198 13 105 81
815896 287663 2822032 808 Surface Camino El Limon 0.60 0.617 136 62 5180 796
815897 287646 2822082 820 Surface Camino El Limon 0.40 0.875 179 31 2080 281
815898 287615 2822234 835 Surface Camino El Limon 1.10 0.873 149 41 135 182
815899 287616 2822235 835 Surface Camino El Limon 0.50 0.558 85.6 40 155 144
815885 288724 2821914 923 Surface Candelaria Working 0.60 0.216 320 74 2080 259
815886 288635 2821817 874 Underground San Miguel Mine 0.75 1.71 314 208 339 277
815887 288634 2821817 874 Underground San Miguel Mine 0.75 0.357 67.9 143 194 183
815888 288632 2821819 874 Underground San Miguel Mine 0.60 1.23 335 92 152 134
815889 288631 2821818 874 Underground San Miguel Mine 0.55 0.606 67.8 133 223 220
815891 288627 2821820 876 Underground San Miguel Mine 0.60 38.3 4520 1945 4460 523
815892 288625 2821822 878 Underground San Miguel Mine 0.60 0.482 77.4 546 415 143
815893 288621 2821823 878 Underground San Miguel Mine 0.60 0.624 59.5 196 499 188
815894 288617 2821825 880 Surface San Miguel Mine 0.65 1.055 123 43 96 75
815895 288616 2821825 880 Surface San Miguel Mine 0.55 0.97 295 182 339 114
814734 292487 2824820 1460 Surface Jabali mine II 0.65 15.95 1275 50 17 42
814735 292487 2824820 1460 Surface Jabali mine II 0.55 0.998 641 43 12 45
814739 292450 2824837 1458 Underground Jabali mine II 1.15 4.59 396 51 20 34
814741 292454 2824840 1458 Underground Jabali mine II 0.75 6.54 157 36 17 58
814743 292466 2824837 1442 Underground Jabali mine I 1.00 2.52 126 29 18 20
814744 292466 2824837 1442 Underground Jabali mine I 1.00 2.69 55.9 30 13 38
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Sample Easting
(m)
Northing
(m)
Elevation
(m)
Surface/
UG Location Width
(m)
Au
(g/t)
Ag
(g/t)
Cu
(g/t)
Pb
(g/t)
Zn
(g/t)
814749 292508 2824820 1442 Underground Jabali mine I 0.65 0.854 50.2 6 21 26
814852 292508 2824814 1442 Underground Jabali mine I 0.60 2.01 201 9 9 21
814853 292508 2824814 1442 Underground Jabali mine I 0.60 1.995 119 34 50 56
814854 292510 2824802 1442 Underground Jabali mine I 0.50 1.475 19.4 15 17 20
814855 292512 2824792 1442 Surface Jabali mine I 0.50 2.62 6.9 14 47 47
814768 290269 2823165 880 Surface Copalquin East 0.80 1.01 770 2730 209 729
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
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Figure 4 Target 1 channel sampling results. Mineralization of the Refugio structure to the west towards the Guacima
Mine and La Soledad
Figure 5 Target 5 channel sampling results. Several NW trending structures with underground workings with strike
lengths over 1 km with high-grade channel sampling
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Figure 6 Channel sampling results at the historic El Jabali underground mine in Target 3 where first drilling
will commence early January 2026
Figure 7 Channel sampling north of the Target 1 resource drilling area
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Figure 8 Sampling along the Copalquin Structure at the historic workings of Zaragoza and Copalquin 800-900 metres
southeast of the Target 1 resource area