Mithril Silver and Gold Ltd (ASX:MTH) says maiden drilling at Target 5 has confirmed a large, silver-rich target in the south-west of its district-scale Copalquin Silver-Gold Project in Durango State, Mexico.
The company reported high-grade silver and gold mineralisation within a series of northwest-trending banded quartz veins hosted in granodiorite, across an area extending 3.2 kilometres from El Gallo to Guamuchilito and 3.0 kilometres from El Jarillal to the Zaragoza workings (9.6 km²).
Mithril’s Copalquin and La Dura property locations in Durango State, Mexico.
Apomal strike zone and Tasolera alteration highlight follow-up targets
At the Apomal workings, drilling has defined a mineralised zone over 350 metres of strike. At Tasolera to the south-east, Mithril intersected a 70 metre-thick alteration zone containing elevated silver and base metals, which the company linked to a major shear zone and interpreted as evidence of significant hydrothermal fluid flow.
Further along trend, channel sampling at Candelaria returned 0.6 metres at 38.3 grams per tonne (g/t) gold and 4,520 g/t silver, supporting a mineralised corridor of about 1.5 kilometres within the broader Target 5 area.
“Copalquin continues to develop as a large epithermal silver–gold system, with high-grade mineralisation now confirmed across multiple targets,” John Skeet, managing director and CEO of Mithril said.
“Resource drilling at Target 1, high-grade discoveries at Target 5, and the commencement of drilling at Target 3 demonstrate the scale and growth potential of the district. Alteration intensity, structural controls and geochemical vectors all point to a major hydrothermal system with significant expansion upside.
Our strategy is to progress Target 1 to a future development, advance Targets 3 and 5 to additional resources, while testing the district defining targets of this large epithermal silver-gold system, demonstrating further resource upside potential. Detailed work programs for 2026 are being finalised utilising the data from the recent aerial magnetic survey and vein study work.”
Drill highlights include 2.75 metres at 660 g/t AgEq
Mithril’s reported Target 5 drill intercepts to date (including previously released results) include:
- 2.75 metres at 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 metres in AP25-003, including 1.0 metres at 1,714 g/t AgEq
- 3.35 metres at 366 g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 metres in AP25-005, including 1.05 metres at 1,146 g/t AgEq
- 1.25 metres at 728 g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 metres in AP25-006, plus additional AgEq intercepts reported in the same hole
The company said follow-up drilling at Target 5 will target known high-grade zones and incorporate results from a completed aerial magnetic survey over the southern half of the Copalquin concession area, with the final report pending.
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).
District-wide work: magnetic survey, Target 1 resource drilling, Target 3 start
Mithril said an aerial magnetic survey has been completed over Copalquin and is now in progress over the nearby 20 km² La Dura property, alongside mapping, sampling and other datasets intended to refine drilling plans and structural feeder targets.
The company also reported Phase IV drilling at Target 1 (about 3,000m) has started to support a resource update, with the resource extended 300 m west and still open in that direction, and open down-dip to the east. Maiden drilling has also commenced at Target 3, with early intercepts of quartz vein structures at predicted depths.
2026 program: up to 25,000 m in first 6–8 months
Mithril said it is planning an aggressive 2026 exploration program, targeting up to 25,000 m of drilling across the Copalquin District in the first 6–8 months, focused on expanding known zones, testing new targets and integrating district-scale geophysical data.