Highlights

  • High-grade silver-gold mineralisation at Target 4 was extended to 700m of strike, up from 550m.
  • Hole CO26-009 returned 0.50m at 3.11 g/t Au and 1,520 g/t Ag.
  • Channel sampling around the historical San Manuel mine returned up to 16.55 g/t Au and 616 g/t Ag.
  • A Scoping Study for Target 1 is targeted for early 2027.

Mithril Silver and Gold Limited (ASX:MTH) has reported new drilling and surface sampling results from Target 4 at its Copalquin property in Durango State, Mexico. The company described Target 4 as a potential next resource growth area.

Target 4 Drilling Results

Drilling extended high-grade silver-gold mineralisation along the Copalquin-Zaragoza structure to 700m of strike. Results included 1.15m at 2.76 g/t Au and 855 g/t Ag from 104.75m in CO26-006, and 0.50m at 3.11 g/t Au and 1,520 g/t Ag from 154.50m in CO26-009.

The mineralisation occurs in two sub-parallel veins about 10 to 15m apart. The structure remains open for about 400m northwest toward Target 1 and about 400m southeast toward San Manuel.

San Manuel Exploration

New 1:1000 scale mapping covered an additional 80 hectares around San Manuel, the second-largest historical producer in the Copalquin district. Of 135 channel samples, more than 50 returned grades above 1 g/t AuEq.

Key results included 0.60m at 16.55 g/t Au and 616 g/t Ag at Mina del Aire, and 0.8m at 10.4 g/t Au and 422 g/t Ag at Mina Larga. The San Manuel structure extends over 500m north to south.

Resource Base and Next Steps

Target 1 hosts a Mineral Resource of 464 koz AuEq Indicated and 151 koz AuEq Inferred, and a Scoping Study is targeted for early 2027. Two drills are active, with 24,181m drilled against a 25,000m budget for 2026, and assays are pending for eight holes.

Managing Director and CEO John Skeet highlighted the growing potential of Target 4. Next steps include step-out drilling toward Refugio and San Manuel. Mithril holds an option to buy 100% of the Copalquin concessions for US$10M by August 2028.

Key Takeaways

  • Target 4 mineralisation now extends 700m and remains open in both directions.
  • San Manuel sampling points to a gold-dominant system.
  • Target 1 resource work is progressing toward a Scoping Study in early 2027.
  • Further assays are pending from eight holes.