Mithril Silver and Gold (ASX:MTH) Drills 11.70m at 456 g/t AgEq, Extends Copalquin-Zaragoza Structure to 550m

Sonal Goyal

27 August 2026 02:04 PM AEST

Mithril Silver and Gold (ASX:MTH) Drills 11.70m at 456 g/t AgEq, Extends Copalquin-Zaragoza Structure to 550m

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Key Highlights

Drillhole CO26-001 returned 11.70m at 456 g/t AgEq, including 0.60m at 3,877 g/t AgEq, from the historic Copalquin Mine area at Target 4.
Mineralisation across the combined Copalquin-Zaragoza corridor has now been extended to a strike length of 550 metres and 200 metres vertically.
Drillhole CO26-002 intersected 13.95m at 387 g/t AgEq, including 1.00m at 1,747 g/t AgEq, while CO26-003 returned 6.50m at 320 g/t AgEq.
The projected vein remains untested 400 metres to the northwest towards Target 1 (Refugio) and 600 metres to the southeast towards Target 4 (San Manuel).

Mithril Silver and Gold Limited (TSXV:MSG) (ASX:MTH) (OTCQB:MTIRF) share price was trading at $0.26, down 1.89% or $0.0050 on the day, as at 27 August 2026, 12:13pm AEST, as the company reported details of significant progress at its district-scale Copalquin property in Durango State, Mexico. Recent drilling at the historic Copalquin Mine area at Target 4 returned wide, high-grade and near-surface silver and gold mineralisation, with substantially elevated silver values reported across multiple holes.

Drillhole CO26-001 returned 11.70 metres at 456 g/t silver equivalent, comprising 1.06 g/t gold and 381 g/t silver, from 22.0 metres, including a higher-grade interval of 3.40 metres at 1,239 g/t AgEq from 28.4 metres, which itself included 0.60 metres at 3,877 g/t AgEq, comprising 4.81 g/t gold and 3,540 g/t silver, from 31.2 metres.

Additional High-Grade Results Across Multiple Holes

Drillhole CO26-002 intersected 13.95 metres at 387 g/t AgEq, comprising 1.76 g/t gold and 264 g/t silver, from 88.85 metres, including 1.00 metre at 1,747 g/t AgEq, comprising 7.03 g/t gold and 1,255 g/t silver, from 97 metres. Drillhole CO26-003 returned 6.50 metres at 320 g/t AgEq, comprising 0.22 g/t gold and 305 g/t silver, from 93.4 metres, including 0.80 metres at 1,890 g/t AgEq, comprising 1.07 g/t gold and 1,815 g/t silver, from 97 metres.

The company said this latest drilling includes higher silver grades and builds on successful results from June 2024, when the first drill holes in this area returned intercepts including 5.66 metres with 2.58 g/t gold and 230 g/t silver from 18.5 metres in drill hole CDH-152. At the time, the geology of the area was not well understood.

Structure Extended to 550 Metres of Strike

Combined with high-grade results further along strike at Zaragoza, including 0.57 metres with 6.40 g/t gold and 4,400 g/t silver from 342.4 metres in drill hole MTH-ZG25-37, the company is working to determine grade continuity within the Copalquin-Zaragoza Structure, which has a potential total strike length of 1.5 kilometres. Drilling has now confirmed mineralisation over approximately 550 metres of strike length, and remains open for potential expansion both along strike and dip.

This growing zone is interpreted to form part of the Copalquin-Zaragoza Structure, a major northwest-trending geological feature that the company said may connect El Refugio at Target 1 with the historical San Manuel workings at Target 4 across the valley to the southeast.

Remaining Untested Strike Extent

The company noted that the projected vein remains untested 400 metres to the northwest towards Target 1 (Refugio) and 600 metres to the southeast towards Target 4 (San Manuel), indicating substantial additional strike length available for future drill testing beyond the currently confirmed 550-metre zone.

With mineralisation confirmed over 200 metres vertically as well as along strike, and the structure remaining open in multiple directions, the results represent an early but material step in defining the overall scale of the Copalquin-Zaragoza system relative to its interpreted 1.5-kilometre potential total strike length.

Conclusion

Mithril Silver and Gold's latest drilling results at Copalquin represent the first systematic drilling of the Copalquin-Zaragoza Structure at Target 4, returning wide, high-grade silver and gold intersections that extend confirmed mineralisation to 550 metres of strike and 200 metres vertically. With the projected vein remaining untested for 400 metres to the northwest and 600 metres to the southeast, and the broader structure interpreted to have a potential strike length of 1.5 kilometres connecting the Refugio and San Manuel target areas, the company's next drilling phases will be significant in determining how much of this broader structure can be shown to host comparable grades.

FAQs

Q: What was the standout drilling result reported by Mithril Silver and Gold?

A: Drillhole CO26-001 returned 11.70 metres at 456 g/t silver equivalent, including a very high-grade interval of 0.60 metres at 3,877 g/t AgEq comprising 4.81 g/t gold and 3,540 g/t silver.

Q: How far has the Copalquin-Zaragoza Structure been confirmed to extend?

A: Drilling has confirmed mineralisation over approximately 550 metres of strike length and 200 metres vertically, within a structure interpreted to have a potential total strike length of 1.5 kilometres.

Q: What targets remain untested along the structure?

A: The projected vein remains untested 400 metres to the northwest towards Target 1 (Refugio) and 600 metres to the southeast towards Target 4 (San Manuel).

Q: How does this drilling compare to earlier results in the area?

A: The latest drilling includes higher silver grades and builds on results from June 2024, when initial holes in the area, including CDH-152, returned 5.66 metres at 2.58 g/t gold and 230 g/t silver, at a time when the local geology was not well understood.

Q: What is the significance of the Copalquin-Zaragoza Structure to the broader project?

A: The structure is a major northwest-trending geological feature that may connect the El Refugio target area with the historical San Manuel workings across the valley, and is central to determining grade continuity across Mithril's district-scale Copalquin property.

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