Key highlights

  • Mithril Silver and Gold Ltd (ASX:MTH) shares touched a 52-week low during the 19 October 2026 session and closed at $0.19, down 9.52%.
  • A 27 August 2026 release reports drilling at the historic Copalquin mine area, including 11.70 m at 456 g/t silver equivalent in hole CO26-001.
  • Mineralisation is now confirmed over about 550 m of strike and 200 m vertically, and the company plans 25,000 m of drilling in 2026.

Mithril Silver and Gold Ltd (ASX:MTH; TSXV: MSG; OTCQB: MTIRF) is an exploration company focused on the Copalquin and La Dura gold-silver properties in Durango State, Mexico. On 19 October 2026, the shares touched a 52-week low during the Trading session and closed at $0.19, down 9.52%. In a release dated 27 August 2026, the company reported results from its first systematic drilling in the Copalquin-Zaragoza Structure at Target 4, the historic Copalquin mine area.

Drill results

Hole CO26-001 returned 11.70 metres at 456 g/t silver equivalent (1.06 g/t gold and 381 g/t silver) from 22.0 metres, including 3.40 metres at 1,239 g/t from 28.4 metres and 0.60 metres at 3,877 g/t from 31.2 metres. Hole CO26-002 returned 13.95 metres at 387 g/t (1.76 g/t gold and 264 g/t silver) from 88.85 metres, including one metre at 1,747 g/t. Hole CO26-003 returned 6.50 metres at 320 g/t from 93.4 metres, including 0.80 metres at 1,890 g/t.

Silver equivalent figures are calculated at US$3,300 an ounce for gold and US$50 an ounce for silver, with assumed recoveries of 96% for gold and 91% for silver. The company says the new holes show higher silver than the first holes drilled in the area in June 2024, such as 5.66 metres at 2.58 g/t gold and 230 g/t silver in CDH-152.

Extent of the structure

The company states that drilling has now confirmed mineralisation over about 550 metres of strike and 200 metres vertically, and that it remains open along strike and down dip. The projected vein is untested for about 400 metres to the north-west, towards the El Refugio area at Target 1, and for about 600 metres to the south-east, towards the historic San Manuel workings. The Copalquin-Zaragoza Structure could extend for a total of about 1.5 kilometres, and the release compares the new results with a 0.57-metre intercept at Zaragoza of 6.40 g/t gold and 4,400 g/t silver. Drilling has restarted at Target 4 to test the south-east.

Program, resource and property terms

Mithril plans 25,000 metres of drilling across the Copalquin district in 2026, with 13 target areas of which six are high priority. An upgraded Target 1 resource, effective 29 June 2026, comprises 3.391 million tonnes of Indicated resource at 3.15 g/t gold and 77.8 g/t silver (4.26 g/t gold equivalent, about 464,000 ounces gold equivalent) and 1.436 million tonnes of Inferred resource at 3.28 g/t gold equivalent (about 151,000 ounces). The company holds an exclusive option to acquire 100% of the Copalquin concessions, which cover 70 km², by paying US$10 million on or before 7 August 2028. It also owns the 20 km² La Dura property.

Sector backdrop

Across the market on 19 October 2026, the benchmark index moved higher. The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. Sector performance was mixed: Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%; Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

The intercepts are from three holes, and the company is still working to determine grade continuity within the structure. Silver equivalent grades depend on assumed metal prices and recoveries, and a handful of very high-grade samples sit within wider, lower-grade intervals. The projected extensions are untested.

The Copalquin concessions are held under an option rather than owned, with US$10 million due by August 2028. A drilling program of 25,000 metres requires funding that the release does not describe, and Mexican exploration is subject to permitting, community and security conditions that the release does not detail.

What’s next

Drilling has recommenced at Target 4 to test the south-east extension. The company will continue its 2026 program, advance the high-priority targets and work to define continuity between Copalquin and Zaragoza.