Mithril Accelerates Exploration with New Drilling at Target 5 and Ongoing Expansion at Target 1
Executive Summary
- Mithril Silver and Gold Ltd. is fully funded to drill an additional 45,000 m over the next 12‑14 months, with a third drill rig slated for early 2026.
- New high‑grade intercepts were reported from multiple targets, notably:
- Target 1 – La Soledad (East): 3.30 m @ 8.63 g/t Au and 41.2 g/t Ag; 0.50 m @ 48.85 g/t Au and 91.55 g/t Ag.
- Target 1 – Zaragoza (South): 0.57 m @ 6.4 g/t Au and 4,400 g/t Ag at ~342 m depth, confirming deep‑grade potential.
- Drilling commenced at Target 5 (Apomal historic mine) with three holes completed; assays are pending.
- The program underpins a district‑scale gold‑silver system with over 1.2 km surface strike and 1.5 km across‑strike exposure, supporting the potential to expand the existing JORC resource.
Key Details
- Funding & Schedule
- Fully funded for 45,000 m of drilling; preparations to add a third drill rig in Q1 2026.
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Aeromagnetic survey planned for Q4 2025 (post‑wet season).
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Target 5 – Apomal Historic Mine
- First three holes completed in an initial 5,000 m program; drilling down‑dip and along strike of historic workings.
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Early indications are encouraging; assay results to be released later.
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Target 1 – La Soledad (East) Intercepts
- Hole MTH‑LS25‑36: 3.30 m @ 8.63 g/t Au, 41.24 g/t Ag from 169.7 m depth.
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Included high‑grade sub‑interval: 0.50 m @ 48.85 g/t Au, 91.55 g/t Ag (duplicate samples averaged).
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Target 1 – Zaragoza (South) Intercepts
- Hole MTH‑ZG25‑37: 0.57 m @ 6.4 g/t Au, 4,400 g/t Ag from 342.4 m depth.
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Second interval: 0.66 m @ 3.49 g/t Au, 127 g/t Ag from 389.1 m depth.
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Target 1 – Refugio West
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Step‑out drilling underway 250 m west of the maiden resource area, targeting extension toward El Gallo (≈900 m further west).
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Target 3 – Pre‑Drilling Work
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Systematic mapping and sampling continue to define drill targets ahead of a maiden program slated for later in 2025.
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Resource Context
- Existing JORC resource (Nov 2021) – Indicated: 691 kt @ 5.43 g/t Au, 114 g/t Ag (121 koz Au, 2,538 koz Ag).
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Inferred: 1,725 kt @ 4.55 g/t Au, 152 g/t Ag (252 koz Au, 8,414 koz Ag).
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Option to Acquire Concessions
- Exclusive option to purchase 100 % of Copalquin concessions for US$10 M exercisable any time before 7 Aug 2028.
Notable Quotes
“Our exploration program continues to advance across the district, expanding the Target 1 resource area, drilling new zones and developing additional targets through systematic mapping and sampling.” – John Skeet, Managing Director & CEO
All technical data are presented as reported by Mithril Silver and Gold Ltd. in its August 28 2025 news release.