Mithril Intercepts High-Grade Silver At Target 5 Returning 1,714 G/T AGEQ (5.8 G/T AU, 1,308 G/T AG) Over 1.0 M At The Copalquin District, Mexico
None
The November 4, 2025 news release announces the first drill results from the maiden program at Target 5 on the Copalquin project in Mexico. The headline intercept is a high-grade, silver-dominant hit of 1,714 g/t silver equivalent (AgEq), comprising 5.8 g/t gold (Au) and 1,308 g/t silver (Ag), over 1.0 metre.
The release provides assay results for the first eight of thirteen completed diamond drill holes. Management states that all eight holes returned "reportable mineralisation," confirming the strength of this new target. The CEO, John Skeet, noted this is an "excellent start" and that only five percent of the mapped veins at Target 5 have been tested to a shallow depth of 100 metres. Drilling is also commencing at the Tasolera mine area (part of Target 5) and continuing at Target 1 to test its western extension.
This news is materially positive as it provides the first subsurface confirmation of high-grade mineralization at Target 5, a previously undrilled area. The company has been building expectations for this target with strong surface sampling results over the past several months, and these initial drill results successfully validate the exploration concept.
- Confirmation of a New Discovery: The headline intercept of 1,714 g/t AgEq over 1.0 m confirms the presence of a high-grade epithermal system at Target 5. This is significant because it demonstrates the potential for multiple mineralized centers within the broader Copalquin district, beyond the existing resource at Target 1.
- Alignment with Expectations: The results are in line with, and in the case of the headline intercept, exceed what would be reasonably expected from a first-pass drill program on a new target. The consistent reporting of mineralization in all eight holes is a positive indicator of a widespread system.
- Critical View: While the headline number is impressive, it is over a narrow width of 1.0 metre. A review of the other reported intervals shows more modest grades (e.g., 4.5 g/t Au over 1.25m, 2.89 g/t Au over 1.3m), which are good but not spectacular. The key risk is whether the bonanza-grade intercept is an isolated high-grade shoot or representative of a larger, continuous zone. The company's statement about testing only 5% of the veins is typical forward-looking language from an explorer; the true potential will only be revealed with extensive follow-up drilling.
- Progression: This news marks a successful progression from surface sampling and target definition to a confirmed drill discovery. It follows the company's stated plan of systematically exploring new targets while expanding the known resource. The October 30 quarterly report noted 12 holes were completed at Target 5 with all assays pending, so this release delivers on that anticipated news flow.
Overall, the successful maiden drill program at Target 5 de-risks the target and adds significant discovery potential to the Copalquin project. It validates the exploration team's district-scale model and should be well-received by the market.
Mithril Silver and Gold Limited is a precious metals exploration company focused on its flagship Copalquin Gold-Silver District project in Durango State, Mexico. The project covers a 70 km² district with over 100 historic mines. The company's strategy is to systematically explore multiple targets across this district to demonstrate its potential to host several multi-million-ounce deposits.
The project has an existing JORC/NI 43-101 compliant maiden resource estimate at the Target 1 area (El Refugio-La Soledad) dated November 2021, containing 529,000 oz AuEq (Indicated & Inferred) at a high grade of 6.81 g/t AuEq. The company is currently engaged in a large, fully-funded 45,000-metre drill program aimed at expanding the Target 1 resource and making new discoveries at other high-priority targets like Target 5 and Target 3. The property is royalty-free, with Mithril holding an option to purchase 100% interest.