Mithril Drills 7.00 G/T Gold, 370 G/T Silver Over 9.65 M Including 30.7 G/T Gold, 1,780 G/T Silver Over 0.5 M At Target 1, Copalquin
Mithril drills bonanza-grade silver-gold at Refugio West, extending footprint 300m west before June resource update; stock hovers near year lows as funding overhang persists.
On May 12 2026, Mithril Silver and Gold reported further high-grade drill intercepts from Target 1 (El Refugio–La Soledad) at the Copalquin district, Mexico. Hole RE26‑009 returned 9.65 m grading 7.00 g/t Au and 370 g/t Ag, including a 0.5 m sub‑interval of 30.7 g/t Au and 1,780 g/t Ag. Other holes also cut notable widths and grades (e.g., RE26‑004: 3.45 m @ 12.09 g/t Au, 249 g/t Ag). The intercepts indicate an expansion of the mineralised resource footprint approximately 300 m west of the November 2021 Mineral Resource Estimate (MRE) boundary. An updated MRE for Target 1 is planned for release in late June 2026. The drilling is part of a broader 25,000 m programme across the district in H1 2026.
The results are genuinely positive and extend the known resource area at the company’s flagship Target 1. In the context of the prior news flow—which has consistently shown high‑grade intercepts across multiple new targets (Target 5, Target 2, Target 3, Target 6)—this release is not a first‑time discovery but an important confirmation of resource expansion. The 300 m westward step‑out and the bonanza‑grade sub‑interval (30.7 g/t Au, 1,780 g/t Ag over 0.5 m) are material because they directly increase the resource potential immediately ahead of an imminent MRE update. No new strategic investment, takeover, or change in financial position accompanies the news, so it does not qualify as a “Game Changer”. The stock price has been in a sustained downtrend, and despite the strong assays, the market may remain cautious about the company’s funding needs and the significant US$10 M buyout obligation due August 2028. Nevertheless, the technical data strengthen the case for a materially larger resource, which is the primary value driver. Positive, yet tempered by the overarching capital‑risk profile.
Mithril Silver and Gold Ltd. is a precious metals explorer focused on the Copalquin gold‑silver district in Durango State, Mexico. The district comprises a 70 km² concession with over 100 historic underground workings. The company holds an exclusive option to acquire 100% of the Copalquin concessions for US$10 M, exercisable any time before 7 August 2028. The flagship Target 1 (El Refugio–La Soledad) hosts a maiden JORC‑compliant resource (November 2021): Indicated 691 kt @ 5.43 g/t Au, 114 g/t Ag (121 koz Au, 2.54 Moz Ag) and Inferred 1,725 kt @ 4.55 g/t Au, 152 g/t Ag (252 koz Au, 8.41 Moz Ag). Recent drilling has identified at least five additional high‑grade targets across the district, including Target 5 (silver‑rich), Target 2 (Las Brujas), and Target 3 (El Jabali), indicating a vertically extensive epithermal system with a >1.2 km vertical range. The adjacent La Dura property (2,052 ha) was optioned in December 2025 for up to US$4 M, providing a second significant exploration front. The company is debt‑free but has a high exploration burn rate.