Mithril Silver And Gold September 2026 Quarterly Report Target 4 Emerges As The Next Potential Resource Area And Target 1 Scoping Study/Pea Commenced
Mithril’s Copalquin Target 4 drilling yielded high-grade silver-gold, prompting the launch of a scoping study for the project.
Mithril Silver and Gold Limited (MSG) reported its September 2026 quarterly results, highlighting high-grade silver-gold intercepts from the first systematic drilling of the Copalquin-Zaragoza Structure at Target 4. Target 4 confirmed mineralization over a 550-meter strike length and 200 meters vertically, with notable intercepts including:
- 11.70 m @ 456 g/t AgEq
- 0.60 m @ 3,877 g/t AgEq
The company announced the commencement of a Scoping Study/Preliminary Economic Assessment (PEA) for Target 1, building on the June 2026 upgraded Mineral Resource Estimate (MRE) where 75% of the resource is classified as Indicated.
Cash balance decreased to A$4.1 million as of September 30, 2026, from A$7.3 million at June 30, 2026. The company remains debt-free. Exploration expenditure for the quarter was A$2.58 million. Mexican VAT refunds of MXN3.5M (~A$270k) were received.
4,258,700 unlisted options expired unexercised on September 5, 2026.
Mithril Silver and Gold Limited (MSG) released a routine quarterly update following the August 27, 2026 announcement of Target 4 drilling results and the June 30, 2026 MRE upgrade. The commencement of the Target 1 Scoping Study/PEA represents a logical and anticipated next step given the upgraded resource base and management's prior guidance.
The Target 4 results reinforce the district-scale epithermal model but do not represent a fundamentally new discovery; they extend the known corridor first highlighted in August.
The company’s cash balance declined from A$7.3M to A$4.1M over one quarter. At a burn rate of ~A$2.5M-$3.0M per quarter, the company has approximately 1.5 to 2 quarters of runway before requiring additional capital. No financing announcement accompanies this release, which introduces near-term dilution risk.
Mithril Silver and Gold Limited (MSG) is an exploration-stage company focused on the Copalquin District in Durango, Mexico. The company’s flagship project, the Copalquin District, covers approximately 70 km² and hosts over 100 historic underground mines. The project is characterized by a large, vertically extensive low-sulfidation epithermal silver-gold system that extends more than 1.2 km.
The primary near-term development target is El Refugio-La Soledad. A Mineral Resource Estimate (MRE) reported in June 2026 identified 3,391 kt of Indicated resources grading 3.15 g/t Au and 77.8 g/t Ag, containing 343 koz Au and 8,479 koz Ag, alongside 1,436 kt of Inferred resources. This resource is constrained within underground mining shapes designed for Long Hole Open Stoping with 92% recovery.
Other key targets include the Copalquin-Zaragoza Structure, where high-grade silver-gold mineralization has been confirmed over a 550-meter strike length and remains open for expansion in both directions. At La Maquina, maiden drilling has returned high-grade intercepts, extending the discovery 150 meters to the northwest. Additionally, the company has acquired a new option on the La Dura Property, a 2,052 ha site located approximately 20 km from Copalquin. LiDAR surveys have identified a 1.5 km structural corridor and historic workings at La Dura, with maiden drilling planned for early 2027.