Mithril Confirms High-Grade and Widespread Silver and Gold at Target 3, Copalquin Project
“Copalquin’s high‑grade gold‑silver veins expand, bolstering the district‑scale play”
- On 9 Apr 2026 Mithril announced new drill intercepts from Targets 3, 5 and the La Maquina discovery within its Copalquin District (Durango, Mexico).
- Highlights include:
- JA26‑1002: 0.90 m @ 2.79 g/t Au / 151 g/t Ag
- JA26‑1004: 0.50 m @ 6.91 g/t Au / 475 g/t Ag
- MA26‑001: 0.85 m @ 6.20 g/t Au / 764 g/t Ag
- The company plans up to 25,000 m of drilling in H1 2026 to expand the district‑scale epithermal system and advance a resource upgrade at Target 1.
- No change to financing or capital structure was disclosed; the programme remains fully funded.
| Aspect | Prior expectation | 9 Apr 2026 outcome | Impact |
|---|---|---|---|
| Drill grades | Anticipated high‑grade zones at Targets 3 & 5 (based on earlier channel samples) | Confirmed with multiple >2 g/t Au and >150 g/t Ag intercepts, plus a 0.85 m @ 6.20 g/t Au zone | Positive – validates the district model and adds near‑term resource upside |
| Exploration programme | 25 k m planned for H1 2026 | Still on track; no delay reported | Neutral (routine) |
| Financing | Fully funded through prior private placements | No new financing needed | Neutral |
| Operational risk | Minor – previous incident (air‑gunfire) deemed isolated | No operational interruption reported | Neutral |
Overall, the drill results are new, unexpected in magnitude, and materially improve the geological picture. They reinforce confidence that Target 1’s resource upgrade will be supported by adjacent high‑grade zones, justifying a Material – Positive rating.
Mithril Silver & Gold Ltd. focuses on the Copalquin District in Durango, Mexico – a ~70 km² epithermal gold‑silver system with >100 historic underground workings. The flagship is Target 1 (El Refugio–La Soledad), currently a JORC‑compliant resource of 2.42 Mt @ 4.80 g/t Au and 141 g/t Ag (~837 koz AuEq). The company holds a 50 % beneficial interest with an exclusive option to acquire the remaining 50 % for US$10 M by 7 Aug 2028, after which a 2.5 % NSR would apply.