Mithril Silver & Gold Kicks Off Maiden Drill Programme At Target 3, In The Multi-Target Copalquin Gold-Silver District
Mithril pivots to district-scale expansion as Target 1 resource update looms in Q1 2026.
The most recent news release (January 15, 2026) announces the commencement of a 3,300-metre maiden drill program at Target 3 (El Jabali workings) within the Copalquin District in Mexico. This area has shown high-grade historic channel samples of up to 16 g/t gold and 1,275 g/t silver. Furthermore, the company confirmed that drilling is continuing at Target 1 and Target 5, with a total of 25,000 metres planned for the first half of 2026. A drone magnetic survey is also scheduled for January 2026 to cover the newly acquired La Dura concessions.
The news is positive as it confirms management is executing on its aggressive 2026 exploration timeline. Target 3 represents one of the final major untested historic workings in the southern district. The mobilization of multiple rigs across Targets 1, 3, and 5 indicates a transition from simple resource definition to multi-target district expansion. However, the materiality is "Routine" because it is an operational update (drilling commencement) rather than a results-based discovery. The real material impact will depend on the assay results from this maiden program and the upcoming Target 1 mineral resource estimate (MRE) update.
Mithril Silver and Gold is focused on the 70 km2 Copalquin District in Durango, Mexico. The flagship Target 1 (El Refugio-La Soledad) currently hosts a maiden JORC resource of 529,000 oz AuEq at 6.81 g/t AuEq. The project is situated in the Sierra Madre Gold-Silver Trend and features over 100 historic underground mines. Metallurgy is a key strength, with projected recoveries of 96% for gold and 91% for silver.