Maiden exploration by Mithril Silver and Gold (ASX: MTH) at Target 5 within its Copalquin property in Mexico has confirmed a large area of silver-rich mineralisation in the southwest of the district.
High-grade silver and gold has been identified within a series of northwest-trending banded quartz veins across an area of 9.6 square kilometres, extending 3.2km from the El Gallo target in the northwest to Guamuchilito in the southeast and 3km from El Jarillal in the southwest to the Zaragoza workings in the northeast.
Drilling at the Apomal workings defined a mineralised zone over 350 metres of strike length, while the historical Tasolera mine to the southeast unveiled a 70m-thick alteration zone containing elevated silver and base metal values.
Further along trend to the southeast, recent ++channel sampling at the Candelaria workings++ returned a best result of 0.6m at 38.3 grams per tonne gold and 4,520g/t silver, indicating a mineralised corridor of 1.5km within this 9.6 sq km target area.
Highlight Target 5 Assays
Best assays to date from the Target 5 maiden program have been 2.75m at 660g/t silver equivalent (AgEq) (2.28g/t gold and 500g/t silver) from 93.6m including 1m at 1714g/t AgEq (5.8g/t gold and 1308g/t silver) from 94.7m, and 3.35m at 366g/t AgEq (1.71g/t gold and 246g/t silver) from 90.15m including 1.05m at 1146g/t AgEq (5.35g/t gold and 771g/t silver) from 92.45m.
Other hits included 1.25m at 728g/t AgEq (4.55g/t gold and 409g/t silver) from 119.2m plus 0.9m at 616g/t AgEq (2.41g/t gold and 447g/t silver) from 138.1m plus 0.8m at 427g/t AgEq (1.51g/t gold and 321g/t silver) from 149.5m, and 0.5m at 443g/t AgEq (0.45g/t gold and 411g/t silver) from 241.3m (plus 3.4% lead and 1.7% zinc).
Continued drilling at Target 5 will focus on known zones of high-grade mineralisation with a view to defining additional resource tonnes and will be based on the results of a recent aeromagnetic survey over the Copalquin district.
Target 1 Drilling Underway
Mithril has commenced a 3,000m Phase IV drilling campaign at Copalquin Target 1, extending the resource 300m to the west and confirming it is open in that direction and also down-dip to the east.
A number of holes have been planned to cover internal gaps within the current block model, with samples from drill core produced to date selected for metallurgical testing to confirm previous high gold and silver recoveries.
Mithril has planned an aggressive exploration program for 2026 across the Copalquin district, with up to 25,000m of drilling focused on expanding known mineralised zones, testing new high-priority targets, and integrating district-wide geophysical data.
The district features over 100 historical underground workings (including several multi-level mines) and 200 small surface workings.
Large Silver-Gold System
Managing director John Skeet said Copalquin was shaping up to be a large epithermal silver-gold system, with high-grade mineralisation now confirmed across multiple targets.
“Resource drilling at Target 1, high-grade discoveries at Target 5, and the ++start of drilling at Target 3++ demonstrate the scale and growth potential of this district where alteration intensity, structural controls, and geochemical vectors all point to a major hydrothermal system,” he said.
“Our strategy is to progress Target 1 to a future development and advance Targets 3 and 5 to additional resources, while testing the district-defining targets of this large epithermal silver-gold system and demonstrating further resource upside potential.”
Mithril has recently added the nearby brownfield ++La Dura property++ to its portfolio, which came with a database of mapping, sampling and drilling and several historical workings including the high-grade, four-level La Dura mine.
The company is currently running an aerial magnetic survey over the area while it awaits results of a recent LiDAR survey.
