Mithril Silver and Gold (ASX: MTH) reported continued exploration success across its Copalquin and La Dura projects in Mexico during the December 2025 quarter as drilling, mapping, and geophysics reinforced the scale of the district.
The company confirmed Copalquin as a large, vertically extensive epithermal gold–silver system with mineralisation defined over 9 kilometres of strike and 1,200 metres of vertical extent within the 70 sq km concession area.
Ongoing drilling at the Refugio–La Soledad area continued to expand and infill the existing Target 1 mineral resource while also supporting development of a more robust and predictive geological model.
Recent intercepts extended the Target 1 strike length by more than 30%, with mineralisation remaining open at depth, to the west toward El Gallo and along the northwest extension of the La Soledad structure.
A 3,000m infill drill program is underway to support an updated mineral resource estimate planned for the June quarter.
Silver-Rich Target 5 Emerges
Maiden drilling at the Apomal–Candelaria area intersected high-grade silver equivalent mineralisation, validating Target 5 as a distinct growth opportunity separate from the main gold-dominant corridor at Target 1.
Surface and channel sampling from historical workings also returned very high silver and gold grades, while drilling to date has tested only a small proportion of the mapped vein system.
Mapping and sampling at the El Jabali–Guadalupe area defined a coherent new target adjacent to rhyolite domes on the eastern side of the Copalquin system.
Channel sampling returned high-grade gold and silver results, and a maiden drill program commenced at Target 3 in January 2026 following the end of the quarter.
Integrated geological, spectral, and petrographic work confirmed a dominant east–west mineralised corridor with cross-cutting northwest feeder structures and vertically zoned gold and silver mineralisation across the district.
La Dura Acquisition Adds Scale
During the quarter, Mithril acquired the La Dura mining concessions located 20km from Copalquin, adding a further 2,052 hectares of prospective ground.
The project hosts a gold–silver vein system exposed over 650m of strike and historically mined to around 140m depth, with mineralisation associated with northwest-trending faults in volcanic rocks.
LiDAR surveying has been completed and an aerial magnetic survey is planned to support property-scale mapping and drill target generation.
Mithril ended the December 2025 quarter with A$14.1 million in cash and no debt, while exploration expenditure for the quarter totalled A$3.88m and was focused entirely on advancing the Copalquin District.
With multiple drill programs underway and further geophysical results pending, the company is positioned to pursue aggressive district-scale exploration milestones throughout 2026.
