The final phase of drilling at the Target 1 deposit within Mithril Silver and Gold’s (ASX: MTH) district-scale Copalquin property in Mexico has confirmed high-grade mineralisation 300 metres west of the mineral resource estimate boundary.
Drilling of 13 holes for a total 4,383m across the resource footprint seeking to upgrade geological confidence has resulted in an overall confirmation of vein thickness and mineral continuity.
The program including portions of the near-surface Cometa, Refugio, and La Soledad vein systems within Target 1.
The highlight hit was 9.65m at 7 grams per tonne gold and 370g/t silver from 271.4m including 2.75m at 8.58g/t gold and 486g/t silver, 0.95m at 15.15g/t gold and 980g/t silver and 3.25m at 11.52g/t gold and 596g/t silver.
Other assays of note were 0.55m at 6.55g/t gold and 400g/t silver from 285.6m, along with 3.45m at 12.09g/t gold and 249g/t silver from 153.9m including 0.85m at 24.6g/t gold and 327g/t silver from 156m, and 16m at 0.59g/t gold and 41g/t silver from 78.15m including 0.65m at 3.48g/t gold and 258g/t silver from 91.2m.
Key Objectives Achieved
Mithril's vice-president of exploration James Barr said the company had successfully achieved its two key objectives.
“The first was to test along projected ore shoot trends for expansion potential of the mineralised footprint, and the second was to test areas within the existing mineral footprint to confirm trends and strengthen confidence in our geological model.”
“Our team remains focused on completing this important drilling campaign to upgrade and refine the Target 1 mineral resource, anticipated in late June.”
“At the same time, we are advancing a strong pipeline of high potential exploration targets that will support continued exploration momentum in the second half of 2026.”
Aggressive August Campaign
Mithril will continue to generate targets as part of the aggressive 25,000m drill testing campaign it has planned for completion in August that will include mapping, sampling, aerial magnetic survey interpretation, and structural study work.
The work will focus on expanding known mineralised zones, testing new high-priority targets, integrating district-wide geophysical data and continuing to advance Mithril’s district-scale exploration thesis.
Copalquin features over 100 historical underground developments mined between 1850 and 1910, along with several multi-level mines and 200 small surface workings.
Previous mapping and sampling across the lower half of the 70-square-kilometre mining concession area demonstrated a large epithermal gold-silver system with multiple target areas for potential resource growth plus an underlying conduit system responsible for widespread mineralisation.
