Mithril Expands Silver Rich Target 5, Sampling Up To 3,300 G/T Silver, 2.0 G/T Gold Over 1.30M

2025-10-09 08:06:05

(MENAFN- Newsfile Corp) Melbourne, Australia and Vancouver, British Columbia--(Newsfile Corp. - October 9, 2025) - Mithril Silver and Gold Limited (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) ("Mithril" or the "Company") is pleased to provide exploration results and update for multiple targets at Mithril's district scale Copalquin property, Durango State, Mexico.

Highlights

First nine holes completed at Target 5 ( assays pending)
Sampling and mapping at Target 5 expand the silver-rich Target to over 2 km x 2 km , with highlights up to 3,300 g/t silver and 2.00 g/t gold over 1.40 m from the historic Tasolera mine. Resource expansion drilling at Target 1 successfully extends the east-west mineralised structure a further 300 m west increasing the total strike length to over 1,200 m (assays pending)
Target 3 drill plan advancing with pads and access roads under development
District wide aerial magnetic survey to commence later this month
A petrographic fluid inclusion study is currently underway on samples collected from multiple locations and depths across the property support the district scale geologic model development
The mineralised horizon is currently extended to over 1,300 metres vertical across 9 km (Santa Cruz to El Jarillal) in the southern half of the Copalquin district

"Drilling at the silver rich Target 5 is off to a strong start, with the first nine holes now complete at the historic Apomal mine area (assays pending)," commented John Skeet, Managing Director & CEO. "Results from previous sampling across the broader area continue to return standout silver grades, confirming a much larger mineralised target now covering over two kilometres across.

At Target 1 we have successfully extended the main structure a further 300 metres to the west (assays pending), adding strike to an already substantial high-grade resource area. Preparations for maiden drilling at Target 3 are advancing quickly, opening another significant growth opportunity in the coming months.

In parallel, we are accelerating development of the district-scale geologic model to test for the underlying conduit system responsible for the widespread gold-silver mineralisation, supported by the launch of the first district-wide aerial magnetic survey."

District Outlook

Mithril is fully funded to complete 45,000 m of drilling over the next 12-14 months, with preparations to add a third drill rig in early 2026 at Target 3. Exploration, including drilling and detailed mapping, continues to advance across multiple targets, underpinning the district-scale potential of Copalquin. A closely spaced aerial magnetic survey is to be flown later this month and a petrographic fluid inclusion study on samples across the district will support the ongoing development of the district scale model for this large epithermal gold-silver system

Target 5 - Silver Rich in Southwest of Copalquin District

Drilling continues around the Apomal historic mine in the Target 5 area , with the first nine holes completed (assays pending) in an initial 5,000 metre program. Apomal is being tested down dip, below the old mine workings and along strike in the north western part of this large target area. This program marks the first drilling at Target 5 and is designed to test the mapped veins while stepping out into untested areas along strike and at depth.

Previously completed mapping and sampling at Target 5 has recently returned excellent results from surface and underground samples with the discovery of the historic La Lianas, Los Martires, Jarillal, and Tasolera Mines within the Target 5 area, which covers 2 km x 2 km

Underground sample highlights at Target 5 :

3.1 m @ 2.02 g/t gold, 1,938 g/t silver (Tasolera Mine Level 2),
including 1.40 m @ 2.00 g/t gold, 3,300 g/t silver
0.6 m @ 10.25 g/t gold, 895 g/t silver (Los Martires)
0.9 m @ 3.31 g/t gold, 219 g/t silver (Los Martires)

Surface samples at Target 5 :

0.5 m @ 3.89 g/t gold, 157 g/t silver (La Candelaria)
0.5 m @ 0.145 g/t gold, 284 g/t silver (La Tasolera)
0.5 m @ 3.76 g/t gold, 54.5 g/t silver (Candelaria)
0.65 m @ 3.75 g/t gold, 555 g/t silver (Apomal)
0.6 m @ 24.5 g/t gold, 670 g/t silver (Apomal)
0.50 m @ 4.69 g/t gold, 520 g/t silver (Los Martires)

Target 3 - Preparing for 2025 Drilling

Ongoing systematic mapping and sampling at Target 3 are further defining priority targets in this large prospective area, with maiden drilling set to commence in the coming months.

COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO

With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km² of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC mineral resource estimate (MRE) at the Target 1 area (El Refugio-La Soledad) ¹ and a NI 43-101 Technical Report filed on SEDAR+, supported by a conceptional underground mining study completed on the maiden resource in early 2022 and metallurgical test work (see ASX Announcement 25 February 2022 ). There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the widespread gold-silver mineralisation.

With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico.

Figure 1 Copalquin District location map, locations of mining and exploration activity and local infrastructure.