Mithril Defines 8 KM High-Grade Gold-Silver System at Copalquin as Drilling Campaign Accelerates
Mithril Silver and Gold (ASX: MTH; TSXV: MSG) has significantly expanded its high-grade gold-silver system at the Copalquin Project in Mexico, with mineralization now spanning an impressive 8 kilometers horizontally and 1,200 meters vertically. The company is ramping up drilling across multiple high-priority targets as exploration advances on this district-scale property.
Drilling Campaign Targeting Multiple High-Grade Zones
Building on recent exploration success, Mithril Silver and Gold's Copalquin Project exploration results have prompted the company to accelerate its drilling program with imminent activity at Target 5, where strong channel sampling results have reinforced the area's potential. Concurrently, Target 3 is being prepared for drilling later in Q3 2025, while the mineralized trend at Target 2 has been extended by 1,000 meters to the west-southwest through new sampling work.
"With drilling underway this month at Target 5 where we have abundant veining mapped and sampled, the first drill holes planned for the central Zaragosa Mine area and at Target 3 end of Q3 2025, we are entering an exciting phase of exploration at Copalquin," said John Skeet, MD and CEO of Mithril Silver and Gold.
Recent work at the Santa Cruz historic multi-level mine has been particularly significant, confirming continuous mineralization across the district with an impressive vertical range of 1,200 meters. This vertical extent suggests the system's substantial scale and depth potential.
Exceptional Channel Sample Results
The company has reported numerous high-grade channel samples from surface and underground workings across Targets 2, 3, 4, and 5, including:
| Location | Width (m) | Gold (g/t) | Silver (g/t) |
|---|---|---|---|
| Mina Constancia (T3) | 1.00 | 19.85 | 270 |
| Surface (T3) | 0.90 | 12.40 | 820 |
| Surface (T3) | 0.50 | 13.25 | 558 |
| Mina Lico (T2) | 0.50 | 6.21 | 265 |
| Surface (T3) | 0.70 | 5.92 | 392 |
These results highlight the multi-target potential of the Copalquin district, with exceptional high-grade gold and silver mineralization identified across several areas.
Target 4 Soil Samples Reveal High-Grade Potential
Soil sampling at the San Manuel mine area (Target 4) has also yielded impressive results, with multiple samples exceeding 4 g/t gold and 100 g/t silver:
| Sample ID | Gold (g/t) | Silver (g/t) |
|---|---|---|
| SM-124 | 5.03 | 237 |
| SM-111 | 5.66 | 154 |
| SM-112 | 5.77 | 139 |
| SM-114 | 4.13 | 120 |
These high-grade soil samples further indicate the potential for extending mineralized structures from the San Manuel Mine, warranting detailed mapping and sampling to fully develop the Target 4 area.
Understanding Epithermal Gold-Silver Systems
Epithermal gold-silver deposits like Copalquin form in volcanic environments where hot fluids circulate through fractures and faults, depositing precious metals as they cool. These systems typically display vertical zonation, with different metal ratios occurring at different elevations within the system.
The 1,200-meter vertical extent at Copalquin is particularly significant because it suggests a large, well-developed epithermal system. This vertical range provides an opportunity to access different parts of the mineralized system, potentially allowing Mithril to target the most gold-rich or silver-rich zones depending on economic factors.
What makes this discovery particularly valuable for investors is the combination of both high-grade gold and silver values occurring together, enhancing the overall economics of potential mining operations.
Building on Existing Resources
Mithril Silver and Gold's Copalquin Project exploration results already include a solid foundation with a maiden JORC resource at Target 1 (El Refugio-La Soledad) of:
- Indicated: 691,000 tonnes at 5.43 g/t gold and 114 g/t silver (121,000 oz gold, 2,538,000 oz silver)
- Inferred: 1,725,000 tonnes at 4.55 g/t gold and 152 g/t silver (252,000 oz gold, 8,414,000 oz silver)
The current exploration program aims to significantly expand this resource base by adding new zones across the district's multiple targets.
Strategic Position in a Prolific Gold-Silver Trend
The Copalquin mining district is strategically located within the Sierra Madre Gold Silver Trend in Mexico, a region known for hosting numerous world-class precious metal deposits. The district covers 70 square kilometers and contains several dozen historic gold and silver mines and workings.
What distinguishes Copalquin is the presence of multiple mineralization events, young intrusives thought to be heat sources for the mineral systems, widespread alteration, and extensive surface vein exposures. These characteristics identify Copalquin as a major epithermal centre with substantial district-scale potential, similar to other strategic expansion of gold mining projects seen elsewhere.
Next Steps and Timeline
Mithril has outlined a clear path forward for the project:
- Drilling to commence this month at Target 5, focusing on areas with abundant veining
- First drill holes planned at the Zaragosa Mine area this month
- Target 3 drilling scheduled for late Q3 2025
- Continued mapping and sampling across the district to refine additional targets
The company's aggressive approach to exploring multiple targets simultaneously should provide a steady stream of news flow and potential catalysts over the coming quarters.
Why Investors Should Take Notice
Mithril Silver and Gold's Copalquin Project exploration results stand out for several compelling reasons:
-
District-Scale Potential: The 8-kilometer extent of high-grade mineralization suggests a major gold-silver district in the making.
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High-Grade Nature: Consistent high-grade gold and silver assays across multiple targets enhance economic potential.
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Vertical Extent: The 1,200-meter vertical range provides multiple horizons for potential resource development.
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Multiple Target Areas: With five target areas advancing simultaneously, the company has numerous opportunities for discovery and resource growth.
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Existing Resource Base: The maiden resource provides a solid foundation to build upon, with metallurgical testing already indicating excellent gold and silver recoveries.
For investors seeking exposure to precious metals exploration, Mithril offers a compelling gold project investment opportunity with existing resources and significant growth potential across a district-scale property in one of Mexico's most prolific gold-silver trends.
As drilling accelerates across multiple high-priority targets, Mithril is well-positioned to demonstrate the substantial scale and economic potential of the Copalquin gold-silver district. Furthermore, recent geological model validation at other projects demonstrates how important systematic exploration can be for maximizing resource potential, a strategy Mithril is effectively employing at Copalquin.
In addition, the company's approach resembles successful exploration models seen at other copper-gold projects where methodical drilling of multiple targets has led to significant resource growth.
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