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Goldman Step-out drilling extends mineralisation footprint at Target 1 ahead of June resource update
Mithril Silver and Gold Limited (ASX:MTH) has reported further high-grade gold and silver drill results from its Copalquin project in Durango State, Mexico, with new intercepts extending mineralisation beyond the current resource boundary at the Target 1 area.
The latest results come from ongoing drilling designed to support an updated Mineral Resource Estimate expected in late June 2026, while also improving geological confidence within the existing resource footprint.
Key drill highlights included:
- 9.65m at 7.00 g/t gold and 370 g/t silver from 271.40m (RE26-009), including:
- 3.25m at 11.52 g/t gold and 596 g/t silver from 275.80m
- 0.50m at 30.70 g/t gold and 1,780 g/t silver from 276.45m
- 3.45m at 12.09 g/t gold and 249 g/t silver from 153.90m (RE26-004), including:
- 0.85m at 24.60 g/t gold and 327 g/t silver from 156.00m
- 0.55m at 6.55 g/t gold and 400 g/t silver from 285.60m (RE26-009)
- 1.20m at 10.55 g/t gold and 8.0 g/t silver from 239.20m (LS26-005)
- 0.75m at 9.60 g/t gold and 111 g/t silver from 61.65m (LS26-005)
Mithril said hole RE26-009 confirmed previously intercepted high-grade mineralisation around 300 metres west of the 2021 Mineral Resource Estimate boundary, supporting the potential for a meaningful expansion of the resource footprint.
The company added that final phase drilling within the November 2021 Target 1 resource area had confirmed vein thickness and continuity across the El Refugio, La Soledad and Cometa vein systems.
Exploration work continues across the broader district, including mapping, sampling, structural studies and aerial magnetic survey interpretation ahead of a planned 25,000 metre drilling program during 2026.
James Barr, Mithril’s VP Exploration
We are very encouraged by the drilling results from at El Refugio and La Soledad which successfully achieved two key objectives,
The first was to test along projected ore shoot trends for expansion potential of the mineralized footprint, and the second was to test areas within the existing mineral footprint to confirm trends and strengthen confidence in our geological model.
At El Refugio West, intersections of high-grade silver and gold mineralisation across a wide interval in hole RE26-009 has improved our understanding of the projected ore shoot and confirms the potential expansion of the resource footprint up to 300 metres west of the 2021 Mineral Resource Estimate. At La Soledad, the high-grade intersection of predominantly gold-enriched mineralisation in LS26-005 extends the mineralisation to the southeast and, along with geochemical information, is indicating the style of mineralisation may be distinct from the El Refugio vein.
Our team remains focused on completing this important drilling campaign in advance of upgrading and refining 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.
