A Silver District with High-Grade Gold.
Mithril Silver & Gold is advancing the district-scale Copalquin project in Durango, Mexico — a de-risked, high-grade discovery in the heart of the Sierra Madre silver-gold trend.
La Soledad historic underground mine at Target 1, Copalquin
Target 1 Resource
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Underground mining shape constrained & diluted at a 1.5 g/t AuEq cut-off. Effective date 29 June 2026. Refer to the Resource section and Disclaimers for full details, assumptions, and Qualified Person information.
A de-risked discovery in the Sierra Madre.
Mithril is unlocking one of Mexico's highest-grade silver-gold districts. The June 2026 resource upgrade lifted Target 1 to 75% Indicated — underground mining-constrained, diluted, and ready to progress through economic studies — while 13 district targets across a 90 km² land package hold the growth upside.
With 100 historic underground mines, 20 km of mapped veins and an interpreted ~10 km vent system, Copalquin is a major epithermal system being drill-tested systematically for the first time — backed by a team that has built mines in Mexico for two decades.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Underground mining shape constrained & diluted at a 1.5 g/t AuEq cut-off. Effective date 29 June 2026. See full Resource details and Disclaimers.
Upgraded, constrained, and 75% Indicated.
Target 1 Only
The June 2026 Target 1 resource upgrade — built on 60,000 m of drilling — is constrained by underground mine stope modelling and diluted, with 95% of the undiluted, high-grade core of the block model captured by the mining shape constraints. A mining-realistic foundation, ready to advance toward development.
| Area | Class | Tonnes (kt) | Au (g/t) | Ag (g/t) | AuEq (g/t) | Au (koz) | Ag (koz) | AuEq (koz) |
|---|---|---|---|---|---|---|---|---|
| El Refugio | Ind | 2,557 | 3.38 | 73.7 | 4.44 | 278 | 6,061 | 365 |
| Inf | 1,217 | 2.17 | 82.1 | 3.35 | 85 | 3,214 | 131 | |
| La Soledad | Ind | 834 | 2.43 | 90.2 | 3.72 | 65 | 2,418 | 100 |
| Inf | 219 | 2.54 | 26.1 | 2.92 | 18 | 184 | 21 | |
| Total | Ind | 3,391 | 3.15 | 77.8 | 4.26 | 343 | 8,479 | 464 |
| Inf | 1,436 | 2.23 | 73.6 | 3.28 | 103 | 3,398 | 151 |
Notes to the Mineral Resource Estimate
- Numbers may not add due to rounding.
- All dollar values in United States Dollars (USD) unless otherwise noted.
- Reported at a cut-off grade of 1.5 g/t AuEq.
- Mineral Resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019), which are materially identical to the JORC Code (2012).
- The preparation of the mineral resource estimate was supervised by John Sims, President of Sims Resources LLC, an independent contractor and Qualified Person (QP) and Competent Person (CP), as a Certified Professional Geologist (CPG) member with the American Institute of Professional Geologists (AIPG). The Qualified Person has verified the data disclosed in this section, including sampling, analytical and test data underlying the information and opinions contained herein.
- The effective date of the estimate is 29 June 2026.
- Inferred Mineral Resources have been estimated from geological evidence and drill core sampling and have a lower level of confidence than Measured and Indicated Mineral Resources due to the distance between sampled drill holes. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Constrained and diluted Mineral Resources for Copalquin Target 1 are based on underlying metal prices of $3,300/oz Au and $50/oz Ag, unless otherwise noted.
- AuEq g/t = Au g/t + (Ag g/t × (Au price / Ag price) × (Ag recovery / Au recovery)), and is calculated using the underlying metals prices, along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples.
- Underground Resource estimates are based on economically constrained mining shapes generated using Datamine’s Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters: diluted to a minimum 2 m shape width with a 92% mining recovery; metallurgical recoveries of 96% for Au and 91% for Ag, from metallurgical test work on Target 1 composite samples; Long Hole Open Stope mining with a total Mining + Processing + General and Administration (G&A) cost of $97.00 per tonne of material processed.
- Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Source: ASX / TSXV announcement 30 June 2026, “Mithril Derisks Target 1 with 75% Indicated Resource”. Refer to the Company's ASX and SEDAR+ disclosures for the full report.
Copalquin — treasure of the Sierra Madre.
A 70 km² district hosting 100 historic underground mines across 13 targets, with mineralisation extending 9 km and over 1,200 m of elevation. 2024 LiDAR revealed more than double the historic workings previously known.
- Target 1Upgraded resource — 75% Indicated
- Target 2Discovery drill hole, April 2025
- Target 3Maiden drilling complete — high grade
- Target 5Silver-rich, follow-up drilling underway
La Dura Property
20 km² of contiguous concessions 15 km from Copalquin, hosting the historic four-level La Dura gold-silver mine. LiDAR has revealed 18 shafts, 44 adits and 134 prospecting pits along a 1.5 km trend — a strong initial drill target within the same working area as the flagship.
In the heart of the world's #1 silver country.
Mexico produces 20% of the world's silver. Copalquin and La Dura sit on the Sierra Madre trend surrounded by producing mines from Fresnillo, Coeur, Endeavour and Guanajuato Silver — a proven, mining-friendly jurisdiction with tier-one infrastructure.
Neighbouring operations
Access & infrastructure
- 20 km from grid power and the National Highway
- Municipal access road upgraded in 2025
- El Durazno township nearby for workforce and services
- 8-hour drive to Chihuahua City — home to Agnico and Coeur offices
A team that has built mines in Mexico.
Involved in some of Mexico's most successful mining stories — Palmarejo, Ocampo, Las Chispas — with the experience to recognize opportunity and execute on it.
A tight register, aligned for growth.
Anchored by 37% institutional ownership — Jupiter, Sprott, Schroder, AIMS, Lowell, Argyle and Mackenzie — with the board, institutions and top-100 shareholders holding 83%.
- Institutional37%
- Retail34%
- Board, Advisors, Vendor & IR15%
- High Net Worth14%
Connect with the team.
Interested in learning more about Mithril Silver & Gold? Reach the team directly, or join the investor list for drill results and announcements.
Investor Relations
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