The Copalquin Project’s maiden JORC Mineral Resource Estimate, released in November 2021 (NI-43-101 filed August 2024), provides an initial assessment of the gold-silver mineralization at the first defined target area within the district. The estimate confirms the presence of a high-grade epithermal system and serves as a foundation for ongoing exploration and resource expansion across the broader project area.
✔ High-grade underground mining taking advantage of topography
✔ 17,700 m drilled, US$12.50 per oz AuEq* all in discovery cost
✔ ~23,000 m drilled at Target 1 area since maiden resource
✔ First of several target areas in the District – 298 historic mines and workings – 70km2
✔ Open at depth, only top 300m drilled – La Soledad open to NW
✔ Cross cutting NW structures mapped
- Indicated 691 kt @ 5.43 g/t gold, 114 g/t silver for 121,000 oz gold + 2,538,000 oz silver
- Inferred 1,725 kt @ 4.55 g/t gold, 152 g/t silver for 252,000 oz gold + 8,414,000 oz silver
- 28.6% of the resource tonnage is classified as indicated
| Tonnes (kt) | Tonnes (kt) | Gold (g/t) | Silver (g/t) | Gold Eq.* (g/t) | Gold (koz) | Silver (koz) | Gold Eq.* (koz) | |
|---|---|---|---|---|---|---|---|---|
| El Refugio | Indicated | 691 | 5.43 | 114.2 | 7.06 | 121 | 2,538 | 157 |
| Inferred | 1,447 | 4.63 | 137.1 | 6.59 | 215 | 6,377 | 307 | |
| La Soledad | Indicated | – | – | – | – | – | – | – |
| Inferred | 278 | 4.12 | 228.2 | 7.38 | 37 | 2,037 | 66 | |
| Total | Indicated | 691 | 5.43 | 114.2 | 7.06 | 121 | 2,538 | 157 |
| Inferred | 1,725 | 4.55 | 151.7 | 6.72 | 252 | 8,414 | 372 |
Mineral (JORC – Nov 2021 and NI 43-101- July 2024) resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*
*AuEq. gold equivalent calculated using and gold:silver price ratio of 70:1. That is, 70 g/t silver = 1 g/t gold. The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com. Metallurgical recoveries are assumed to be equal for both gold and silver (93%) at this early stage. Actual metallurgical recoveries from test work to date are 96% and 91% for gold and silver, respectively. In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold. Actual metal prices have not been used in resource estimate, only the price ratio for the AuEq reporting. Formula for AuEq. = Au grade + ((Ag grade/gold:silver price ratio) x (Ag recovery/Au recovery))
2025 Exploration Summary – Mithril Silver & Gold
- Fully Funded Program: Backed by a recent
successfulcapital raise, Mithril is executing a 45,000-metre drill campaign in 2025 across the Copalquin Mining District. From mid 2025 to mid 2026 - Multiple Drills: Second drill added in April 2025 and a third drill scheduled for early 2026
- Resource expansion at Target 1, to grow the existing high-grade gold-silver resource.
- Multiple Target areas across the 70km2 district and development of the ‘feeded’ system responsible for the widespread high-grade gold and silver
- Target 6 Discovery: Announced in July, early results at Target 6 include bonanza-grade channel sampling in the historic workings (e.g., 57.8 g/t gold and 2,120 g/t silver), confirming a new high-grade zone within the broader district.
- Systematic District Advancement: Ongoing mapping, sampling, and geological modelling plus upcoming aerial magnetic survey(Oct/Nov 2025) support drill targeting and demonstrate the multi-kilometre scale of mineralization across the 70km2 district.
- Infrastructure Advancements: Municipal access road upgrade, internal road network, second exploration camp and drill pad preparation across the district support aggressive drilling throughout 2025 and 2026.
Figure 1 – Schematic long section of the Copalquin District middle mineralised trend, which includes the maiden JORC resource at El Refugio/La Soledad
Figure 4 – Schematic long section of the Copalquin District south line of historic workings