Mithril Silver and Gold (ASX:MTH) has provided an exploration update at the wholly owned Copalquin District gold-silver project in Durango State, Mexico.
Ongoing activities include the mobilisation of a third drill rig, an update on ongoing drilling, and an exploration summary as the company prepares for 2026 activities.
The company updates that Target 3 drilling is set to commence in the first week of January, with the program covering 3,300m starting near the El Jabali historic region, where recent channel sampling returned results up to 0.65m @ 16g/t gold and 1,275 g/t silver.
Targets 1 and 5 have progressed throughout 2025, helping to shape a predictive model for the resource estimation that will come out in 2026. Further drilling will continue in Q1 2026 ahead of the resource update.
Mithril notes that they have experienced delays through the external assay laboratory, which has persisted across the second half of 2025. Assay results are pending for around 20 holes, with an additional 12 holes that have been sent to the laboratory over the past two weeks.
The company has also noted that they have completed LiDAR surveying at the recently acquired La Dura concession, with interpretation and analysis due in early 2026.
CEO John Skeet notes that the 2025 work has “significantly expanded the potential of the Copalquin DIstrict and confirmed the presence of a large, vertically extensive epithermal gold-silver system”.
“With a strong balance sheet, multiple targets advancing within a district scale property, and an expanded land position, we are entering 2026 with momentum and a clear pathway to unlock further value for shareholders,” Skeet says.
Looking forward to 2026, Mithril is focused on exploration, with 25,000m of drilling planned and up to three drills turning in H2 across the Copalquin District.
Write to Amy Rotman at Mining.com.au
Images: Mithril Silver and Gold
