Mithril Silver and Gold Provides December 2025 Quarterly Update
Melbourne, Australia and Vancouver, Canada — January 30, 2026 — Leads & Copy — Mithril Silver and Gold Limited (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) has released its December 2025 quarterly activities and cash flow report for the Copalquin and La Dura properties in Durango State, Mexico.
Exploration at the Copalquin gold-silver project continues to progress with district-scale discoveries. The project is confirmed as a large, vertically extensive epithermal gold-silver system, with mineralization defined over a 9 km strike length and 1,200 m vertical extent within the 70 km2 mining concession area.
Ongoing drilling at Target 1 (Refugio-La Soledad) has expanded and infilled the resource area, allowing development of a robust and predictive geology model. An updated maiden resource at Target 1 is planned for Q2, following a 3,000-meter drill program to infill key areas in the model. Drilling shows that Target 1 is still open at depth, west towards El Gallo and the northwest extension of the La Soledad structure.
Drilling highlights from Target 1 include:
- 7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m (MTH-RE25-44), including 2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m, plus 2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m
- 8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m (MTH-RE25-45), including 4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m
These intercepts extend the Target 1 strike over 30%.
Maiden drilling at Target 5 (Apomal-Candelaria) confirmed a silver-dominant epithermal system at a lower elevation within the Copalquin district. Multiple, parallel NW trending veins are hosted in the granodiorite intrusive in the southwest area of the district.
Highlight results from Target 5 include:
- 2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003), including 1.00 m @ 1,714 g/t AgEq (5.80 g/t gold, 1,308 g/t silver) from 94.7 m
- 3.35 m @ 366 g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 m (AP25-005), including 1.05 m @ 1,146 g/t AgEq (5.35 g/t gold, 771 g/t silver) from 92.45 m
- 1.25 m @ 728 g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 m (AP25-006), plus 0.90 m @ 616 g/t AgEq (2.41 g/t gold, 447 g/t silver) from 138.1 m, plus 0.80 m @ 427 g/t AgEq (1.51 g/t gold, 321 g/t silver) from 149.5 m
Surface and channel sampling at Target 5 reported up to 3,300 g/t Ag and 2.0 g/t Au over 1.4 m and 4,520 g/t Ag and 38.3 g/t Au over 0.60 m from historic workings. Only a small proportion of mapped veins have been tested, highlighting substantial upside potential.
Mapping and sampling at Target 3 (El Jabali-Guadelupe) has defined a coherent target on the eastern side of the Copalquin system adjacent to one of the multiple rhyolite domes across the 10 km long district trend. Channel sampling highlights included 0.65 m @ 16.0 g/t Au, 1,275 g/t Ag (El Jabali area). The maiden drill program commenced at Target 3 in January 2026.
Integrated mapping, sampling, spectral analysis and petrography have confirmed a dominant east-west corridor hosting high-grade gold-silver mineralization, northwest-trending ‘feeder’ structures, and vertically zoned silver and gold mineralization. Multiple mineralized centers are analogous to Mexican epithermal districts throughout the Sierra Madre Gold-Silver trend.
An aerial magnetic survey commenced over the Copalquin mining concession area after the quarter ended. This is expected to confirm key structures responsible for the widespread silver and gold mineralization across the Copalquin District.
Mithril acquired the La Dura mining concessions, consisting of 5 contiguous mining concessions with a total area of 2,052 hectares, located in Durango State, Mexico, 5 km from the town of El Durazno and 20 km from Mithril’s Copalquin property. The property hosts a significant Au‐Ag sheeted to stockwork vein system associated with NW striking faults in Tertiary rhyolite. Mineralization occurs on surface along 650 metres of strike and has been mined in the San Manuel shoot at the La Dura historic mine, to about 140 metres depth.
The company held its Annual General Meeting on November 5, 2025, with all resolutions passed. Mithril reported a cash balance of A$14.1M at the end of the December 2025 quarter and remains debt free. Mexican value added tax refunds have slowed, but a refund of MXN3.8M (~A$0.32M) was received in January 2026, with approximately MXN10M (~A$0.8M) of refunds for 2025 in process.
Exploration expenditure for the quarter was A$3.88M, focused on the Copalquin District in Mexico. Planned exploration activities for the March 2026 quarter include completing resource expansion and infill drilling at Target 1, advancing the Target 1 Mineral Resource Estimate update, advancing drilling programs at Target 5, commencing maiden drilling at Target 3, completing interpretation of the aerial magnetic survey, and advancing drill plans for Targets 4 and 6.
Material ASX announcements released during the December 2025 quarter included updates on the expanded 2026 exploration program, the acquisition of the La Dura Gold-Silver Property, exploration sampling results, maiden drilling at Target 5, meeting results, and extensions at Target 1.
Mithril is undertaking an aggressive exploration program in 2026, with 25,000 metres of drilling planned during the first half of the year across the Copalquin District. The company has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before August 7, 2028.
Tenement and Mining Concession Information as of December 31, 2025, includes Australian Interests in the Murchison Area (Limestone Well) and Mexican Operations in the Copalquin and La Dura Properties.
Mithril Silver and Gold Limited reported its quarterly cash flow for the quarter ended December 31, 2025, including cash flows from operating, investing, and financing activities.
Payments to related parties of the entity and their associates totaled A$180,000 for Director fees, employee salaries, and consulting services.
Estimated cash available for future operating activities is A$14,149,000, providing an estimated 3.29 quarters of funding available.
John Skeet, Mithril’s Managing Director and CEO, and Darren LeFort, Mithril’s Exploration Manager, are qualified persons under the JORC Code. Mr. Skeet and Mr. LeFort have sufficient experience to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Scientific and technical information in the report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.
Source: Mithril Silver and Gold Limited
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