Mithril Silver and Gold Limited (ASX: MTH), a company focused on the exploration and development of precious metal projects, has announced the commencement of its maiden drill programme at Target 3 within its Copalquin District gold-silver project in Durango State, Mexico. The company is also listed on the TSXV (MSG) and the OTCQB (MTIRF). This initial drilling effort is part of a larger 25,000-metre drilling campaign planned for the Copalquin District during the first half of 2026.
Target 3, a historically significant mining area on the eastern side of the Copalquin District, will see approximately 3,300 metres of drilling in this initial programme. Recent channel sampling at the El Jabali historic workings within Target 3 yielded high-grade results, including up to 0.65 metres at 16 grams per tonne gold and 1,275 grams per tonne silver. Mithril aims to test the continuity and scale of mineralisation at Target 3, building on the promising results from earlier sampling.
In addition to the work at Target 3, drilling is also progressing at Target 5 and Target 1. The company anticipates completing drilling at Target 1 during Q1 2026, after which it plans to update the Target 1 maiden mineral resource estimate (MRE). A drone magnetic survey covering the Copalquin and La Dura mining concession areas is scheduled to commence this month, and further assay results from 2025 drilling are expected in the coming weeks.
John Skeet, Managing Director & CEO, stated that the commencement of drilling at Target 3 marks another important milestone in advancing multiple high-priority areas across the Copalquin District. He further noted that the drilling program at Target 3 is designed to test both the continuity and scale of mineralisation, representing key steps in unlocking the district-scale potential of the Copalquin epithermal system.
