# Mithril Lidar Study Reveals 1.5 Km Trend And Historic Mines At La Dura Gold-Silver Project, Durango, Mexico Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75 Original source: https://money.tmx.com/en/quote/MSG/news/7684169194884852/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv Publisher: tmx Original announcement: 2026-02-25T12:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Mithril Silver and Gold Limited - Ticker: MSG - Exchange: TSX - Region: Durango, Mexico - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Metallurgy, Other - Extracted: 2026-09-18 11:04:45 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Mithril Silver and Gold Limited announced results from a LiDAR survey at its La Dura Gold-Silver Project in Durango, Mexico, which identified a 1.5 km trend with historic workings, marking a high-priority drill target. The company also provided updates on ongoing drilling at the Copalquin District for a resource update and maiden drilling at Target 3 with assays pending. The release re-states the historical JORC-compliant maiden resource estimate for Copalquin from November 2021 and preliminary metallurgical test work results from February 2022. Reasoning: The document provides new exploration insights from a LiDAR survey identifying drill targets, and updates on ongoing drilling programs. However, no new assay results are presented, and the detailed resource and metallurgical data are historical re-statements, limiting the novelty of the core quantitative facts. - Positive factor: LiDAR study identified new high-priority drill targets at La Dura - Positive factor: Ongoing drilling at Copalquin for resource update and new targets - Positive factor: Historical resource estimate shows good grades for gold and silver - Negative factor: No new drill assay results reported in this announcement - Negative factor: Resource estimate and metallurgical results are historical, not new information - Negative factor: Assays pending for maiden drilling at Target 3 Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 12 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document re-states the first formal Mineral Resource Estimate for the Copalquin project, which was originally released in November 2021. Evidence · text > Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate at the first of several target areas \(Target 1\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The re-stated resource estimate is explicitly noted as JORC compliant. Evidence · text > Mithril delivered a maiden JORC mineral resource estimate **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The re-stated resource estimate is explicitly noted as NI 43-101 compliant. Evidence · text > a NI 43-101 Technical Report filed on SEDAR+ **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the resource estimate is November 17, 2021, which is more than two years old. Evidence · text > This maiden resource is detailed below \(see ASX release 17 November 2021 \) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The document names John Skeet, Rodney Webster, and Andrew Proudman as Qualified/Competent Persons responsible for the resource estimate and other technical information. Evidence · text > The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, former Principal Geologist at AMC Consultants Pty Ltd \(AMC\), who is a Member of the Australian Institute of Geoscientists. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person... Scientific and technical information in this 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. **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The metallurgical test work results are from an ASX announcement dated February 25, 2022, indicating they are not new information. Evidence · text > Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold \(ASX Announcement 25 February 2022\) ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Resource Estimates (10) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-0) Copalquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: gold - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:0cdaed35f0a2a52ced47 - Deposit or zone: El Refugio - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 691000 - Grade: 5.43 - Grade Unit: g/t - Contained Metal: 121 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 7.06 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an indicated resource with good gold grades for underground mining, but it is historical data. - Positive factor: Good grade for underground mining - Positive factor: Indicated category provides reasonable confidence - Negative factor: Estimate is historical, not new information Evidence · table > 5.43 Context: 691 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-1) Copalquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: silver - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:0cdaed35f0a2a52ced47 - Deposit or zone: El Refugio - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 691000 - Grade: 114.2 - Grade Unit: g/t - Contained Metal: 2538 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an indicated resource with good silver grades for underground mining, but it is historical data. - Positive factor: Good grade for underground mining - Positive factor: Indicated category provides reasonable confidence - Negative factor: Estimate is historical, not new information Evidence · table > 114.2 Context: 691 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-2) Copalquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: gold - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:fac2ad1d0e2f148117fa - Deposit or zone: El Refugio - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1447000 - Grade: 4.63 - Grade Unit: g/t - Contained Metal: 215 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 6.59 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an inferred resource with good gold grades for underground mining, but it is historical data and has lower confidence. - Positive factor: Good grade for underground mining - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate is historical, not new information Evidence · table > 4.63 Context: 1,447 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-3) Copalquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: silver - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:fac2ad1d0e2f148117fa - Deposit or zone: El Refugio - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1447000 - Grade: 137.1 - Grade Unit: g/t - Contained Metal: 6377 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an inferred resource with good silver grades for underground mining, but it is historical data and has lower confidence. - Positive factor: Good grade for underground mining - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate is historical, not new information Evidence · table > 137.1 Context: 1,447 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-4) Copalquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: gold - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:7cebbe99c01da6fb7483 - Deposit or zone: La Soledad - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 278000 - Grade: 4.12 - Grade Unit: g/t - Contained Metal: 37 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 7.38 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an inferred resource with good gold grades for underground mining, but it is historical data and has lower confidence. - Positive factor: Good grade for underground mining - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate is historical, not new information Evidence · table > 4.12 Context: 278 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-5) Copalquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: silver - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:7cebbe99c01da6fb7483 - Deposit or zone: La Soledad - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 278000 - Grade: 228.2 - Grade Unit: g/t - Contained Metal: 2037 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an inferred resource with good silver grades for underground mining, but it is historical data and has lower confidence. - Positive factor: Good grade for underground mining - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate is historical, not new information Evidence · table > 228.2 Context: 278 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-6) Copalquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: gold - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:bad50da225dd6e7e70f4 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 691000 - Grade: 5.43 - Grade Unit: g/t - Contained Metal: 121 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 7.06 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an indicated resource with good gold grades for underground mining, but it is historical data. - Positive factor: Good grade for underground mining - Positive factor: Indicated category provides reasonable confidence - Negative factor: Estimate is historical, not new information Evidence · table > 5.43 Context: 691 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-7) Copalquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: silver - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:bad50da225dd6e7e70f4 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 691000 - Grade: 114.2 - Grade Unit: g/t - Contained Metal: 2538 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an indicated resource with good silver grades for underground mining, but it is historical data. - Positive factor: Good grade for underground mining - Positive factor: Indicated category provides reasonable confidence - Negative factor: Estimate is historical, not new information Evidence · table > 114.2 Context: 691 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-8) Copalquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: gold - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:b86073f431b6999e3069 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1725000 - Grade: 4.55 - Grade Unit: g/t - Contained Metal: 252 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Metal Eq. Grade: 6.72 - Metal Eq. Unit: g/t Gold Eq.\* - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an inferred resource with good gold grades for underground mining, but it is historical data and has lower confidence. - Positive factor: Good grade for underground mining - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate is historical, not new information Evidence · table > 4.55 Context: 1,725 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-resource-facts-9) Copalquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: silver - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Resource scope - Estimate type: resource - Effective date: 2021-11-17T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodney Webster, Andrew Proudman, John Skeet - Resource group id: resource:b86073f431b6999e3069 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1725000 - Grade: 151.7 - Grade Unit: g/t - Contained Metal: 8414 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2021-11-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-17T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: This is a re-statement of an inferred resource with good silver grades for underground mining, but it is historical data and has lower confidence. - Positive factor: Good grade for underground mining - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate is historical, not new information Evidence · table > 151.7 Context: 1,725 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ## Metallurgical Results (2) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-metallurgical-facts-10) Copalquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: gold - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Test Work - Program Status: preliminary #### Recovery - Recovery: 96 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-02-25T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: Preliminary metallurgical test work showed a high gold recovery of 96%, which is positive, but these results are historical. - Positive factor: High recovery for gold - Negative factor: Preliminary test work only - Negative factor: Results are historical, not new Evidence · text > Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold \(ASX Announcement 25 February 2022\) #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 96% is at or above the exceptional band \(95%\) ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-lidar-study-reveals-1-5-km-trend-and-historic-mines-at-la-dura-gold-silv--dbb97acc-9a79-49a0-89a8-ae0d39b86e75#fact-metallurgical-facts-11) Copalquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Copalquin - Commodity: silver - Region: mexico - Reported Region: Durango, Mexico - Ticker: MSG #### Test Work - Program Status: preliminary #### Recovery - Recovery: 91 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-02-25T00:00:00.000Z #### Dates - Event date: 2026-02-25T00:00:00.000Z Reasoning: Preliminary metallurgical test work showed a good silver recovery of 91%, which is positive, but these results are historical. - Positive factor: Good recovery for silver - Negative factor: Preliminary test work only - Negative factor: Results are historical, not new Evidence · text > Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold \(ASX Announcement 25 February 2022\) #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 91% is at or above the exceptional band \(90%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.