Mithril Silver & Gold Builds Momentum at Copalquin with Third Drill Mobilization and Expanded 2026 Exploration Program
Original announcement by tmx on
- Company
- Mithril Silver and Gold Limited
- Ticker
- MSG
- Exchange
- TSX
- Region
- Durango State, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Drill results, Resource update
- Extracted
- 2026-09-18 11:08:41 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Mithril Silver & Gold is advancing its Copalquin project in Mexico through an expanded 2026 exploration program of 25,000m. Recent activities include high-grade channel sampling at Target 5 and successful step-out drilling at Target 1, despite ongoing assay laboratory delays.
Reasoning: The company is demonstrating strong exploration momentum with high-grade surface sampling and successful step-out drilling, though assay turnaround times are a temporary bottleneck.
Positive factors
- High-grade channel sampling results at Target 5 and Target 3
- Successful step-out drilling at Target 1
- Expansion of 2026 exploration program to 25,000m
- Maiden resource established at Target 1
Negative factors
- Significant assay laboratory delays affecting reporting timeliness
Facts used in scoring: 8
Classification and evidence
Step-Out Extensionpositive
Mineralization extended beyond the previously known limit.
Why it applies: Recent western step-out hole at Target 1 returned high-grade gold and silver.
Evidence · text
“recent western step-out hole that returned 8.03 m @ 7.19 g/t gold, 260 g/t silver”
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: Release names specific laboratories (ALS Global) and competent persons (John Skeet, Darren LeFort, Rodney Webster).
Evidence · text
“Samples are sent to ALS Global”
Maiden Resourceneutral
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 references the maiden JORC mineral resource estimate at Target 1.
Evidence · text
“Mithril delivered a maiden JORC mineral resource estimate at the first of several target areas (Target 1)”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Extracted facts
Stored fact records: 8. Some facts used in scoring do not have a stored record.
Drill Results (6)
MTH-RE25-45Copalquin · goldGrade: 7.19Grade Unit: g/tIntercept: 8.03 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-45
- Project
- Copalquin
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 7.19
- Grade Unit
- g/t
- Intercept
- 8.03 m
Classification
- Sample Type
- drill
- Mining Method
- underground
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2025-12-22T00:00:00.000Z
Reasoning: High-grade step-out intercept confirming continuity.
Positive factors
- Strong grade and width for an epithermal system
Evidence · text
“8.03 m @ 7.19 g/t gold, 260 g/t silver (MTH-RE25-45)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-45Copalquin · silverGrade: 260Grade Unit: g/tIntercept: 8.03 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-45
- Project
- Copalquin
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 260
- Grade Unit
- g/t
- Intercept
- 8.03 m
Classification
- Sample Type
- drill
- Group ID
- MTH-RE25-45:0-8.03
- Mining Method
- underground
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2025-12-22T00:00:00.000Z
Reasoning: High-grade silver credit in a step-out hole.
Positive factors
- Significant silver credits
Evidence · text
“8.03 m @ 7.19 g/t gold, 260 g/t silver (MTH-RE25-45)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 3goldGrade: 16Grade Unit: g/tIntercept: 0.65 mView all detailsHide details
Identity
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 16
- Grade Unit
- g/t
- Intercept
- 0.65 m
Classification
- Sample Type
- channel
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2025-12-22T00:00:00.000Z
Reasoning: High grade surface sampling.
Positive factors
- High grade intercept
Evidence · text
“channel sampling returned results of up to 0.65 m @ 16 g/t gold”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 4silverGrade: 1275Grade Unit: g/tIntercept: 0.65 mView all detailsHide details
Identity
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 1275
- Grade Unit
- g/t
- Intercept
- 0.65 m
Classification
- Sample Type
- channel
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2025-12-22T00:00:00.000Z
Reasoning: High grade surface sampling.
Positive factors
- Very high grade silver
Evidence · text
“1,275 g/t silver”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 5goldGrade: 5.8Grade Unit: g/tIntercept: 1 mNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 5.8
- Grade Unit
- g/t
- Intercept
- 1 m
Classification
- Sample Type
- drill
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2025-12-22T00:00:00.000Z
Reasoning: High grade intercept in maiden program.
Positive factors
- High grade intercept
Evidence · text
“1.00 m @ 5.80 g/t gold”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 6silverGrade: 1308Grade Unit: g/tIntercept: 1 mNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 1308
- Grade Unit
- g/t
- Intercept
- 1 m
Classification
- Sample Type
- drill
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2025-12-22T00:00:00.000Z
Reasoning: High grade silver intercept.
Positive factors
- Very high grade silver
Evidence · text
“1,308 g/t silver”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (2)
indicatedCopalquin · goldTonnes: 691000Grade: 5.43Grade Unit: g/tContained Metal: 121000Contained Unit: ozView all detailsHide details
Identity
- Project
- Copalquin
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodney Webster
- Resource group id
- resource:4e5735de3eb3718bdbd8
- Deposit or zone
- El Refugio – La Soledad
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 691000
- Grade
- 5.43
- Grade Unit
- g/t
- Contained Metal
- 121000
- Contained Unit
- oz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-22T00:00:00.000Z
Reasoning: Historical maiden resource being used as baseline.
Evidence · table
“5.43”
Context: 691
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.1 years before this release
indicatedCopalquin · silverTonnes: 691000Grade: 114.2Grade Unit: g/tContained Metal: 2538000Contained Unit: ozView all detailsHide details
Identity
- Project
- Copalquin
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodney Webster
- Resource group id
- resource:4e5735de3eb3718bdbd8
- Deposit or zone
- El Refugio – La Soledad
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 691000
- Grade
- 114.2
- Grade Unit
- g/t
- Contained Metal
- 2538000
- Contained Unit
- oz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-22T00:00:00.000Z
Reasoning: Historical maiden resource being used as baseline.
Evidence · table
“114.2”
Context: 691
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.1 years before this release
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.