# Mithril Silver & Gold Builds Momentum at Copalquin with Third Drill Mobilization and Expanded 2026 Exploration Program Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c Original source: https://money.tmx.com/en/quote/MSG/news/8277180130584790/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a Publisher: tmx Original announcement: 2025-12-22T12:30:00.000Z 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 State, Mexico - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Drill results, Resource update - Extracted: 2026-09-18 11:08:41 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas 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 factor: High-grade channel sampling results at Target 5 and Target 3 - Positive factor: Successful step-out drilling at Target 1 - Positive factor: Expansion of 2026 exploration program to 25,000m - Positive factor: Maiden resource established at Target 1 - Negative factor: Significant assay laboratory delays affecting reporting timeliness Facts used in scoring: 8 ## Classification and evidence **Step-Out Extension** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 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 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 Disclosed** Polarity: positive Definition: 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-RE25-45 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c#fact-drill-facts-0) Copalquin · gold #### 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 factor: 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 Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MTH-RE25-45 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c#fact-drill-facts-1) Copalquin · silver #### 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 factor: 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 Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c#fact-drill-facts-2) gold #### 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 factor: 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 Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c#fact-drill-facts-3) silver #### 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 factor: Very high grade silver Evidence · text > 1,275 g/t silver #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c#fact-drill-facts-4) gold Needs review: drill\_no\_hole\_id #### 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 factor: High grade intercept Evidence · text > 1.00 m @ 5.80 g/t gold #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c#fact-drill-facts-5) silver Needs review: drill\_no\_hole\_id #### 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 factor: Very high grade silver Evidence · text > 1,308 g/t silver #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c#fact-resource-facts-6) Copalquin · gold #### 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 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 **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 4.1 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--c25d51d0-e8bd-45e5-9480-60ce2401510c#fact-resource-facts-7) Copalquin · silver #### 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 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 **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 4.1 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.