Mithril Silver & Gold Kicks Off Maiden Drill Programme At Target 3, In The Multi-Target Copalquin Gold-Silver District
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
- Resource update, Drill results
- Extracted
- 2026-09-18 11:04:10 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Mithril Silver & Gold has commenced its maiden 3,300-metre drill programme at Target 3 within the Copalquin gold-silver district in Mexico. The company also highlighted high-grade channel sampling results and is progressing drilling at Target 1 and Target 5.
Reasoning: The announcement marks the start of a significant maiden drilling campaign at a new target (Target 3) within a district that already hosts a high-grade maiden resource at Target 1.
Positive factors
- Commencement of maiden drill programme at Target 3
- High-grade channel sampling results (16 g/t Au, 1275 g/t Ag)
- Existing maiden resource at Target 1 provides a high-grade baseline
- Large district-scale potential with multiple targets
Facts used in scoring: 8
Classification and evidence
Step-Out Extensionpositive
Mineralization extended beyond the previously known limit.
Why it applies: Drilling is commencing at Target 3 to test continuity and scale in a multi-target district.
Evidence · text
“The Target 3 maiden drill programme is designed to test the continuity and scale of mineralisation”
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Channel sampling returned exceptionally high grades of 16 g/t gold and 1,275 g/t silver.
Evidence · text
“returned results up to 0.65 m @ 16 g/t gold and 1,275 g/t silver”
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 Target 1 maiden mineral resource estimate.
Evidence · text
“Mithril delivered a maiden JORC mineral resource estimate at the first of several target areas (Target 1)”
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: Release mentions samples are sent to ALS Global and names specific Competent Persons.
Evidence · text
“Samples are sent to ALS Global”
Extracted facts
Stored fact records: 8. Some facts used in scoring do not have a stored record.
Drill Results (2)
Fact 1goldGrade: 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
Location
- Location
- El Jabali historic workings, Target 3
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-15T00:00:00.000Z
Reasoning: High grade channel samples in a prospective area.
Positive factors
- High grade gold and silver
Evidence · text
“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 2silverGrade: 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
Location
- Location
- El Jabali historic workings, Target 3
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-15T00:00:00.000Z
Reasoning: High grade channel samples in a prospective area.
Positive factors
- 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
Resource Estimates (6)
indicatedCopalquin · goldTonnes: 691000Grade: 5.43Grade Unit: g/tContained Metal: 121Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:65fd79473d6c9aa88ef9
- 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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-11-17T00:00:00.000Z
Dates
- Event date
- 2026-01-15T00:00:00.000Z
Reasoning: Historical maiden resource being restated/referenced.
Positive factors
- High grade gold and silver
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
indicatedCopalquin · silverTonnes: 691000Grade: 114.2Grade Unit: g/tContained Metal: 2538Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:65fd79473d6c9aa88ef9
- 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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-11-17T00:00:00.000Z
Dates
- Event date
- 2026-01-15T00:00:00.000Z
Reasoning: Historical maiden resource being restated/referenced.
Positive factors
- High grade silver
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredCopalquin · goldTonnes: 1725000Grade: 4.55Grade Unit: g/tContained Metal: 252Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:e9ae668fd1aaae17aeac
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1725000
- Grade
- 4.55
- Grade Unit
- g/t
- Contained Metal
- 252
- Contained Unit
- koz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-11-17T00:00:00.000Z
Dates
- Event date
- 2026-01-15T00:00:00.000Z
Reasoning: Historical maiden resource being restated/referenced.
Positive factors
- High grade gold
Evidence · table
“4.55”
Context: 1,725
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredCopalquin · silverTonnes: 1725000Grade: 151.7Grade Unit: g/tContained Metal: 8414Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:e9ae668fd1aaae17aeac
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1725000
- Grade
- 151.7
- Grade Unit
- g/t
- Contained Metal
- 8414
- Contained Unit
- koz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-11-17T00:00:00.000Z
Dates
- Event date
- 2026-01-15T00:00:00.000Z
Reasoning: Historical maiden resource being restated/referenced.
Positive factors
- High grade silver
Evidence · table
“151.7”
Context: 1,725
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredCopalquin · goldTonnes: 278000Grade: 4.12Grade Unit: g/tContained Metal: 37Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:95a2ac77bc93bb5ea1f9
- 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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-11-17T00:00:00.000Z
Dates
- Event date
- 2026-01-15T00:00:00.000Z
Reasoning: Historical maiden resource being restated/referenced.
Positive factors
- High grade gold
Evidence · table
“4.12”
Context: 278
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredCopalquin · silverTonnes: 278000Grade: 228.2Grade Unit: g/tContained Metal: 2037Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:95a2ac77bc93bb5ea1f9
- 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
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-11-17T00:00:00.000Z
Dates
- Event date
- 2026-01-15T00:00:00.000Z
Reasoning: Historical maiden resource being restated/referenced.
Positive factors
- High grade silver
Evidence · table
“228.2”
Context: 278
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 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.