# Mithril Silver & Gold Kicks Off Maiden Drill Programme At Target 3, In The Multi-Target Copalquin Gold-Silver District Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8 Original source: https://money.tmx.com/en/quote/MSG/news/4948100131741557/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta Publisher: tmx Original announcement: 2026-01-15T12:30:00.000Z 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: Resource update, Drill results - Extracted: 2026-09-18 11:04:10 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas 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 factor: Commencement of maiden drill programme at Target 3 - Positive factor: High-grade channel sampling results \(16 g/t Au, 1275 g/t Ag\) - Positive factor: Existing maiden resource at Target 1 provides a high-grade baseline - Positive factor: Large district-scale potential with multiple targets Facts used in scoring: 8 ## Classification and evidence **Step-Out Extension** Polarity: positive Definition: 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 Intercept** Polarity: positive Definition: 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 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 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 Disclosed** Polarity: positive Definition: 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 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8#fact-drill-facts-0) 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 #### 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 factor: High grade gold and silver Evidence · text > 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 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8#fact-drill-facts-1) 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 #### 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 factor: 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 ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8#fact-resource-facts-2) Copalquin · gold Historical result Needs review: historical\_restatement #### 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 factor: High grade gold and silver 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 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 **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 4.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8#fact-resource-facts-3) Copalquin · silver Historical result Needs review: historical\_restatement #### 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 factor: High grade silver 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 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 **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 4.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8#fact-resource-facts-4) Copalquin · gold Historical result Needs review: historical\_restatement #### 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 factor: High grade gold 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 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 **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 4.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8#fact-resource-facts-5) Copalquin · silver Historical result Needs review: historical\_restatement #### 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 factor: High grade silver 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 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 **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 4.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8#fact-resource-facts-6) Copalquin · gold Historical result Needs review: historical\_restatement #### 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 factor: High grade gold 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 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 **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 4.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-ta--ae25072f-508a-4cdf-a171-1a98ae29e3a8#fact-resource-facts-7) Copalquin · silver Historical result Needs review: historical\_restatement #### 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 factor: High grade silver 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 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 **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 4.2 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.