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Mithril Drills High-Grade Gold-Silver At Target 1 And Further Expands The District Scale, Copalquin, Mexico

Source: TheNewsWire

(TheNewswire)

Melbourne, Australia and Vancouver, Canada – January20, 2026 – TheNewswire - Mithril Silver and Gold Limited ("Mithril” or the"Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleasedto provide exploration success at Mithril’sdistrict scale Copalquin property, DurangoState, Mexico.

  • High-grade in shallowintercepts returned from expansive resource drilling at Target 1ahead of the Target 1 mineral resourceestimation (MRE) update 

  • Target 1 drilling highlights include 

    • 1.55 m @2.11 g/t gold, 5.5 g/t silver from 24.65 m (MTH-RE25-54), plus 

1.35 m @21.9 g/t gold, 357 g/t silver from 142.75 m,including

0.50 m @57.7 g/t gold, 924 g/t silver from 143.6m

    • 3.05 m @1.68 g/t gold, 107 g/t silver from 52.0 m (MTH-LS25-53), including 

0.50 m @9.60 g/t gold, 612 g/t silver from 52.0 m,plus

2.80 m @2.29 g/t gold, 60.3 g/t silver from 65.25 m,including

0.50 m @ 10.6 g/t gold, 298 g/t silver from 67.55 m, plus

4.40 m @ 2.18 g/t gold, 14.6 g/t silver from 77.2 m

0.50 m @ 15.5 g/t gold, 66.1 g/t silver from 81.1 m

  • Drilling on the western side of Target 1 (150 metre anomalous silver zone intercept inMTH-RE25-58 extends the District east-westmineralised structure 300 metres west plus extensive hydrothermalalteration. This large alteration zone indicates significanthydrothermal fluid flow which possibly represents a major feeder zonein this part of the District. This is further supported by our recentpetrographic work (see discussion below).  Theeast-west structure likely extends a further 600 metres west to the ElGallo workings where high-grade gold and silver was intercepted inprevious drilling (see ASX announcement date 5 May 2022)1 providingsignificant scale upside. 

  • 300 metre down dip extension ofthe Refugio 1 structure, also on the western side of Target 1 (MTH-RE25-47 and 56), are the deepestintercepts in this area to date which (with the intercept inMTH-RE25-058) provide vectors for continued expansion of the CopalquinDistrict model. 

 

“The recent drilling at Target 1 has successfullyexpanded the resource potential for the upcoming Target 1 MRE updateand provided important success in the development of the largerDistrict scale model”, said John Skeet, Managing Director & CEO.

“The drilling on the western side of Target 1intersected a broad anomalous silver zone with pervasive hydrothermalalteration associated with the district-scale east–west structure.In low-sulphidation systems, this style of alteration and silverenrichment is indicative of a well-developed hydrothermal conduit orfeeder zone and supports further potential for mineralisation alongstrike and at depth as well as the District bigger picture.

The 300-metre down-dip extension of the Refugio 1structure confirms vertical continuity of the system and providesclear scope to expand the Target 1 resource beyond the currentmodel.”

 

Copalquin District - 2026

Mithril is undertaking an aggressive explorationprogram in 2026, with 25,000 metres of drilling planned during thefirst half of the year across the Copalquin District. Upcoming workwill focus on expanding known mineralized zones, testing newhigh-priority targets, integrating district-wide geophysical data, andcontinuing to advance the Company’s district-scale explorationthesis.  The district features over 100 historic underground workings including several notable producingmulti-level mines and 200 surface workings.  Mapping and samplingacross the lower half of the 70 km2 mining concession area demonstrates and a large epithermalsilver-gold system with multiple target areas for potential resourcegrowth plus the conduit system responsible for the widespread silverand gold mineralisation.

The nearby 20 km2 La Dura property has recently been added to the portfolioproviding where a LiDAR survey has been flown (interpretationanticipated in February 2026) and will undergo and aerial magneticsurvey upon completion of the aerial magnetic survey at Copalquincommencing in January 2026.

 

 
Click Image To View Full Size

Figure 1 Mithril’s Copalquin and LaDura property locations in Durango State, Mexico

 


Click Image To View Full Size

Figure 2 LiDARidentified historic workings across the 70km2 district. Currentdrilling locations at Target 1 west and Target 5 (El Apomal), andrecent drilling at Zaragoza mine in Target 1 south, high prioritydrill target area of La Constancia-El Jabali (Target 3).  Several newareas highlighted across the district for follow-up work includingrecently sampled Target 6

Target 1 Drilling Discussion

Drilling continued throughout 2025 at the Target 1 areaaiming to expand the maiden resource.  The results throughout theyear and reported in this announcement have continued to successfullyexpand the footprint and fill in areas with the objective to bringmore tonnes into classification for a mineral resource estimate (MRE)update.  Approximately 3,000 metres of drilling is to be completed inQ1 2026 to finalise the drilling for the MRE update.  3D modelling ofthe updated geology including the post mineral intrusive unit hascreated a robust and predictable model for the upcoming MRE.

Recently received drill results have intersected veryhigh-grade gold and silver and provided supportive geological controldata for the Target 1 model.

Assay highlights include

    • 1.55 m @2.11 g/t gold, 5.5 g/t silver from 24.65 m (MTH-RE25-54), plus 

1.35 m @21.9 g/t gold, 357 g/t silver from 142.75 m,including

0.50 m @57.7 g/t gold, 924 g/t silver from 143.6m

    • 3.05 m @1.68 g/t gold, 107 g/t silver from 52.0 m (MTH-LS25-53), including 

0.50 m @9.60 g/t gold, 612 g/t silver from 52.0 m,plus

2.80 m @2.29 g/t gold, 60.3 g/t silver from 65.25 m,including

0.50 m @ 10.6 g/t gold, 298 g/t silver from 67.55 m, plus

4.40 m @ 2.18 g/t gold, 14.6 g/t silver from 77.2 m

0.50 m @ 15.5 g/t gold, 66.1 g/t silver from 81.1 m

Table 1 Interval for results receivedfor Target 1 drilling reported.

Hole ID

From (m)

To (m)

Interval (m)

Au g/t

Ag g/t

AuEq g/t

MTH-RE25-46

59.5

61.2

1.7

0.59

11.1

0.75

MTH-RE25-46

65.25

69.2

3.95

1.37

22.2

1.69

MTH-RE25-47

442.3

444.65

2.35

1.18

24.2

1.52

MTH-LS25-52

72.7

73.2

0.5

1.11

4.4

1.17

MTH-LS25-52

264.5

266

1.5

0.39

63.6

1.30

MTH-LS25-53

44.7

45.2

0.5

2.64

42.3

3.24

MTH-LS25-53

52

55.05

3.05

1.68

107

3.20

including

52

52.5

0.5

9.60

612

18.34

MTH-LS25-53

65.25

68.05

2.80

2.29

60.3

3.15

including

67.55

68.05

0.5

10.55

298

14.81

MTH-LS25-53

77.2

81.6

4.40

2.18

14.6

2.39

including

81.1

81.6

0.5

15.50

66.1

16.44

MTH-LS25-53

91.7

93

1.3

0.44

0.7

0.45

MTH-LS25-53

226

226.5

0.5

1.07

2.7

1.11

MTH-RE25-54

5.50

8.30

2.80

0.27

19.7

0.56

MTH-RE25-54

12

12.65

0.65

0.60

19.1

0.87

MTH-RE25-54

18.85

20

1.15

0.31

11.0

0.47

MTH-RE25-54

24.65

26.20

1.55

2.11

5.50

2.19

MTH-RE25-54

28.70

29.60

0.90

0.524

23.1

0.85

MTH-RE25-54

32.25

34.85

2.60

0.30

2.40

0.33

MTH-RE25-54

133.7

135

1.30

0.72

54.7

1.50

MTH-RE25-54

142.75

144.1

1.35

21.94

357

27.04

including

143.6

144.1

0.50

57.65

924

70.85

MTH-RE25-55

No reportable intercepts

   

MTH-RE25-56

441.75

447.2

5.45

0.78

35.9

1.29

including

441.75

442.7

0.95

1.08

39.5

1.64

including

444.7

447.2

2.50

1.26

62.1

2.15

MTH-RE25-57

189.15

189.65

0.50

1.43

128

3.25

MTH-RE25-58

165.85

166.35

0.50

1.09

82.2

2.26

MTH-RE25-59

No reportable intercepts

   
  


Click Image To View Full Size

Figure 3 Plan map for the Target 1drilling reported and section lines for the following cross sections

Figure 4 Section C - high-gradeintercepts on the eastern side of the Target 1 resource successfullyin-filling an area with previously insufficient data in thisrelatively shallow area.

Figure 5 Section D with multipleintercepts including those highlighted on the above section.

Figure 6 Section E successfullyintercepting the Refugio 1 structure on the eastern side over 300metres down dip

 

Further Evidence of the Large HydrothermalSystem

Drilling on the western end of the resource area atTarget 1 has continued to provide further evidence of continuation ofthe east-west mineralised structure plus extensive hydrothermalalteration.

In a low sulphidation epithermal deposit, the presenceof a wide alteration halo combined with silver-rich mineralization isa strong indicator of a robust, long-lived hydrothermal system and hasimportant implications for both scale and explorationpotential.

A broad alteration halo reflects extensive circulationof neutral to weakly alkaline hydrothermal fluids through permeablestructures and surrounding wall rocks. Alteration assemblages commonlyinclude quartz, adularia, sericite, with variable carbonate, chloriteand locally developed clay alteration. The breadth of alterationindicates that fluid flow was not restricted to narrow vein conduits,but instead affected a large volume of rock, increasing the likelihoodof multiple mineralized structures, stacked veins, or locallydisseminated mineralization. From an exploration standpoint, widealteration halos provide large, mappable footprints that can bedetected through mapping, geochemistry, and remote sensing, allowingeffective vectoring toward higher grade zones.

 


Click Image To View Full Size

Figure 7 Drill hole MTH-RE25-58intercepted a thick anonymously silver rich alteration halo on thewestern side of Target 1

Silver mineralization is a characteristic feature oflow sulphidation epithermal systems and commonly occurs as electrum,acanthite, native silver, silver sulfosalts, or Ag-bearing base metalsulphides. Elevated silver grades often reflect boiling, fluid mixing,or rapid pressure changes within the epithermal environment, processesthat are also efficient at precipitating gold. Silver rich zones maybe laterally or vertically offset from gold dominant zones, commonlyoccupying higher or more distal portions of the system, and thereforeprovide valuable vectors toward potentially gold rich feederstructures at depth or along strike.

Together, a wide alteration halo and significant silvermineralization suggest a well-developed epithermal system withfavourable permeability architecture and strong hydrothermal flux.This combination increases the probability of discovering additionalveins, higher grade shoots, or vertically zoned precious metalmineralization, and supports the potential for a district scalemineralized system rather than isolated, narrow veins.

 

Table 2 Drillhole collar details reported in this announcement

Hole ID

Easting (m)

Northing (m)

Elevation (m)

Azimuth (degrees)

Inclination (degrees)

Depth (m)

MTH-RE25-46

289355

2823700

1246.14

188

-50

249

MTH-RE25-47

288996.3

2824042

1188.21

210

-75

516

MTH-RE25-48

288547

2823911

1133.83

205

-65

351

MTH-LS25-49

289869

2824152

1065.27

200

-45

342

MTH-LS25-50

289729

2824339

1057.79

195

-73

402

MTH-LS25-51

289956

2824182

1081.41

195

-65

132

MTH-LS25-52

289943

2824082

1094.17

210

-45

450

MTH-LS25-53

289601

2824056

1141.2

180

-55

339

MTH-RE25-54

289519

2823757

1192.72

165

-55

417

MTH-RE25-55

288759

2823832

1189.26

250

-50

351

MTH-RE25-56

289004

2824047

1189.1

210

-69

516

MTH-RE25-57

288757

2823827

1190.94

210

-45

351

MTH-RE25-58

288757

2823827

1190.94

185

-45

300

MTH-RE25-59

288748

2823965

1232.44

180

-77

501

 

ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in DurangoState, Mexico and covers an entire mining district of 70km2 containing several dozen historicgold and silver mines and workings, ten of which had notableproduction. The district is within the Sierra Madre Gold Silver Trendwhich extends north-south along the western side of Mexico and hostsmany gold and silver districts.

 

Multiple mineralisation events, young intrusivesthought to be system-driving heat sources, widespread alterationtogether with extensive surface vein exposures and dozens of historicmine workings, identify the Copalquin mining district as a majorepithermal centre for Gold and Silver.

 

Within 15 months of drilling in the Copalquin District,Mithril delivered a maiden JORC mineral resource estimate at the firstof several target areas (Target 1), demonstrating the high-grade goldand silver resource potential for the district. This maiden resourceis detailed below (see ASX release 17 November2021)^ and a NI 43-101 Technical Reportfiled on SEDAR+

 

Target 1 Maiden Resource:

 

  • Indicated 691 kt @5.43 g/t gold,114 g/t silver for 121,000 oz goldplus 2,538,000 oz silver 

  • Inferred 1,725 kt @4.55 g/t gold,152 g/t silver for 252,000 oz goldplus 8,414,000 oz silver 

(using a cut-off grade of 2.0 g/t AuEq*)

  • 28.6% of the resource tonnage is classified asindicated 

        

Table 3 Mineral resource estimateat Target 1 El Refugio – La Soledad using a cut-off grade of 2.0 g/tAuEq*

 

Tonnes

(kt)

Tonnes

(kt)

Gold

(g/t)

Silver

(g/t)

Gold Eq.* (g/t)

Gold

(koz)

Silver

(koz)

Gold Eq.* (koz)

El Refugio

Indicated

691

5.43

114.2

7.06

121

2,538

157

 

Inferred

1,447

4.63

137.1

6.59

215

6,377

307

La Soledad

Indicated

-

-

-

-

-

-

-

 

Inferred

278

4.12

228.2

7.38

37

2,037

66

Total

Indicated

691

5.43

114.2

7.06

121

2,538

157

 

Inferred

1,725

4.55

151.7

6.72

252

8,414

372

 

*  In determining the gold equivalent (AuEq.) gradefor reporting, a gold:silver price ratio of 70:1 was determined, usingthe formula: AuEq grade = Au grade + ((Ag grade/70) x (Ag recovery/Aurecovery)). The metal prices used to determine the 70:1 ratio are thecumulative average prices for 2021: gold USD1,798.34 and silver:USD25.32 (actual is 71:1) from kitco.com.  

For silver equivalent (AgEq.) grade reporting, the samefactors as above are used with the formula AgEq grade = Ag grade +((Au grade x 70) x (Au recovery/Ag recovery))

At this early stage, the metallurgical recoveries wereassumed to be equal (93%). Subsequent preliminary metallurgical testwork produced recoveries of 91% for silver and 96% for gold (ASXAnnouncement 25 February 2022) and these will be used when theresource is updated in the future.   In the Company’s opinionthere is reasonable potential for both gold and silver to be extractedand sold.

^ The information in this reportthat relates to Mineral Resources or Ore Reserves is based oninformation provided in the following ASX announcement: 17 Nov 2021 -MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq*), which includes the full JORC MREreport, also available on the Mithril Resources LimitedWebsite.

The Company confirms that it is not aware of any newinformation or data that materially affects the information includedin the original market announcement and that all material assumptionsand technical parameters underpinning the estimates in the relevantmarket announcement continue to apply and have not materially changed.The company confirms that the form and context in which the CompetentPerson’s findings are presented have not been materially modifiedfrom the original market announcement.

Mining study (conceptual) and metallurgical test worksupports the development of the El Refugio-La Soledad resource withconventional underground mining methods indicated as being appropriateand with high gold-silver recovery to produce metal on-site withconventional processing. The average vein width is approximately 4.5metres.

 

Mithril is currently exploring in the CopalquinDistrict to expand the resource footprint, demonstrating itsmulti-million-ounce gold and silver potential.  Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10Mon or any time before 7 August 2028.

 

-ENDS-

Released with the authority of the Board.

For further information contact:

John Skeet

Managing Director and CEO

jskeet@mithrilsilvergold.com

+61 435 766 809

NIKLI COMMUNICATIONS

Corporate Communications

liz@mithrilsilvergold.com

nicole@mithrilsilvergold.com

 

The Australian Securities Exchange has not reviewed anddoes not accept responsibility for the accuracy or adequacy of thisrelease.

Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.

  

Competent Persons Statement - JORC

The information in this announcement that relates tometallurgical test results, mineral processing and project developmentand study work has been compiled by Mr John Skeet who is Mithril’sCEO and Managing Director. Mr Skeet is a Fellow of the AustralasianInstitute of Mining and Metallurgy. This is a Recognised ProfessionalOrganisation (RPO) under the Joint Ore Reserves Committee (JORC)Code.

Mr Skeet has sufficient experience of relevance to thestyles of mineralisation and the types of deposits underconsideration, and to the activities undertaken, to qualify as aCompetent Person as defined in the 2012 Edition of the Joint OreReserves Committee (JORC) Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves. Mr Skeetconsents to the inclusion in this report of the matters based oninformation in the form and context in which it appears. TheAustralian Securities Exchange has not reviewed and does not acceptresponsibility for the accuracy or adequacy of this release.

The information in this announcement that relates tosampling techniques and data, exploration results and geologicalinterpretation for Mithril’s Mexican project, has been compiled byMr Darren LeFort who is Mithril’s Exploration Manager. Mr LeFort isa member of the Engineers and Geoscientists of British Columbia and aCertified Professional Geologist (P.Geo). This is a RecognisedProfessional Organisation (RPO) under the Joint Ore Reserves Committee(JORC) Code.

 Mr LeFort has sufficient experience of relevance tothe styles of mineralisation and the types of deposits underconsideration, and to the activities undertaken, to qualify as aCompetent Person as defined in the 2012 Editionof the Joint Ore Reserves Committee (JORC) Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves.Mr LeFort consents to the inclusion in this report of the mattersbased on information in the form and context in which itappears.

The information in this announcement that relates toMineral Resources is reported by Mr Rodney Webster, former PrincipalGeologist at AMC Consultants Pty Ltd (AMC), who is a Member of theAustralian Institute of Geoscientists. The report was peer reviewed byAndrew Proudman, Principal Consultant at AMC. Mr Webster is acting asthe Competent Person, as defined in the 2012 Edition of the Joint OreReserves Committee (JORC) Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves, for thereporting of the Mineral Resource estimate. A site visit was carriedout by Jose Olmedo a geological consultant with AMC, in September 2021to observe the drilling, logging, sampling and assay database. MrWebster consents to the inclusion in this report of the matters basedon information in the form and context in which it appears

Qualified Persons – NI 43-101

Scientific and technical information in this Report hasbeen reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’sManaging Director and Chief Executive Officer. Mr John Skeet is aqualified person within the meaning of NI 43-101.

Samples are sent to ALS Global with sample preparationperformed in Chihuahua City, Mexico and assaying of sample pulpsperformed in North Vancouver, BC, Canada

  

Table 4 All drill resultsreported greater than or equal to 0.1 g/t AuEq

Drillhole ID

Sample ID

From (m)

To (m)

Au g/t

Ag g/t

AuEq g/t

Cu g/t

Pb g/t

Zn g/t

MTH-RE25-46

821441

59.5

60.6

0.451

10.8

0.61

55

7

89

MTH-RE25-46

821442

60.6

61.2

0.858

11.7

1.03

56

7

90

MTH-RE25-46

821446

64.55

65.25

0.073

5.6

0.15

47

75

122

MTH-RE25-46

821447

65.25

65.8

1.925

46.5

2.59

46

25

84

MTH-RE25-46

821448

65.8

66.45

0.45

8.8

0.58

34

9

49

MTH-RE25-46

821449

66.45

67

3.65

45.3

4.30

44

26

65

MTH-RE25-46

821451

67

67.8

1.31

20.8

1.61

34

31

108

MTH-RE25-46

821452

67.8

68.4

1.285

16.9

1.53

32

21

77

MTH-RE25-46

821453

68.4

69.2

0.313

6

0.40

27

17

77

MTH-RE25-47

821494

436

436.7

0.08

10.4

0.23

60

73

305

MTH-RE25-47

821495

436.7

438

0.192

30.8

0.63

26

78

139

MTH-RE25-47

821499

440

441

0.351

32.2

0.81

98

279

343

MTH-RE25-47

821501

441

441.6

0.232

5.9

0.32

39

101

112

MTH-RE25-47

821503

441.6

442.3

0.378

7.3

0.48

124

696

700

MTH-RE25-47

821504

442.3

442.9

1.605

57.4

2.43

150

1005

2260

MTH-RE25-47

821505

442.9

443.5

0.836

14.8

1.05

241

1050

3380

MTH-RE25-47

821506

443.5

444

0.576

10.2

0.72

228

1060

4430

MTH-RE25-47

821507

444

444.65

1.555

12.9

1.74

297

282

1585

MTH-RE25-48

821559

341

343

0.042

5.5

0.12

390

244

232

MTH-RE25-48

821563

345.8

347

0.165

1.4

0.19

39

44

82

MTH-LS25-49

821570

101.05

101.95

0.63

18.6

0.90

24

365

18

MTH-LS25-49

821606

163

163.65

0.067

3.2

0.11

7

6

12

MTH-LS25-49

821624

178.4

178.9

0.704

1.4

0.72

35

698

1190

MTH-LS25-49

821626

178.9

179.5

0.379

1.9

0.41

13

66

73

MTH-LS25-49

821627

179.5

180

0.143

2.9

0.18

57

457

1745

MTH-LS25-49

821628

180

180.5

0.203

3.6

0.25

168

1515

439

MTH-LS25-49

821629

180.5

181.25

0.475

4

0.53

100

648

725

MTH-LS25-49

821632

182.75

183.7

0.817

3.2

0.86

5

11

55

MTH-LS25-49

821641

191.45

192

0.091

2

0.12

5

52

96

MTH-LS25-50

821713

267.25

267.85

0.091

7.4

0.20

31

29

55

MTH-LS25-50

821726

280.25

280.95

0.07

12

0.24

13

44

75

MTH-LS25-50

821727

280.95

282.05

0.112

24.4

0.46

51

38

93

MTH-LS25-51

821756

91.5

92

0.185

1.5

0.21

26

21

63

MTH-LS25-52

821783

14.3

14.95

0.031

5.2

0.11

31

27

53

MTH-LS25-52

821790

72.7

73.2

1.105

4.4

1.17

22

19

63

MTH-LS25-52

821794

125.2

125.95

0.089

0.8

0.10

15

12

53

MTH-LS25-52

821829

193

193.5

0.087

11

0.24

15

37

32

MTH-LS25-52

821838

203.4

204.3

0.089

4.3

0.15

15

16

68

MTH-LS25-52

821847

216

217.1

0.044

5.1

0.12

5

7

27

MTH-LS25-52

821882

253.15

254.05

0.052

3.7

0.10

25

16

124

MTH-LS25-52

821887

258.4

259.4

0.097

2.3

0.13

111

162

267

MTH-LS25-52

821893

264.5

266

0.389

63.6

1.30

79

146

105

MTH-LS25-53

821961

14

15

0.08

5.1

0.15

27

5

90

MTH-LS25-53

821967

20

21

0.029

5.2

0.10

46

53

103

MTH-LS25-53

821972

25.85

26.35

0.069

8.7

0.19

54

53

108

MTH-LS25-53

821974

27

28

0.045

5.8

0.13

58

39

136

MTH-LS25-53

821989

42

43

0.061

7.8

0.17

56

26

124

MTH-LS25-53

821992

44.7

45.2

2.64

42.3

3.24

65

27

85

MTH-LS25-53

822001

52

52.5

9.6

612

18.34

134

181

295

MTH-LS25-53

822002

52.5

53.45

0.038

7.8

0.15

15

38

134

MTH-LS25-53

822004

54.55

55.05

0.527

14.1

0.73

9

30

133

MTH-LS25-53

822015

65.25

66.4

0.49

0.6

0.50

40

7

99

MTH-LS25-53

822016

66.4

67.05

0.334

8.6

0.46

11

68

93

MTH-LS25-53

822017

67.05

67.55

0.69

27

1.08

9

17

14

MTH-LS25-53

822018

67.55

68.05

10.55

298

14.81

23

113

159

MTH-LS25-53

822030

77.2

77.75

1.305

25.9

1.68

34

73

180

MTH-LS25-53

822031

77.75

78.8

0.566

3.1

0.61

32

28

176

MTH-LS25-53

822032

78.8

79.8

0.169

3.4

0.22

31

31

127

MTH-LS25-53

822034

80.35

81.1

0.437

11.2

0.60

15

18

42

MTH-LS25-53

822035

81.1

81.6

15.5

66.1

16.44

33

109

135

MTH-LS25-53

822038

82.85

83.95

0.059

3.7

0.11

15

15

103

MTH-LS25-53

822048

91.7

93

0.443

0.7

0.45

24

38

109

MTH-LS25-53

822059

102.3

102.85

0.366

3.1

0.41

40

26

27

MTH-LS25-53

822069

112.5

113.1

0.229

3

0.27

16

17

54

MTH-LS25-53

822083

131.4

132.8

0.093

2.6

0.13

8

21

127

MTH-LS25-53

822087

137.1

138.5

0.099

1.3

0.12

6

27

97

MTH-LS25-53

840036

226

226.5

1.07

2.7

1.11

59

99

137

MTH-LS25-53

840069

250.75

251.35

0.125

1.1

0.14

25

11

69

MTH-LS25-53

840101

284.75

286

0.042

7.7

0.15

14

52

15

MTH-LS25-53

840103

286.75

287.25

0.103

7.5

0.21

6

21

157

MTH-LS25-53

840115

296

296.6

0.095

1.4

0.12

3

12

18

MTH-LS25-53

840119

298.55

299.7

0.08

12.1

0.25

787

588

301

MTH-LS25-53

840121

299.7

300.85

0.06

4.5

0.12

176

121

129

MTH-LS25-53

840124

301.65

302.35

0.114

0.8

0.13

2

9

25

MTH-LS25-53

840130

305

305.8

0.228

3.9

0.28

27

39

78

MTH-LS25-53

840131

305.8

306.3

0.705

2.2

0.74

19

21

57

MTH-LS25-53

840132

306.3

307.15

0.296

2.6

0.33

24

46

82

MTH-LS25-53

840133

307.15

307.8

0.07

5.5

0.15

78

523

363

MTH-LS25-53

840134

307.8

308.95

0.068

5.7

0.15

19

66

64

MTH-LS25-53

840139

312.05

312.75

0.168

1.8

0.19

16

72

89

MTH-LS25-53

840153

336.25

337.3

0.088

0.9

0.10

44

54

194

MTH-LS25-53

840154

337.3

338.35

0.095

0.8

0.11

54

47

191

MTH-RE25-54

840156

1

3.95

0.093

3.1

0.14

14

16

25

MTH-RE25-54

840157

3.95

5.5

0.113

10.4

0.26

24

21

20

MTH-RE25-54

840158

5.5

6.4

0.205

13

0.39

28

21

15

MTH-RE25-54

840159

6.4

7.45

0.311

24.5

0.66

15

21

19

MTH-RE25-54

840161

7.45

8.3

0.303

21

0.60

17

33

23

MTH-RE25-54

840163

9.25

9.8

0.098

6.6

0.19

25

26

120

MTH-RE25-54

840165

10.3

11.1

0.051

4

0.11

20

19

52

MTH-RE25-54

840166

11.1

12

0.075

4.6

0.14

24

13

108

MTH-RE25-54

840167

12

12.65

0.598

19.1

0.87

33

75

140

MTH-RE25-54

840171

15.1

16.35

0.113

7.4

0.22

22

21

95

MTH-RE25-54

840172

16.35

17.6

0.115

6.4

0.21

23

40

96

MTH-RE25-54

840174

18.2

18.85

0.053

4.4

0.12

29

19

98

MTH-RE25-54

840176

18.85

20

0.31

11

0.47

29

12

91

MTH-RE25-54

840181

23

24

0.087

4

0.14

31

12

82

MTH-RE25-54

840183

24.65

25.4

0.319

4

0.38

43

12

85

MTH-RE25-54

840184

25.4

26.2

3.79

6.9

3.89

53

19

109

MTH-RE25-54

840185

26.2

27

0.119

4.4

0.18

52

26

137

MTH-RE25-54

840187

27.75

28.7

0.123

5.2

0.20

50

28

132

MTH-RE25-54

840188

28.7

29.6

0.524

23.1

0.85

16

75

111

MTH-RE25-54

840189

29.6

30.1

0.146

3.7

0.20

28

20

101

MTH-RE25-54

840190

30.1

31.3

0.069

2.6

0.11

8

10

46

MTH-RE25-54

840192

32.25

33.6

0.221

2.3

0.25

7

13

62

MTH-RE25-54

840193

33.6

34.85

0.377

2.5

0.41

18

13

127

MTH-RE25-54

840194

34.85

36.05

0.172

2

0.20

12

12

110

MTH-RE25-54

840257

131.65

132.4

0.075

3.6

0.13

10

28

35

MTH-RE25-54

840258

132.4

133.2

0.097

10.3

0.24

3

36

27

MTH-RE25-54

840259

133.2

133.7

0.137

10.6

0.29

4

16

93

MTH-RE25-54

840260

133.7

134.35

0.86

78

1.97

8

19

42

MTH-RE25-54

840261

134.35

135

0.574

31.4

1.02

4

8

37

MTH-RE25-54

840262

135

135.55

0.117

2.6

0.15

5

29

63

MTH-RE25-54

840263

135.55

137

0.091

2.9

0.13

4

23

54

MTH-RE25-54

840264

137

139

0.086

3.7

0.14

5

26

57

MTH-RE25-54

840265

139

140.3

0.115

3.5

0.17

7

26

60

MTH-RE25-54

840266

140.3

141.55

0.106

3.3

0.15

97

12

128

MTH-RE25-54

840267

141.55

142.75

0.073

4.6

0.14

59

10

87

MTH-RE25-54

840268

142.75

143.6

0.933

23.9

1.27

4

14

68

MTH-RE25-54

840269

143.6

144.1

58.4

947

71.93

41

70

148

MTH-RE25-54

840271

144.1

144.6

0.362

10.7

0.51

3

18

96

MTH-RE25-54

840272

144.6

146

0.099

1.7

0.12

2

16

78

MTH-RE25-54

840273

146

148

0.24

2.4

0.27

2

16

61

MTH-RE25-54

840274

148

149.4

0.071

3.4

0.12

2

16

96

MTH-RE25-54

840276

149.4

150.25

0.316

19.7

0.60

3

14

45

MTH-RE25-54

840277

150.25

150.9

0.085

5.1

0.16

3

17

43

MTH-RE25-54

840281

152

152.8

0.079

2

0.11

4

15

73

MTH-RE25-54

840298

175.25

175.75

0.19

1.2

0.21

8

29

59

MTH-RE25-54

840309

182

182.85

0.022

7.4

0.13

10

92

176

MTH-RE25-54

840311

183.75

184.35

0.056

3.4

0.10

3

31

91

MTH-RE25-54

840336

230.45

231.35

0.113

6.2

0.20

83

45

49

MTH-RE25-54

840369

328.75

329.65

0.091

36.3

0.61

44

220

221

MTH-RE25-54

840370

329.65

330.65

0.031

11.9

0.20

29

714

336

MTH-RE25-54

840378

335.15

335.7

0.011

6.6

0.11

31

155

335

MTH-RE25-54

840393

346.5

347.55

0.026

22.4

0.35

26

234

132

MTH-RE25-54

840394

347.55

348.35

0.025

7

0.13

40

257

132

MTH-RE25-56

840528

441.75

442.7

1.08

39.5

1.64

36

32

69

MTH-RE25-56

840531

444.7

445.7

1.11

9.6

1.25

253

843

1010

MTH-RE25-56

840532

445.7

446.2

1.305

110

2.88

1130

3490

3880

MTH-RE25-56

840533

446.2

446.7

1.2

90.4

2.49

174

1360

1570

MTH-RE25-56

840534

446.7

447.2

1.59

91

2.89

215

1045

1755

MTH-RE25-56

840546

456.5

457.5

0.084

2.3

0.12

21

16

118

MTH-RE25-57

840577

177.7

179

0.031

10.1

0.18

5

15

52

MTH-RE25-57

840578

179

180

0.044

5.1

0.12

4

20

46

MTH-RE25-57

840590

189.15

189.65

1.425

128

3.25

45

25

112

MTH-RE25-57

840593

247.85

249

0.055

5.2

0.13

4

13

43

MTH-RE25-57

840597

252.3

253.05

0.188

2.9

0.23

12

116

302

MTH-RE25-57

840605

259

261

0.021

7.8

0.13

9

50

98

MTH-RE25-57

840613

334.9

335.95

0.574

1.6

0.60

3

10

68

MTH-RE25-58

840626

158.2

158.75

0.287

13.4

0.48

12

21

93

MTH-RE25-58

840627

158.75

159.55

0.104

4.3

0.17

12

20

62

MTH-RE25-58

840628

159.55

160.3

0.351

19

0.62

13

12

90

MTH-RE25-58

840629

160.3

161.45

0.082

9.6

0.22

2

9

105

MTH-RE25-58

840632

162

162.5

0.044

6.6

0.14

41

23

87

MTH-RE25-58

840634

163.3

164.15

0.094

2.7

0.13

6

12

120

MTH-RE25-58

840635

164.15

164.95

0.089

6.2

0.18

4

11

125

MTH-RE25-58

840636

164.95

165.85

0.069

2.3

0.10

7

11

103

MTH-RE25-58

840637

165.85

166.35

1.085

82.2

2.26

16

23

101

MTH-RE25-58

840638

166.35

167

0.044

5.3

0.12

3

10

99

MTH-RE25-58

840639

167

168

0.093

8.8

0.22

24

19

98

MTH-RE25-58

840642

169.55

171

0.062

3.5

0.11

3

16

122

MTH-RE25-58

840645

174.85

176

0.224

7.3

0.33

49

30

160

MTH-RE25-58

840651

184

186

0.152

5.3

0.23

1

14

83

MTH-RE25-58

840652

186

188

0.478

15.1

0.69

13

24

92

MTH-RE25-58

840655

192

194

0.178

4.2

0.24

5

12

77

MTH-RE25-58

840657

196

197.5

0.085

1.2

0.10

26

9

49

MTH-RE25-58

840671

224.3

225.1

0.084

5

0.16

148

47

69

MTH-RE25-58

840689

243.4

244.05

0.102

13.5

0.29

21

31

70

MTH-RE25-58

840697

250.5

251.35

0.07

5.8

0.15

50

19

124

MTH-RE25-58

840710

262.1

262.9

0.038

10.1

0.18

36

45

99

MTH-RE25-58

840711

262.9

263.7

0.051

14.8

0.26

21

43

40

MTH-RE25-58

840712

263.7

264.9

0.03

10.3

0.18

10

32

25

MTH-RE25-58

840716

268.5

269.2

0.206

7.6

0.31

27

39

106

MTH-RE25-58

840717

269.2

270.25

0.2

15.8

0.43

62

187

408

MTH-RE25-58

840727

280.7

282.1

0.073

3

0.12

24

19

148

MTH-RE25-58

840729

283.55

285.1

0.093

5.4

0.17

79

108

227

MTH-RE25-58

840730

285.1

285.6

0.059

3.3

0.11

6

21

69

MTH-RE25-58

840731

285.6

286.35

0.084

3.3

0.13

4

21

23

MTH-RE25-58

840732

286.35

287.55

0.181

5

0.25

41

58

240

MTH-RE25-59

840796

417.9

418.85

0.031

5.7

0.11

9

7

7

MTH-RE25-59

840797

418.85

419.8

0.031

6.7

0.13

7

7

20

MTH-RE25-59

840842

455

457.6

0.013

14.6

0.22

68

14

14

    

JORC Code, 2012 Edition – Table 1  

Section 1 Sampling Techniques and Data

 

Criteria

JORC Code explanation

Commentary

Sampling techniques

  • Nature and quality of sampling (eg cut channels, randomchips, or specific specialised industry standard measurement toolsappropriate to the minerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning of sampling. 

  • Include reference to measures taken to ensure samplerepresentativity and the appropriate calibration of any measurementtools or systems used. 

  • Aspects of the determination of mineralisation that areMaterial to the Public Report. 

  • In cases where ‘industry standard’ work has beendone this would be relatively simple (eg ‘reverse circulationdrilling was used to obtain 1 m samples from which 3 kg was pulverisedto produce a 30 g charge for fire assay’). In other cases moreexplanation may be required, such as where there is coarse gold thathas inherent sampling problems. Unusual commodities or mineralisationtypes (eg submarine nodules) may warrant disclosure of detailedinformation. 

  • Drill core samples are cutlengthwise with a diamond saw. Intervals are nominally 1 m but mayvary between 0.5 m to 1.5 m based on geologic criteria. 

  • The same side of the core is always sent to sample(left side of saw). 

  • Reported intercepts are calculated as eitherpotentially underground mineable (100m down hole) or as potentiallyopen-pit mineable (near surface). 

  • Potentially underground mineable intercepts arecalculated as length weighted averages of material greater than orequal to 1 g/t AuEQ_70 allowing up to 2m of internaldilution. 

  • Potentially open-pit mineable intercepts are calculatedas length weighted averages of material greater than or equal to 0.25g/t AuEQ_70 allowing for up to 2m of internal dilution. 

  • Rock Sawn Channel samplesunderground and surface are collected with the assistance of ahandheld portable saw. The channels are 2.5 to 3cm deep and 6-8 cmwide along continuous lines oriented perpendicular to the mineralizedstructure. The samples are as representative as possible  

  • Rock Sawn Channel surface samples were surveyed with aHandheld GPS then permanently mark with an aluminium tag and redcolour spray across the strike of the outcrop over 1 metre. Samplesare as representative as possible 

  • Rock Sawn Channel underground samples were locatedafter a compass and tape with the mine working having a surveyedcontrol point at the portal, then permanently marked with an aluminiumtag and red colour spray oriented perpendicular to the mineralizedstructure. Samples are as representative as possible 

  • Soil sampling has been carriedout by locating pre-planned points by handheld GPS and digging tobelow the first colour-change in the soil (or a maximum of 50 cm). Inthe arid environment there is a 1 – 10 cm organic horizon and a 10– 30 cm B horizon above the regolith. Samples are sieved to -80 meshin the field. Samples are collected on a 20 m x50 m grid or every 20 m on N–S lines 50 m apart. These samples areconsidered representative of the medium being sampled and lines areappropriately oriented to the nearly E–W structural trend. 

Drilling techniques

  • Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc) and details (egcore diameter, triple or standard tube, depth of diamond tails,face-sampling bit or other type, whether core is oriented and if so,by what method, etc). 

  • Drilling is done with MP500 man-portable core rigscapable of drilling HQ size core to depths of 350-400m (depending onground conditions), reducing to NQ size core for greater depths. Coreis recovered in a standard tube. 

Drill sample recovery

  • Method of recording and assessing core and chip samplerecoveries and results assessed. 

  • Measures taken to maximise sample recovery and ensurerepresentative nature of the samples. 

  • Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material. 

  • Drill recovery is measured based on measured length ofcore divided by length of drill run. 

  • Recovery in holes CDH-001 through CDH-025 and holesCDH-032 through CDH-077 was always above 90% in the mineralized zones.Detailed core recovery data are maintained in the projectdatabase. 

  • Holes CDH-026 through CDH-031 had problems with corerecovery in highly fractured, clay rich breccia zones. 

  • There is no adverse relationship between recovery andgrade identified to date. 

Logging

  • Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to support appropriateMineral Resource estimation, mining studies and metallurgicalstudies. 

  • Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography. 

  • The total length and percentage of the relevantintersections logged. 

  • Geotechnical and geological   logging of the drillcore takes place on racks in the company core shed. 

  • Core samples have beengeologically and geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, mining studies andmetallurgical studies. 

 

  • Core logging is both qualitative or quantitative innature. Photos are taken of each box of core before samples are cut.Photos of cut core intervals are taken after sampling. Core is wettedto improve visibility of features in the photos. 

  • All core has been logged and photographed.  

  • Rock sawn channel samples aremarked, measured and photographed at location 

  • Soil samples are recorded atlocation, logged and described 

Sub-sampling techniques and sample preparation

  • If core, whether cut or sawn and whether quarter, halfor all core taken. 

  • If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry. 

  • For all sample types, the nature, quality andappropriateness of the sample preparation technique. 

  • Quality control procedures adopted for all sub-samplingstages to maximise representativity of samples. 

  • Measures taken to ensure that the sampling isrepresentative of the in situ material collected, including forinstance results for field duplicate/second-half sampling. 

  • Whether sample sizes are appropriate to the grain sizeof the material being sampled. 

  • Core is sawn and half core is taken forsample. 

 

  • Samples are prepared using ALS Minerals Prep-31crushing, splitting and pulverizing. This is appropriate for the typeof deposit being explored. 

 

  • Visual review to assure that the cut core is ½ of thecore is performed to assure representativity of samples. 

 

  • Crushed core duplicates are split/collected by thelaboratory and submitted for assay (1 in 30 samples) 

  • Sample sizes are appropriate to the grain size of thematerial being sampled. 

  • Rock sawn channel samples and soil samples are prepared using ALS Minerals Prep-31 crushing, splittingand pulverizing. This is appropriate for the type of deposit beingexplored. 

 

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assayingand laboratory procedures used and whether the technique is consideredpartial or total. 

  • For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determining the analysisincluding instrument make and model, reading times, calibrationsfactors applied and their derivation, etc. 

  • Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratory checks) and whetheracceptable levels of accuracy (ie lack of bias) and precision havebeen established. 

  • Samples are assayed for gold using ALS Minerals Au-AA25method a 30 g fire assay with an AA finish. This is considered a totalassay technique. 

 

  • Samples are assayed for silver using ALS MineralsME-ICP61 method. Over limits are assayed by silverOG63 andsilverGRAV21. These are considered a total assay technique. 

  • Standards and blanks are inserted at a rate of one perevery 25 samples and one per every 40 samples, respectively.  Pulpduplicate sampling is undertaken for 3% of all samples (see above). External laboratory checks will be conducted as sufficient samplesare collected. Levels of accuracy (ie lack of bias) and precision havenot yet been established. 

  • Certified Reference Materials – Rock Labs and CDNCRMs have been used throughout the project including, low (~2 g/t Au),medium (~9 g/t Au) and high (~18g/t Au and ~40 g/t Au). Results areautomatically checked on data import into the BEDROCK database to fallwithin 2 standard deviations of the expected value.  

  • Samples with significant amounts of observed visiblegold are also assayed by AuSCR21, a screen assay that analyses gold inboth the milled pulp and in the residual oversize from pulverization.This has been done for holes CDH-075 and CDH-077. 

 

Verification of sampling and assaying

  • The verification of significant intersections by eitherindependent or alternative company personnel. 

  • The use of twinned holes. 

  • Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols. 

  • Discuss any adjustment to assay data. 

  • The verification of significant intersections by eitherindependent or alternative company personnel has not been conducted. Are-assay program of pulp duplicates is currently in progress. 

  • MTH has drilled one twin hole. Hole CDH-072, reportedin the 15/6/2021 announcement, is a twin of holes EC-002 and UC-03.Results are comparable. 

  • Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic) protocolsare maintained in the company’s core facility. 

  • Assay data have not been adjusted other than applyinglength weighted averages to reported intercepts. 

Location of data points

  • Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings andother locations used in Mineral Resource estimation. 

  • Specification of the grid system used. 

  • Quality and adequacy of topographic control. 

  • Drill collar coordinates are currently located byhandheld GPS. Precise survey of hole locations is planned. Downholesurveys of hole deviation are recorded using a Reflex Multishot toolfor all holes.  A survey measurement is first collected at 15 metersdownhole, and then every 50 meters until the end of the hole.Locations for holes have been surveyed with differential GPS to a sub10 cm precision.  

  • UTM/UPS WGS 84 zone 13 N 

  • High quality topographic control from LiDAR imagery andorthophotos covers the entire project area. 

Data spacing and distribution

  • Data spacing for reporting of ExplorationResults. 

  • Whether the data spacing and distribution is sufficientto establish the degree of geological and grade continuity appropriatefor the Mineral Resource and Ore Reserve estimation procedure(s) andclassifications applied. 

  • Whether sample compositing has been applied. 

  • Data spacing is appropriate for the reporting ofExploration Results. 

  • The Resource estimation re-printed in this announcementwas originally released on 17 Nov 2021 

  • No sample compositing has been applied. 

Orientation of data in relation to geologicalstructure

  • Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to which this is known,considering the deposit type. 

  • If the relationship between the drilling orientationand the orientation of key mineralised structures is considered tohave introduced a sampling bias, this should be assessed and reportedif material. 

  • Cut lines are marked on the core by the geologists toassure that the orientation of sampling achieves unbiased sampling ofpossible structures. This is reasonably well observed in the core andis appropriate to the deposit type. 

  • The relationship between the drilling orientation andthe orientation of key mineralised structures is not considered tohave introduced a sampling bias. 

  • Rock sawn channel samples are cutperpendicular to the observed vein orientation whereverpossible 

Sample security

  • The measures taken to ensure sample security. 

  • Samples are stored in a secure core storage facilityuntil they are shipped off site by small aircraft and delivereddirectly to ALS Global sample preparation facility in Chihuahua,Mexico.  ALS airfreights the sample pulps to their assaying facilityin North Vancouver, BC, Canada 

Audits or reviews

  • The results of any audits or reviews of samplingtechniques and data. 

  • A review with spot checks was conducted by AMC inconjunction with the resource estimate published 17 Nov 2021. Resultswere satisfactory to AMC. 

 

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

  • Type, reference name/number, location and ownershipincluding agreements or material issues with third parties such asjoint ventures, partnerships, overriding royalties, native titleinterests, historical sites, wilderness or national park andenvironmental settings. 

  • The security of the tenure held at the time ofreporting along with any known impediments to obtaining a licence tooperate in the area. 

  • Concessions at Copalquin 

 

No.

Concession

Concession Title number

Area (Ha)

Location

1

LA SOLEDAD

52033

6

Tamazula, Durango, Mexico

2

EL COMETA

164869

36

Tamazula, Durango, Mexico

3

SAN MANUEL

165451

36

Tamazula, Durango, Mexico

4

COPALQUIN

178014

20

Tamazula, Durango, Mexico

5

EL SOL

236130

6,000

Tamazula, Durango and Badiraguato, Sinaloa,México

6

EL CORRAL

236131

907.3243

Tamazula, Durango and Badiraguato, Sinaloa,México

  •  

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by otherparties. 

  • Previous exploration by Bell Coast Capital Corp. and UCResources was done in the late 1990’s and in 2005 – 2007. Workdone by these companies is historic and non-JORC compliant. Mithriluses these historic data only as a general guide and will notincorporate work done by these companies in resourcemodelling. 

  • Work done by the Mexican government and by IMMSA andwill be used for modelling of historic mine workings which are nowinaccessible (void model)  

Geology

  • Deposit type, geological setting and style ofmineralisation. 

  • Copalquin is a low sulfidation epithermal gold-silverdeposit hosted in andesite. This deposit type is common in the SierraMadre Occidental of Mexico and is characterized by quartz veins andstockworks surrounded by haloes of argillic (illite/smectite)alteration. Veins have formed as both low-angle semi-continuous lensesparallel to the contact between granodiorite and andesite and astabular veins in high-angle normal faults. Vein and breccia thicknesshas been observed up to 30 meters wide with average widths on theorder of 3 to 5 meters. The overall strike length of thesemi-continuous mineralized zone from El Gallo to Refugio, Cometa, LosPinos, Los Reyes, La Montura to Constancia and Santa Cruz is almost 7kilometres. The southern area from south west of Apomal to San Manueland to Las Brujas-El Peru provides additional exploration potential upto 6km. 

Drill hole Information

  • A summary of all information material to theunderstanding of the exploration results including a tabulation of thefollowing information for all Material drill holes:  

  • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level – elevation above      

  • sea level in metres) of the drill hole collar  

  • dip and azimuth of the hole  

  • down hole length and interception depth  

  • hole length.  

  • If the exclusion of this information is justified onthe basis that the information is not Material and this exclusion doesnot detract from the understanding of the report, the Competent Personshould clearly explain why this is the case. 

 

See Table 2 in theannouncement.

Data aggregation methods

  • In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum grade truncations (eg cutting ofhigh grades) and cut-off grades are usually Material and should bestated. 

  • Where aggregate intercepts incorporate short lengths ofhigh grade results and longer lengths of low grade results, theprocedure used for such aggregation should be stated and some typicalexamples of such aggregations should be shown in detail. 

  • The assumptions used for any reporting of metalequivalent values should be clearly stated. 

  • Potentially underground mineable intercepts arecalculated as length weighted averages of material greater than orequal to 1 g/t AuEQ_70 allowing up to 2m of internaldilution. 

  • Potentially open-pit mineable intercepts are calculatedas length weighted averages of material greater than or equal to 0.25g/t AuEQ_70 allowing for up to 2m of internal dilution. 

  • No upper cut-off is applied to reportingintercepts. 

  • Length weighted averaging is used to report intercepts.The example of CDH-002 is shown. The line of zero assays is a standardwhich was removed from reporting. 

Au

Raw

silver

raw

Length

(m)

Au

*length

silver

*length

     

7.51

678

0.5

3.755

339

     

11.85

425

0.55

6.5175

233.75

     
00000     

0.306

16

1

0.306

16

     

0.364

31.7

1

0.364

31.7

     

3.15

241

0.5

1.575

120.5

     

10.7

709

0.5

5.35

354.5

     

15.6

773

0.5

7.8

386.5

     
     

From

To

Length

Au gpt

silver gpt

  

4.55

25.667

1481.9

91.95

96.5

4.55

5.64

325.7

 

  • In determining the gold equivalent (AuEq.) grade forreporting, a gold:silver price ratio of 70:1 was determined, using theformula: AuEq grade = Au grade + ((silver grade/70) x (silverrecovery/Au recovery)). The metal prices used to determine the 70:1ratio are the cumulative average prices for 2021: gold USD1,798.34 andsilver: USD25.32 (actual is 71:1) from kitco.com  At this earlystage, the metallurgical recoveries are assumed to be equal (93%),Subsequent preliminary metallurgical test work produced recoveries of91% for silver and 96% for gold (ASX Announcement 25 February2022). 

  • For Rock Saw Channel Sampling and soil sampling in theCopalquin District, silver equivalent (AgEq) isdetermined using the formula: AgEq grade = silver grade + ((Au grade x70) x (Au recovery/silver recovery)). The metal prices used todetermine the 70:1 ratio are the cumulative average prices for 2021:gold USD1,798.34 and silver: USD25.32 (actual is 71:1) fromkitco.com   At this early stage,the metallurgical recoveries for Au and silver are assumed to be equal(93%) in the absence of metallurgical test work for Targets 2, 3, 4and 5 material. In the Company’s opinion there is reasonablepotential for both gold and silver to be extracted and sold. 

Relationship between mineralisation widths andintercept lengths

  • These relationships are particularly important in thereporting of Exploration Results. 

  • If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should be reported. 

  • If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect (eg ‘downhole length, true width not known’). 

  • True widths at Refugio between sections 120 and 1,000vary according to the hole’s dip. Holes drilled at -50 degrees maybe considered to have intercept lengths equal to true-widths, Holesdrilled at -70 degrees had true widths approximately 92% of thereported intercept lengths and holes drilled at -90 degrees had truewidths of 77% of the reported intercept lengths.  

  • True widths at La Soledad are not fully understood anddownhole intercepts to date, are reported. 

  • At Las Brujas in Target 2, truewidths are not yet known since we are still in the early stages oftarget definition. 

  • Rock sawn channel samples are cutperpendicular to the observed vein orientation whereverpossible 

Diagrams

  • Appropriate maps and sections (with scales) andtabulations of intercepts should be included for any significantdiscovery being reported. These should include, but not be limited toa plan view of drill hole collar locations and appropriate sectionalviews. 

See figures in announcement

Balanced reporting

  • Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting of both low andhigh grades and/or widths should be practiced to avoid misleadingreporting of Exploration Results. 

  • All exploration results are reported for interceptsgreater than or equal to 0.1 g/t gold equivalent (gold plus silver at70:1 price ratio for gold:silver). 

Other substantive exploration data

  • Other exploration data, if meaningful and material,should be reported including (but not limited to): geologicalobservations; geophysical survey results; geochemical survey results;bulk samples – size and method of treatment; metallurgical testresults; bulk density, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances. 

  • No additional exploration data are substantive at thistime. 

  • Metallurgical test work on drill core composite made ofcrushed drill core from the El Refugio drill hole samples has beenconducted. 

  • The samples used for the test work are representativeof the material that makes up the majority of the Maiden ResourceEstimate for El Refugio release on 17th November 2021. 

  • The test work was conducted by SGS laboratory Mexicousing standard reagents and test equipment. 

Further work

  • The nature and scale of planned further work (eg testsfor lateral extensions or depth extensions or large-scale step-outdrilling). 

  • Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretations and futuredrilling areas, provided this information is not commerciallysensitive. 

  • The Company drilled 148 diamond core holes from July2020 to July 2022 for 32,712 m.  The Company has stated its target todrill up to 45,000m from July 2025 until the second half of2026 

  • Diagrams are included in the announcements andpresentations showing the drill target areas within the CopalquinDistrict 

 

1 ASX announcementEXPLORATION CONTINUES TO EXPAND, COPALQUIN DISTRICT, MEXICO, 5 May2022

 

Copyright (c) 2026 TheNewswire - All rights reserved.

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