Mithril Silver and Gold Delivers Strong Drill Results at Target 1 in Mexico

Key Highlights

Exceptional high-grade drill results, including:

• 7.10m @ 1.87 g/t gold and 91.6 g/t silver from 163.9m, with a standout 1.00m @ 7.88 g/t gold and 438 g/t silver.
• 7.37m @ 4.16 g/t gold and 69.5 g/t silver from 42m.
• 13.90m @ 0.71 g/t gold and 34.6 g/t silver from 1.50m.
• Drilling activity in El Cometa completes phase ahead of the Target 1 resource update.
• A second drill rig to commence 35,000m of core drilling in 2025 across multiple targets in the Copalquin District.

Target 1: Advancing High-Grade Resource Expansion

Mithril Silver and Gold Limited (ASX: MTH, TSXV: MSG) has announced promising results from its resource expansion program at the Target 1 area of the Copalquin District in Durango, Mexico. Drilling at the El Cometa prospect, located on the eastern side of the resource area, continues to intercept exceptional grades of gold and silver at shallow depths, reinforcing its potential for low-cost mining methods.

Key drill intercepts include high-grade results of 7.37m @ 4.16 g/t gold and 69.5 g/t silver from 42m (MTH-EC24-01) and deeper intervals such as 7.10m @ 1.87 g/t gold and 91.6 g/t silver from 163.9m, including a stellar 1.00m @ 7.88 g/t gold and 438 g/t silver from 170m (MTH-EC24-04).

Managing Director and CEO John Skeet remarked, "These results support our geological interpretations and confirm the presence of high-grade mineralization within the broader Target 1 area. The recent drilling underscores the Copalquin District’s potential to become a world-class gold-silver district."

Copalquin: A Growing Gold-Silver District

The Copalquin District, situated within Mexico's prolific Sierra Madre Gold-Silver Trend, is emerging as a significant gold-silver center with widespread mineralization. Boasting 100 historic underground mines and workings, the district covers a 70-square-kilometer concession area and hosts multiple high-priority targets.

This also includes the El Refugio deposit, which holds a maiden JORC resource of 529,000 ounces of gold equivalent at 6.81 g/t AuEq.

Future Exploration and Development

2025 is poised to be a pivotal year for Mithril Silver and Gold Limited (ASX: MTH, TSXV: MSG), with a robust 35,000m drilling program planned for resource expansion. Key initiatives include:

• Ongoing Drilling at Target 1: Two additional holes at El Cometa and ongoing activity at La Soledad aim to enhance the resource base.
• Target 2 Exploration: Drilling at new priority targets, including Las Brujas-El Peru and La Constancia-El Jabali, is scheduled to commence in April 2025.
• Infrastructure Upgrades: A municipal road upgrade, set for completion in March, will facilitate expanded drilling and fieldwork.

With these advancements, Mithril Silver and Gold Limited (ASX: MTH, TSXV: MSG) is well-positioned to further define the Copalquin District’s multi-million-ounce gold-silver potential.

A Catalyst for Value Creation

Mithril Silver and Gold Limited (ASX: MTH, TSXV: MSG) fully funded exploration program and commitment to sustainable development underscore its potential to establish Copalquin as a cornerstone gold-silver district. The integration of modern exploration techniques with the district’s historic legacy of production is driving rapid progress.

As drilling progresses, the market will watch closely for further resource updates and discoveries, solidifying Mithril Silver and Gold Limited (ASX: MTH, TSXV: MSG) position as a leading player in Mexico’s precious metals sector.