Archive
Original announcement by thenewswire on
- Company
- Mithril Silver and Gold Limited
- Ticker
- MSG
- Exchange
- Unavailable
- Region
- Durango State, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Drill results, Resource update
- Extracted
- 2026-10-01 05:47:23 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Mithril Silver and Gold has commenced a 3,300-metre maiden drill programme at Target 3 within the Copalquin gold-silver district in Mexico. The announcement also includes a restatement of the maiden mineral resource estimate for Target 1, which features high-grade gold and silver intercepts.
Reasoning: The company has commenced a new maiden drill programme at Target 3 while also providing a restatement of the existing Target 1 maiden resource for context.
Positive factors
- Commencement of maiden drill programme at Target 3
- High-grade channel sampling results (16 g/t Au)
- Existing high-grade maiden resource at Target 1
Negative factors
- Target 3 results are currently only channel samples, not drill assays
- Resource update for Target 1 is pending completion of drilling
Facts used in scoring: 8
Classification and evidence
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: The announcement mentions Target 1 drilling is progressing ahead of an MRE update, which is confirmatory in nature.
Evidence · text
“Target 1 drilling is progressing with the Target 1 drilling scheduled for completion during Q1, 2026 ahead of updating the Target 1 maiden mineral resource estimate (MRE).”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The document discusses the Target 1 maiden resource and the commencement of a maiden drill programme at Target 3.
Evidence · text
“The Target 3 maiden drill programme is designed to test the continuity and scale of mineralisation”
QP/CP Signedpositive
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: Multiple Competent Persons (CP) and Qualified Persons (QP) are named and their consent is provided.
Evidence · text
“Mr John Skeet... is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.”
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
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 sample reported at historic workings.
Positive factors
- High-grade intercept
Evidence · text
“0.65 m @ 16 g/t gold and 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
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
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 sample reported at historic workings.
Positive factors
- High-grade intercept
Evidence · text
“0.65 m @ 16 g/t gold and 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)
indicatedTarget 1 El Refugio – La Soledad · goldTonnes: 691000Grade: 5.43Grade Unit: g/tContained Metal: 121Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Target 1 El Refugio – La Soledad
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:6ae2b6ebddd679f28c54
- Deposit or zone
- El Refugio
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: Restatement of the maiden resource from November 2021.
Positive factors
- High grade for indicated category
Negative factors
- Historical data
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
indicatedTarget 1 El Refugio – La Soledad · silverTonnes: 691000Grade: 114.2Grade Unit: g/tContained Metal: 2538Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Target 1 El Refugio – La Soledad
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:6ae2b6ebddd679f28c54
- Deposit or zone
- El Refugio
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: Restatement of the maiden resource from November 2021.
Negative factors
- Historical data
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
inferredTarget 1 El Refugio – La Soledad · goldTonnes: 1447000Grade: 4.63Grade Unit: g/tContained Metal: 215Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Target 1 El Refugio – La Soledad
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:d06378be9be7465fc8c0
- Deposit or zone
- El Refugio
Resource Data
- Category
- inferred
- Tonnes
- 1447000
- Grade
- 4.63
- Grade Unit
- g/t
- Contained Metal
- 215
- 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: Restatement of the maiden resource from November 2021.
Negative factors
- Historical data
Evidence · table
“4.63”
Context: 1447
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
inferredTarget 1 El Refugio – La Soledad · silverTonnes: 1447000Grade: 137.1Grade Unit: g/tContained Metal: 6377Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Target 1 El Refugio – La Soledad
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:d06378be9be7465fc8c0
- Deposit or zone
- El Refugio
Resource Data
- Category
- inferred
- Tonnes
- 1447000
- Grade
- 137.1
- Grade Unit
- g/t
- Contained Metal
- 6377
- 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: Restatement of the maiden resource from November 2021.
Negative factors
- Historical data
Evidence · table
“137.1”
Context: 1447
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
inferredTarget 1 El Refugio – La Soledad · goldTonnes: 278000Grade: 4.12Grade Unit: g/tContained Metal: 37Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Target 1 El Refugio – La Soledad
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:f32c7647d85e77f6db11
- Deposit or zone
- La Soledad
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: Restatement of the maiden resource from November 2021.
Negative factors
- Historical data
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
inferredTarget 1 El Refugio – La Soledad · silverTonnes: 278000Grade: 228.2Grade Unit: g/tContained Metal: 2037Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Target 1 El Refugio – La Soledad
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:f32c7647d85e77f6db11
- Deposit or zone
- La Soledad
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: Restatement of the maiden resource from November 2021.
Negative factors
- Historical data
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.