# Archive Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94 Original source: https://www.thenewswire.com/press-releases/1AMqFWop7-mithril-silver-gold-kicks-off-maiden-drill-programme-at-target-3-in-the-multi-target-copalquin-gold-silver-district.html Publisher: thenewswire Original announcement: 2026-01-15T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T05:47:23.149Z Atlas analysis updated: 2026-10-01T05:47:23.149Z - 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 Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas 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 factor: Commencement of maiden drill programme at Target 3 - Positive factor: High-grade channel sampling results \(16 g/t Au\) - Positive factor: Existing high-grade maiden resource at Target 1 - Negative factor: Target 3 results are currently only channel samples, not drill assays - Negative factor: Resource update for Target 1 is pending completion of drilling Facts used in scoring: 8 ## Classification and evidence **Infill Drilling** Polarity: neutral Definition: 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 Resource** Polarity: neutral Definition: 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 Signed** Polarity: positive Definition: 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 1 [Link to this fact](https://atlas-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94#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 #### 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 factor: 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 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-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94#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 #### 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 factor: 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 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-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94#fact-resource-facts-2) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### 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 factor: High grade for indicated category - Negative factor: Historical data 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-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94#fact-resource-facts-3) Target 1 El Refugio – La Soledad · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical data 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-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94#fact-resource-facts-4) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### 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 factor: Historical data Evidence · table > 4.63 Context: 1447 #### 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-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94#fact-resource-facts-5) Target 1 El Refugio – La Soledad · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical data Evidence · table > 137.1 Context: 1447 #### 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-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94#fact-resource-facts-6) Target 1 El Refugio – La Soledad · gold Historical result Needs review: historical\_restatement #### 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 factor: Historical data 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-staging.minestarters.com/news/archive--2d4df272-5ece-42d0-886a-bb738cfafc94#fact-resource-facts-7) Target 1 El Refugio – La Soledad · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical data 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.