Mithril Silver And Gold December 2025 Quarterly Report Continued Exploration Success

Original announcement by tmx on Jan 30, 2026

Bullish

Company: Mithril Silver And Gold Limited
Ticker: MSG
Exchange: TSX
Region: Durango State, Mexico
Primary commodity: Gold
Secondary commodities: Silver
Document categories: Drill results, Resource update, Other
Extracted: 2026-08-25 23:00:30 UTC

Minestarters Atlas analysis

Summary

Mithril Silver And Gold reported continued exploration success at its Copalquin Gold-Silver Project in Mexico, with high-grade gold and silver intercepts extending mineralization at Target 1 and maiden drilling confirming a new silver-rich epithermal system at Target 5. The company also acquired the La Dura mining concessions, expanding its portfolio in Durango State. Financially, Mithril maintains a strong cash balance of A$14.1M and is debt-free, with an estimated 3.29 quarters of funding available.

Reasoning: The report highlights strong historical exploration results and a healthy financial position, but the core drill and resource data presented are not new, leading to lower novelty for the specific numbers. New exploration activities are underway, indicating future potential.

Positive factors

High-grade gold and silver intercepts reported
Extension of mineralization at Target 1
Identification of new silver-rich target area (Target 5)
Acquisition of new mining concessions (La Dura)
Strong cash balance and debt-free status
JORC and NI 43-101 compliant reporting and QP/CP sign-off

Negative factors

Specific drill intercepts are re-statements from prior announcements, reducing novelty
Mineral Resource Estimate presented is historical (November 2021)
Relatively small contained metal in the historical resource estimate
Funding available for 3.29 quarters, indicating a moderate runway

Facts used in scoring: 46

Atlas analysis — Mithril Silver And Gold Limited: Mithril Silver And Gold December 2025 Quarterly Report Continued Exploration Success. 7.19 g/t over 8.03 m; 2.78 g/t over 7.2 m; 3.97 g/t over 2.8 m

Classification and evidence

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: The Mineral Resource Estimate is stated to be compliant with the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Evidence · text

“JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: Scientific and technical information in the report has been reviewed and approved by a Qualified Person within the meaning of NI 43-101.

Evidence · text

“Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.”

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 Qualified Persons and Competent Persons are named and have signed off on the technical information, including John Skeet, Darren LeFort, and Rodney Webster.

Evidence · text

“Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.”

Epithermal Depositneutral · Story-specific tag

No canonical definition is currently available.

Why it applies: The Copalquin project is explicitly described as a 'vertically extensive epithermal gold–silver system'.

Evidence · text

“Copalquin confirmed as a large, vertically extensive epithermal gold–silver system”

Underground Miningneutral · Story-specific tag

No canonical definition is currently available.

Why it applies: The document states that 'conventional underground mining methods indicated as being appropriate' for the El Refugio-La Soledad resource.

Evidence · text

“conventional underground mining methods indicated as being appropriate”

Stale Estimatenegative

Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: The Mineral Resource Estimate presented is from November 2021, making it over four years old at the time of this January 2026 report.

Evidence · text

“This maiden resource is detailed below (see ASX release 17 November 2021 )”

Maiden Resourceneutral

First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The resource estimate is referred to as a 'maiden JORC mineral resource estimate'.

Evidence · text

“Mithril delivered a maiden JORC mineral resource estimate at the first of several target areas (Target 1)”

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The Mineral Resource Estimate clearly states a cut-off grade of 2.0 g/t AuEq.

Evidence · text

“cut-off grade of 2.0 g/t AuEq*”

Step-Out Extensionpositive

Mineralization extended beyond the previously known limit.

Why it applies: Drill intercepts are stated to 'extend the Target 1 strike over 30%'.

Evidence · text

“The above intercepts extend the Target 1 strike over 30%”

New Target Areapositive · Story-specific tag

No canonical definition is currently available.

Why it applies: Target 5 is described as a 'New Target Area' with 'first drilling' confirming a silver-dominant system.

Evidence · text

“Target 5 – Apomal–Candelaria Silver-Rich System (New Target Area – first drilling)”

All Inferrednegative

100% of resource is Inferred category — very early stage, no engineering confidence.

Why it applies: 28.6% of the resource tonnage is classified as indicated, meaning 71.4% is inferred, which is a high proportion of inferred resources.

Evidence · text

“28.6% of the resource tonnage is classified as indicated”

Extracted facts

Stored fact records: 46. Some facts used in scoring do not have a stored record.

Drill Results (46)

MTH-RE25-44Copalquin Gold–Silver Project · goldGrade: 2.78Grade Unit: g/tIntercept: 7.2 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-44
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 2.78
Grade Unit: g/t
Intercept: 7.2 m
From: 260.9 m
To: 268.1 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-44:260.9-268.1
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported gold grade is strong for an epithermal deposit, indicating significant mineralization, but its novelty is low as it was previously announced.

Positive factors

Strong gold grade for an epithermal deposit
Good intercept length

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“7.20 m @ 2.78 g/t gold”

MTH-RE25-44Copalquin Gold–Silver Project · silverGrade: 148Grade Unit: g/tIntercept: 7.2 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-44
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 148
Grade Unit: g/t
Intercept: 7.2 m
From: 260.9 m
To: 268.1 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-44:260.9-268.1
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver grade is moderate for an epithermal deposit, but its novelty is low as it was previously announced.

Positive factors

Moderate silver grade for an epithermal deposit

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“148 g/t silver from 260.9 m (MTH-RE25-44)”

MTH-RE25-44Copalquin Gold–Silver Project · goldGrade: 7.41Grade Unit: g/tIntercept: 2.05 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-44
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 7.41
Grade Unit: g/t
Intercept: 2.05 m
From: 266.05 m
To: 268.1 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-44:266.05-268.1
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional gold grade, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional gold grade for an epithermal deposit
High-grade sub-interval

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“2.05 m @ 7.41 g/t gold”

MTH-RE25-44Copalquin Gold–Silver Project · silverGrade: 419Grade Unit: g/tIntercept: 2.05 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-44
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 419
Grade Unit: g/t
Intercept: 2.05 m
From: 266.05 m
To: 268.1 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-44:266.05-268.1
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows a strong silver grade, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Strong silver grade for an epithermal deposit
High-grade sub-interval

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“419 g/t silver from 266.05 m”

MTH-RE25-44Copalquin Gold–Silver Project · goldGrade: 3.97Grade Unit: g/tIntercept: 2.8 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-44
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 3.97
Grade Unit: g/t
Intercept: 2.8 m
From: 272.35 m
To: 275.15 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-44:272.35-275.15
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows a strong gold grade, enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Strong gold grade for an epithermal deposit
High-grade sub-interval

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“2.80 m @ 3.97 g/t gold”

MTH-RE25-44Copalquin Gold–Silver Project · silverGrade: 208Grade Unit: g/tIntercept: 2.8 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-44
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 208
Grade Unit: g/t
Intercept: 2.8 m
From: 272.35 m
To: 275.15 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-44:272.35-275.15
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows a strong silver grade, enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Strong silver grade for an epithermal deposit
High-grade sub-interval

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“208 g/t silver from 272.35 m”

MTH-RE25-45Copalquin Gold–Silver Project · goldGrade: 7.19Grade Unit: g/tIntercept: 8.03 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-45
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 7.19
Grade Unit: g/t
Intercept: 8.03 m
From: 257.72 m
To: 265.75 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-45:257.72-265.75
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported gold grade is exceptional for an epithermal deposit, indicating significant mineralization, but its novelty is low as it was previously announced.

Positive factors

Exceptional gold grade for an epithermal deposit
Good intercept length

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“8.03 m @ 7.19 g/t gold”

MTH-RE25-45Copalquin Gold–Silver Project · silverGrade: 260Grade Unit: g/tIntercept: 8.03 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-45
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 260
Grade Unit: g/t
Intercept: 8.03 m
From: 257.72 m
To: 265.75 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-45:257.72-265.75
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver grade is strong for an epithermal deposit, but its novelty is low as it was previously announced.

Positive factors

Strong silver grade for an epithermal deposit

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“260 g/t silver from 257.72 m (MTH-RE25-45)”

MTH-RE25-45Copalquin Gold–Silver Project · goldGrade: 9.87Grade Unit: g/tIntercept: 4.4 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-45
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 9.87
Grade Unit: g/t
Intercept: 4.4 m
From: 260.7 m
To: 265.1 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-45:260.7-265.1
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional gold grade, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional gold grade for an epithermal deposit
High-grade sub-interval

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“4.40 m @ 9.87 g/t gold”

MTH-RE25-45Copalquin Gold–Silver Project · silverGrade: 507Grade Unit: g/tIntercept: 4.4 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: MTH-RE25-45
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 507
Grade Unit: g/t
Intercept: 4.4 m
From: 260.7 m
To: 265.1 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: MTH-RE25-45:260.7-265.1
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-10-16T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional silver grade, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver grade for an epithermal deposit
High-grade sub-interval

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“507 g/t silver from 260.7 m”

AP25-003Copalquin Gold–Silver Project · silverGrade: 660Grade Unit: g/t AgEqIntercept: 2.75 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-003
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 660
Grade Unit: g/t AgEq
Intercept: 2.75 m
From: 93.6 m
To: 96.35 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-003:93.6-96.35
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 660
Metal Eq. Unit: g/t AgEq
Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver equivalent grade is exceptional for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver equivalent grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“2.75 m @ 660 g/t AgEq”

AP25-003Copalquin Gold–Silver Project · goldGrade: 2.28Grade Unit: g/tIntercept: 2.75 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-003
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 2.28
Grade Unit: g/t
Intercept: 2.75 m
From: 93.6 m
To: 96.35 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-003:93.6-96.35
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported gold grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong gold grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“2.28 g/t gold”

AP25-003Copalquin Gold–Silver Project · silverGrade: 500Grade Unit: g/tIntercept: 2.75 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-003
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 500
Grade Unit: g/t
Intercept: 2.75 m
From: 93.6 m
To: 96.35 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-003:93.6-96.35
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver grade is exceptional for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“500 g/t silver)”

AP25-003Copalquin Gold–Silver Project · silverGrade: 1714Grade Unit: g/t AgEqIntercept: 1 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-003
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 1714
Grade Unit: g/t AgEq
Intercept: 1 m
From: 94.7 m
To: 95.7 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-003:94.7-95.7
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 1714
Metal Eq. Unit: g/t AgEq
Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional silver equivalent grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver equivalent grade for an epithermal deposit
High-grade sub-interval
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“1.00 m @ 1,714 g/t AgEq”

AP25-003Copalquin Gold–Silver Project · goldGrade: 5.8Grade Unit: g/tIntercept: 1 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-003
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 5.8
Grade Unit: g/t
Intercept: 1 m
From: 94.7 m
To: 95.7 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-003:94.7-95.7
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional gold grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional gold grade for an epithermal deposit
High-grade sub-interval
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“5.80 g/t gold”

AP25-003Copalquin Gold–Silver Project · silverGrade: 1308Grade Unit: g/tIntercept: 1 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-003
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 1308
Grade Unit: g/t
Intercept: 1 m
From: 94.7 m
To: 95.7 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-003:94.7-95.7
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional silver grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver grade for an epithermal deposit
High-grade sub-interval
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“1,308 g/t silver)”

AP25-005Copalquin Gold–Silver Project · silverGrade: 366Grade Unit: g/t AgEqIntercept: 3.35 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-005
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 366
Grade Unit: g/t AgEq
Intercept: 3.35 m
From: 90.15 m
To: 93.5 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-005:90.15-93.5
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 366
Metal Eq. Unit: g/t AgEq
Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver equivalent grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong silver equivalent grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“3.35 m @ 366 g/t AgEq”

AP25-005Copalquin Gold–Silver Project · goldGrade: 1.71Grade Unit: g/tIntercept: 3.35 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-005
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 1.71
Grade Unit: g/t
Intercept: 3.35 m
From: 90.15 m
To: 93.5 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-005:90.15-93.5
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported gold grade is moderate for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Moderate gold grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“1.71 g/t gold”

AP25-005Copalquin Gold–Silver Project · silverGrade: 246Grade Unit: g/tIntercept: 3.35 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-005
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 246
Grade Unit: g/t
Intercept: 3.35 m
From: 90.15 m
To: 93.5 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-005:90.15-93.5
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong silver grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“246 g/t silver)”

AP25-005Copalquin Gold–Silver Project · silverGrade: 1146Grade Unit: g/t AgEqIntercept: 1.05 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-005
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 1146
Grade Unit: g/t AgEq
Intercept: 1.05 m
From: 92.45 m
To: 93.5 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-005:92.45-93.5
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 1146
Metal Eq. Unit: g/t AgEq
Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional silver equivalent grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver equivalent grade for an epithermal deposit
High-grade sub-interval
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“1.05 m @ 1,146 g/t AgEq”

AP25-005Copalquin Gold–Silver Project · goldGrade: 5.35Grade Unit: g/tIntercept: 1.05 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-005
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 5.35
Grade Unit: g/t
Intercept: 1.05 m
From: 92.45 m
To: 93.5 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-005:92.45-93.5
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional gold grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional gold grade for an epithermal deposit
High-grade sub-interval
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“5.35 g/t gold”

AP25-005Copalquin Gold–Silver Project · silverGrade: 771Grade Unit: g/tIntercept: 1.05 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-005
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 771
Grade Unit: g/t
Intercept: 1.05 m
From: 92.45 m
To: 93.5 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-005:92.45-93.5
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional silver grade in a new target area, significantly enhancing the overall intercept, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver grade for an epithermal deposit
High-grade sub-interval
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“771 g/t silver)”

AP25-006Copalquin Gold–Silver Project · silverGrade: 728Grade Unit: g/t AgEqIntercept: 1.25 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 728
Grade Unit: g/t AgEq
Intercept: 1.25 m
From: 119.2 m
To: 120.45 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:119.2-120.45
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 728
Metal Eq. Unit: g/t AgEq
Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver equivalent grade is exceptional for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver equivalent grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“1.25 m @ 728 g/t AgEq”

AP25-006Copalquin Gold–Silver Project · goldGrade: 4.55Grade Unit: g/tIntercept: 1.25 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 4.55
Grade Unit: g/t
Intercept: 1.25 m
From: 119.2 m
To: 120.45 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:119.2-120.45
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported gold grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong gold grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“4.55 g/t gold”

AP25-006Copalquin Gold–Silver Project · silverGrade: 409Grade Unit: g/tIntercept: 1.25 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 409
Grade Unit: g/t
Intercept: 1.25 m
From: 119.2 m
To: 120.45 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:119.2-120.45
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong silver grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“409 g/t silver)”

AP25-006Copalquin Gold–Silver Project · silverGrade: 616Grade Unit: g/t AgEqIntercept: 0.9 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 616
Grade Unit: g/t AgEq
Intercept: 0.9 m
From: 138.1 m
To: 139 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:138.1-139.0
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 616
Metal Eq. Unit: g/t AgEq
Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver equivalent grade is exceptional for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Exceptional silver equivalent grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“0.90 m @ 616 g/t AgEq”

AP25-006Copalquin Gold–Silver Project · goldGrade: 2.41Grade Unit: g/tIntercept: 0.9 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 2.41
Grade Unit: g/t
Intercept: 0.9 m
From: 138.1 m
To: 139 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:138.1-139.0
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported gold grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong gold grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“2.41 g/t gold”

AP25-006Copalquin Gold–Silver Project · silverGrade: 447Grade Unit: g/tIntercept: 0.9 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 447
Grade Unit: g/t
Intercept: 0.9 m
From: 138.1 m
To: 139 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:138.1-139.0
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong silver grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“447 g/t silver)”

AP25-006Copalquin Gold–Silver Project · silverGrade: 427Grade Unit: g/t AgEqIntercept: 0.8 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 427
Grade Unit: g/t AgEq
Intercept: 0.8 m
From: 149.5 m
To: 150.3 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:149.5-150.3
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 427
Metal Eq. Unit: g/t AgEq
Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver equivalent grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong silver equivalent grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“0.80 m @ 427 g/t AgEq”

AP25-006Copalquin Gold–Silver Project · goldGrade: 1.51Grade Unit: g/tIntercept: 0.8 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 1.51
Grade Unit: g/t
Intercept: 0.8 m
From: 149.5 m
To: 150.3 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:149.5-150.3
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported gold grade is moderate for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Moderate gold grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“1.51 g/t gold”

AP25-006Copalquin Gold–Silver Project · silverGrade: 321Grade Unit: g/tIntercept: 0.8 mHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Hole ID: AP25-006
Project: Copalquin Gold–Silver Project
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 321
Grade Unit: g/t
Intercept: 0.8 m
From: 149.5 m
To: 150.3 m

Classification

Deposit Type: epithermal
Program: exploration
Sample Type: drill
Group ID: AP25-006:149.5-150.3
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2025-11-05T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The reported silver grade is strong for an epithermal deposit in a new target area, but its novelty is low as it was previously announced.

Positive factors

Strong silver grade for an epithermal deposit
New target area

Negative factors

Result is a re-statement from a prior announcement

Evidence · text

“321 g/t silver)”

Fact 32Target 1 El Refugio – La Soledad · goldGrade: 5.43Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 5.43
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The indicated gold resource shows a strong grade for an epithermal deposit, but the estimate is historical and the contained metal is relatively small.

Positive factors

Strong gold grade for an epithermal deposit
Indicated resource category

Negative factors

Resource estimate is historical (2021)
Contained gold is below weak threshold for contained metal scale

Evidence · table

“5.43”

Context: 691

Fact 33Target 1 El Refugio – La Soledad · silverGrade: 114.2Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 114.2
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The indicated silver resource shows a moderate grade for an epithermal deposit, but the estimate is historical and the contained metal is relatively small.

Positive factors

Moderate silver grade for an epithermal deposit
Indicated resource category

Negative factors

Resource estimate is historical (2021)
Contained silver is below weak threshold for contained metal scale

Evidence · table

“114.2”

Context: 691

Fact 34Target 1 El Refugio – La Soledad · goldGrade: 7.06Grade Unit: g/t Eq.Historical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 7.06
Grade Unit: g/t Eq.

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 7.06
Metal Eq. Unit: g/t Eq.
Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The indicated gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical and the contained metal is relatively small.

Positive factors

Strong gold equivalent grade for an epithermal deposit
Indicated resource category
Metal equivalent assumptions disclosed

Negative factors

Resource estimate is historical (2021)
Contained gold equivalent is below weak threshold for contained metal scale

Evidence · table

“7.06”

Context: 691

Fact 35Target 1 El Refugio – La Soledad · goldGrade: 4.63Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 4.63
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The inferred gold resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small.

Positive factors

Strong gold grade for an epithermal deposit

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained gold is below weak threshold for contained metal scale

Evidence · table

“4.63”

Context: 1,447

Fact 36Target 1 El Refugio – La Soledad · silverGrade: 137.1Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 137.1
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The inferred silver resource shows a moderate grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small.

Positive factors

Moderate silver grade for an epithermal deposit

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained silver is below weak threshold for contained metal scale

Evidence · table

“137.1”

Context: 1,447

Fact 37Target 1 El Refugio – La Soledad · goldGrade: 6.59Grade Unit: g/t Eq.Historical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 6.59
Grade Unit: g/t Eq.

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 6.59
Metal Eq. Unit: g/t Eq.
Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The inferred gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small.

Positive factors

Strong gold equivalent grade for an epithermal deposit
Metal equivalent assumptions disclosed

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained gold equivalent is below weak threshold for contained metal scale

Evidence · table

“6.59”

Context: 1,447

Fact 38Target 1 El Refugio – La Soledad · goldGrade: 4.12Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 4.12
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The inferred gold resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small.

Positive factors

Strong gold grade for an epithermal deposit

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained gold is below weak threshold for contained metal scale

Evidence · table

“4.12”

Context: 278

Fact 39Target 1 El Refugio – La Soledad · silverGrade: 228.2Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 228.2
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The inferred silver resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small.

Positive factors

Strong silver grade for an epithermal deposit

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained silver is below weak threshold for contained metal scale

Evidence · table

“228.2”

Context: 278

Fact 40Target 1 El Refugio – La Soledad · goldGrade: 7.38Grade Unit: g/t Eq.Historical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 7.38
Grade Unit: g/t Eq.

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 7.38
Metal Eq. Unit: g/t Eq.
Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Positive factors

Strong gold equivalent grade for an epithermal deposit
Metal equivalent assumptions disclosed

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained gold equivalent is below weak threshold for contained metal scale

Evidence · table

“7.38”

Context: 278

Fact 41Target 1 El Refugio – La Soledad · goldGrade: 5.43Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 5.43
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The total indicated gold resource shows a strong grade for an epithermal deposit, but the estimate is historical and the contained metal is relatively small.

Positive factors

Strong gold grade for an epithermal deposit
Indicated resource category

Negative factors

Resource estimate is historical (2021)
Contained gold is below weak threshold for contained metal scale

Evidence · table

“5.43”

Context: 691

Fact 42Target 1 El Refugio – La Soledad · silverGrade: 114.2Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 114.2
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The total indicated silver resource shows a moderate grade for an epithermal deposit, but the estimate is historical and the contained metal is relatively small.

Positive factors

Moderate silver grade for an epithermal deposit
Indicated resource category

Negative factors

Resource estimate is historical (2021)
Contained silver is below weak threshold for contained metal scale

Evidence · table

“114.2”

Context: 691

Fact 43Target 1 El Refugio – La Soledad · goldGrade: 7.06Grade Unit: g/t Eq.Historical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 7.06
Grade Unit: g/t Eq.

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 7.06
Metal Eq. Unit: g/t Eq.
Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The total indicated gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical and the contained metal is relatively small.

Positive factors

Strong gold equivalent grade for an epithermal deposit
Indicated resource category
Metal equivalent assumptions disclosed

Negative factors

Resource estimate is historical (2021)
Contained gold equivalent is below weak threshold for contained metal scale

Evidence · table

“7.06”

Context: 691

Fact 44Target 1 El Refugio – La Soledad · goldGrade: 4.55Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 4.55
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The total inferred gold resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small.

Positive factors

Strong gold grade for an epithermal deposit

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained gold is below weak threshold for contained metal scale

Evidence · table

“4.55”

Context: 1,725

Fact 45Target 1 El Refugio – La Soledad · silverGrade: 151.7Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: silver
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 151.7
Grade Unit: g/t

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The total inferred silver resource shows a strong grade for an epithermal deposit, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small.

Positive factors

Strong silver grade for an epithermal deposit

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained silver is below weak threshold for contained metal scale

Evidence · table

“151.7”

Context: 1,725

Fact 46Target 1 El Refugio – La Soledad · goldGrade: 6.72Grade Unit: g/t Eq.Historical resultNeeds review: historical_restatementView all details

Link to this fact

Identity

Project: Target 1 El Refugio – La Soledad
Commodity: gold
Region: mexico
Reported Region: Durango State, Mexico
Ticker: MSG

Geometry

Grade: 6.72
Grade Unit: g/t Eq.

Classification

Deposit Type: epithermal
Mining Method: underground

QA/QC

QA/QC Disclosed: Yes
Lab Certified: Yes
QP Signed: Yes

Metal Equivalent

Metal Eq. Grade: 6.72
Metal Eq. Unit: g/t Eq.
Assumptions Disclosed: Yes

Compositing

Cutoff Grade: 2
Cutoff Unit: g/t AuEq

Review

Needs Review: Yes
Review Reason: historical_restatement
Interp. Status: scored
Historical: Yes
Historical Source Date: 2021-11-17T00:00:00.000Z

Dates

Event date: 2026-01-30T00:00:00.000Z

Reasoning: The total inferred gold equivalent resource shows a strong grade for an epithermal deposit with disclosed assumptions, but the estimate is historical, in a lower confidence category, and the contained metal is relatively small.

Positive factors

Strong gold equivalent grade for an epithermal deposit
Metal equivalent assumptions disclosed

Negative factors

Resource estimate is historical (2021)
Inferred resource category (lower confidence)
Contained gold equivalent is below weak threshold for contained metal scale

Evidence · table

“6.72”

Context: 1,725

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.