# Mithril Silver & Gold Builds Momentum at Copalquin with Third Drill Mobilization and Expanded 2026 Exploration Program Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6 Original source: https://money.tmx.com/en/quote/MSG/news/8277180130584790/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a Publisher: tmx Original announcement: 2025-12-22T12:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Mithril Silver & Gold Limited - Ticker: MSG - Exchange: TSX - Region: Durango State, Mexico - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Drill results, Resource update - Extracted: 2026-08-25 23:00:11 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Mithril Silver & Gold is expanding its 2026 exploration program at the Copalquin District in Mexico, planning 25,000 metres of drilling. The update highlights high-grade gold-silver intercepts from recent drilling and channel sampling, alongside a summary of the maiden Target 1 mineral resource. Reasoning: The company is reporting strong drill intercepts and expanding its 2026 program, though assay delays are a minor operational headwind. - Positive factor: high-grade intercepts reported - Positive factor: expansion of exploration program - Positive factor: maiden resource established - Positive factor: multiple targets advancing - Negative factor: assay laboratory delays Facts used in scoring: 16 ## Classification and evidence **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Recent western step-out hole returned 8.03 m @ 7.19 g/t gold. Evidence · text > recent western step-out hole that returned 8.03 m @ 7.19 g/t gold **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Intercept of 1.00 m @ 5.80 g/t gold and 1,308 g/t silver is exceptionally high grade. Evidence · text > 1.00 m @ 5.80 g/t gold, 1,308 g/t silver **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 company delivered a maiden JORC mineral resource estimate at Target 1. Evidence · text > Mithril delivered a maiden JORC mineral resource estimate ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Drill Results (16) ### MTH-RE25-45 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-0) gold #### Identity - Hole ID: MTH-RE25-45 - Commodity: gold - Ticker: MSG #### Geometry - Grade: 7.19 - Grade Unit: g/t - Intercept: 8.03 m #### Classification - Group ID: MTH-RE25-45:0-8.03 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: High-grade gold intercept in an epithermal system. - Positive factor: strong grade and width ### MTH-RE25-45 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-1) silver #### Identity - Hole ID: MTH-RE25-45 - Commodity: silver - Ticker: MSG #### Geometry - Grade: 260 - Grade Unit: g/t - Intercept: 8.03 m #### Classification - Group ID: MTH-RE25-45:0-8.03 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Strong silver grade accompanying gold intercept. - Positive factor: significant silver credits ### AP25-003 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-2) gold #### Identity - Hole ID: AP25-003 - Commodity: gold - Ticker: MSG #### Geometry - Grade: 2.28 - Grade Unit: g/t - Intercept: 2.75 m #### Classification - Group ID: AP25-003:0-2.75 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Maiden drilling at Target 5 returning positive grades. - Positive factor: excellent results from first holes ### AP25-003 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-3) silver #### Identity - Hole ID: AP25-003 - Commodity: silver - Ticker: MSG #### Geometry - Grade: 500 - Grade Unit: g/t - Intercept: 2.75 m #### Classification - Group ID: AP25-003:0-2.75 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Strong silver component in maiden Target 5 drilling. - Positive factor: high silver grade ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-4) gold #### Identity - Hole ID: AP25-005 - Commodity: gold - Ticker: MSG #### Geometry - Grade: 5.8 - Grade Unit: g/t - Intercept: 1 m #### Classification - Group ID: AP25-005:0-1.0 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: High-grade gold sub-interval. - Positive factor: bonanza grade ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-5) silver #### Identity - Hole ID: AP25-005 - Commodity: silver - Ticker: MSG #### Geometry - Grade: 1308 - Grade Unit: g/t - Intercept: 1 m #### Classification - Group ID: AP25-005:0-1.0 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Very high silver grade sub-interval. - Positive factor: bonanza grade ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-6) gold #### Identity - Hole ID: AP25-005 - Commodity: gold - Ticker: MSG #### Geometry - Grade: 1.71 - Grade Unit: g/t - Intercept: 3.35 m #### Classification - Group ID: AP25-005:0-3.35 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Moderate gold intercept. ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-7) silver #### Identity - Hole ID: AP25-005 - Commodity: silver - Ticker: MSG #### Geometry - Grade: 246 - Grade Unit: g/t - Intercept: 3.35 m #### Classification - Group ID: AP25-005:0-3.35 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Moderate silver intercept. ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-8) gold #### Identity - Hole ID: AP25-005 - Commodity: gold - Ticker: MSG #### Geometry - Grade: 5.35 - Grade Unit: g/t - Intercept: 1.05 m #### Classification - Group ID: AP25-005:0-1.05 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: High-grade gold sub-interval. - Positive factor: high grade ### AP25-005 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-9) silver #### Identity - Hole ID: AP25-005 - Commodity: silver - Ticker: MSG #### Geometry - Grade: 771 - Grade Unit: g/t - Intercept: 1.05 m #### Classification - Group ID: AP25-005:0-1.05 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: High silver grade sub-interval. - Positive factor: high grade ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-10) gold #### Identity - Commodity: gold - Ticker: MSG #### Geometry - Grade: 5.43 - Grade Unit: g/t #### Classification - Group ID: Target1:Indicated #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Indicated resource at Target 1. - Positive factor: high grade ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-11) silver #### Identity - Commodity: silver - Ticker: MSG #### Geometry - Grade: 114.2 - Grade Unit: g/t #### Classification - Group ID: Target1:Indicated #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Indicated resource at Target 1. ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-12) gold #### Identity - Commodity: gold - Ticker: MSG #### Geometry - Grade: 4.63 - Grade Unit: g/t #### Classification - Group ID: Target1:Inferred #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Inferred resource at Target 1. ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-13) silver #### Identity - Commodity: silver - Ticker: MSG #### Geometry - Grade: 137.1 - Grade Unit: g/t #### Classification - Group ID: Target1:Inferred #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Inferred resource at Target 1. ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-14) gold #### Identity - Commodity: gold - Ticker: MSG #### Geometry - Grade: 4.12 - Grade Unit: g/t #### Classification - Group ID: LaSoledad:Inferred #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Inferred resource at La Soledad. ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/mithril-silver-gold-builds-momentum-at-copalquin-with-third-drill-mobilization-a--cfa2f983-d5ee-4cae-b7c6-71cc5cba04b6#fact-drill-facts-15) silver #### Identity - Commodity: silver - Ticker: MSG #### Geometry - Grade: 228.2 - Grade Unit: g/t #### Classification - Group ID: LaSoledad:Inferred #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-22T00:00:00.000Z Reasoning: Inferred resource at La Soledad. ## 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.