MTH: Nordic Funds & Mines Investor Presentation
Original announcement by asx on
- Company
- Mithril Silver and Gold Limited
- Ticker
- MTH
- Exchange
- ASX
- Region
- Durango, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Metallurgy, Other
- Extracted
- 2026-10-06 00:14:45 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Mithril Silver and Gold Limited announced a significant 196% increase in the Indicated Mineral Resource for its Copalquin Target 1 project, now totaling 343 koz gold and 8.48 Moz silver (464 koz AuEq). The updated resource, effective June 29, 2026, is JORC and NI 43-101 compliant and constrained within underground mining shapes. The company also reported high metallurgical recoveries of 96% for gold and 91% for silver from Target 1 composite samples, supporting a conventional process route, with a Preliminary Economic Assessment (PEA) underway.
Reasoning: The investor presentation highlights a substantial 196% increase in the Indicated Mineral Resource for the Copalquin Target 1 project, coupled with strong metallurgical recoveries, which significantly de-risks the project and provides a clear path towards economic assessment with a PEA underway.
Positive factors
- Significant 196% increase in Indicated resource for Target 1.
- High metallurgical recoveries of 96% for gold and 91% for silver.
- Resource estimate is JORC and NI 43-101 compliant with QP/CP sign-off.
- Preliminary Economic Assessment (PEA) is underway for Target 1.
- Strong institutional backing and experienced management team.
Negative factors
- Metallurgical test work is at laboratory composite scale, not pilot plant.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 10
Classification and evidence
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The document states 'The June 2026 upgrade increased the Indicated resource by 196%', indicating a significant improvement in resource confidence.
Evidence · text
“The June 2026 upgrade increased the Indicated resource by 196%”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The document explicitly states 'The June 2026 upgrade increased the Indicated resource by 196%', which implies a significant increase in tonnage for the Indicated category.
Evidence · text
“The June 2026 upgrade increased the Indicated resource by 196%”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The document states 'The June 2026 upgrade increased the Indicated resource by 196%', which implies a significant increase in contained metal for the Indicated category.
Evidence · text
“The June 2026 upgrade increased the Indicated resource by 196%”
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: Mr John Sims, a Certified Registered Geologist, is explicitly named as the independent Competent Person under JORC and Qualified Person under NI 43-101 for the resource estimate.
Evidence · text
“Mr John Sims, a Certified Registered Geologist with the American Institute of Professional Geologists. This is a Recognised Professional Organisation under the JORC Code and an Acceptable Foreign Association under NI 43-101. Mr Sims is acting as the independent Competent Person under the 2012 JORC Code and the independent Qualified Person under NI 43-101 for the upgraded Copalquin Target 1 Mineral Resource Estimate, effective June 29, 2026.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The document states that 'The relevant sections of JORC Code 2012 Table 1 are incorporated into the amended public report released on ASX on July 3, 2026'.
Evidence · text
“The relevant sections of JORC Code 2012 Table 1 are incorporated into the amended public report released on ASX on July 3, 2026.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The document states 'A NI 43-101 Technical Report titled Technical Report and Upgraded Mineral Resource Estimate for the Copalquin Target 1 Area, Durango, Mexico will be filed on SEDAR+ within 45 days of the release'.
Evidence · text
“A NI 43-101 Technical Report titled Technical Report and Upgraded Mineral Resource Estimate for the Copalquin Target 1 Area, Durango, Mexico will be filed on SEDAR+ within 45 days of the release.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The document explicitly states the cut-off grades used for both the constrained ('2 g/t AuEq' from AuEq assumptions) and undiluted ('1.50 g/t AuEq') resource estimates.
Evidence · text
“Undiluted resource reported with a 1.50 g/t AuEq cut-off”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource estimate includes a significant portion classified as 'Indicated', which provides reasonable geological confidence.
Evidence · table
“Indicated”
Context: 3,391
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate includes a portion classified as 'Inferred', which is a speculative category with lower geological confidence.
Evidence · table
“Inferred”
Context: 1,436
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The reported overall recovery of 96% for gold and 91% for silver are exceptional for their respective processing routes (leaching after flotation).
Evidence · table
“96%”
Context: Overall recovery including leaching after flotation
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: The document states 'SGS composite tests are laboratory results, not operating guarantees', indicating the metallurgical test work is at a preliminary, bench-scale level.
Evidence · text
“SGS composite tests are laboratory results, not operating guarantees.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The metallurgical test work describes 'flotation' and 'leaching after flotation', which are conventional mill-based processing routes.
Evidence · text
“Overall recovery including leaching after flotation”
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 10. Some facts used in scoring do not have a stored record.
Resource Estimates (8)
indicatedCopalquin Target 1 · goldTonnes: 3391000Grade: 3.15Grade Unit: g/tContained Metal: 343Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:abc873088c90cfd31db3
- Deposit or zone
- Target 1
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 3391000
- Grade
- 3.15
- Grade Unit
- g/t
- Contained Metal
- 343
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 4.26
- Metal Eq. Unit
- g/t GoldEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Indicated gold equivalent resource for Target 1 provides a comprehensive view of the project's value, with high confidence and compliant reporting.
Positive factors
- Indicated category provides high confidence for economic studies.
- Metal equivalent grade combines value of gold and silver.
- Resource is JORC and NI 43-101 compliant with QP/CP sign-off.
Evidence · table
“3.15”
Context: 3,391
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCopalquin Target 1 · silverTonnes: 3391000Grade: 77.8Grade Unit: g/tContained Metal: 8479Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:abc873088c90cfd31db3
- Deposit or zone
- Target 1
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 3391000
- Grade
- 77.8
- Grade Unit
- g/t
- Contained Metal
- 8479
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 4.26
- Metal Eq. Unit
- g/t GoldEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Indicated silver equivalent resource for Target 1 provides a comprehensive view of the project's value, with high confidence and compliant reporting.
Positive factors
- Indicated category provides high confidence for economic studies.
- Metal equivalent grade combines value of gold and silver.
- Resource is JORC and NI 43-101 compliant with QP/CP sign-off.
Evidence · table
“77.8”
Context: 3,391
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCopalquin Target 1 · goldTonnes: 1436000Grade: 2.23Grade Unit: g/tContained Metal: 103Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:a0e0decff7e6931031e8
- Deposit or zone
- Target 1
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 1436000
- Grade
- 2.23
- Grade Unit
- g/t
- Contained Metal
- 103
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 3.28
- Metal Eq. Unit
- g/t GoldEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Inferred gold equivalent resource for Target 1 provides an indication of potential but requires further drilling to upgrade confidence for economic evaluation.
Positive factors
- Resource is JORC and NI 43-101 compliant with QP/CP sign-off.
Negative factors
- Inferred category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“2.23”
Context: 1,436
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCopalquin Target 1 · silverTonnes: 1436000Grade: 73.6Grade Unit: g/tContained Metal: 3398Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:a0e0decff7e6931031e8
- Deposit or zone
- Target 1
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 1436000
- Grade
- 73.6
- Grade Unit
- g/t
- Contained Metal
- 3398
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 3.28
- Metal Eq. Unit
- g/t GoldEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Inferred silver equivalent resource for Target 1 provides an indication of potential but requires further drilling to upgrade confidence for economic evaluation.
Positive factors
- Resource is JORC and NI 43-101 compliant with QP/CP sign-off.
Negative factors
- Inferred category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“73.6”
Context: 1,436
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCopalquin Target 1 · goldTonnes: 1990000Grade: 5.1Grade Unit: g/tContained Metal: 326Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:c27b53be61cdbac731aa
- Deposit or zone
- Target 1
- Mining method
- combined
- Material type
- undiluted
Resource Data
- Category
- indicated
- Tonnes
- 1990000
- Grade
- 5.1
- Grade Unit
- g/t
- Contained Metal
- 326
- Contained Unit
- koz
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 6.85
- Metal Eq. Unit
- g/t GoldEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The undiluted Indicated gold equivalent resource for Target 1 provides a comprehensive view of the project's value, with high confidence and compliant reporting.
Positive factors
- Indicated category provides high confidence for economic studies.
- Metal equivalent grade combines value of gold and silver.
- Resource is JORC and NI 43-101 compliant with QP/CP sign-off.
Evidence · table
“5.10”
Context: 1,990
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCopalquin Target 1 · silverTonnes: 1990000Grade: 122Grade Unit: g/tContained Metal: 7832Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:c27b53be61cdbac731aa
- Deposit or zone
- Target 1
- Mining method
- combined
- Material type
- undiluted
Resource Data
- Category
- indicated
- Tonnes
- 1990000
- Grade
- 122
- Grade Unit
- g/t
- Contained Metal
- 7832
- Contained Unit
- koz
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 6.85
- Metal Eq. Unit
- g/t GoldEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The undiluted Indicated silver equivalent resource for Target 1 provides a comprehensive view of the project's value, with high confidence and compliant reporting.
Positive factors
- Indicated category provides high confidence for economic studies.
- Metal equivalent grade combines value of gold and silver.
- Resource is JORC and NI 43-101 compliant with QP/CP sign-off.
Evidence · table
“122”
Context: 1,990
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCopalquin Target 1 · goldTonnes: 900000Grade: 3.52Grade Unit: g/tContained Metal: 96Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:7b363da3391ec15b2a1f
- Deposit or zone
- Target 1
- Mining method
- combined
- Material type
- undiluted
Resource Data
- Category
- inferred
- Tonnes
- 900000
- Grade
- 3.52
- Grade Unit
- g/t
- Contained Metal
- 96
- Contained Unit
- koz
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 4.87
- Metal Eq. Unit
- g/t GoldEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The undiluted Inferred gold equivalent resource for Target 1 provides an indication of potential but requires further drilling to upgrade confidence for economic evaluation.
Positive factors
- Resource is JORC and NI 43-101 compliant with QP/CP sign-off.
Negative factors
- Inferred category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“3.52”
Context: 900
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCopalquin Target 1 · silverTonnes: 900000Grade: 109Grade Unit: g/tContained Metal: 3155Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:7b363da3391ec15b2a1f
- Deposit or zone
- Target 1
- Mining method
- combined
- Material type
- undiluted
Resource Data
- Category
- inferred
- Tonnes
- 900000
- Grade
- 109
- Grade Unit
- g/t
- Contained Metal
- 3155
- Contained Unit
- koz
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 4.87
- Metal Eq. Unit
- g/t GoldEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The undiluted Inferred silver equivalent resource for Target 1 provides an indication of potential but requires further drilling to upgrade confidence for economic evaluation.
Positive factors
- Resource is JORC and NI 43-101 compliant with QP/CP sign-off.
Negative factors
- Inferred category has lower geological confidence and cannot support economic studies alone.
Evidence · table
“109”
Context: 900
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Metallurgical Results (2)
flotation and leachingCopalquin Target 1 · goldRecovery: 96 %View all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Test Work
- Program Status
- detailed
- Test Type
- flotation and leaching
- Processing Route
- leaching after flotation
- Sample
- Target 1 composite samples
Recovery
- Recovery
- 96 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The 96% gold recovery from Target 1 composite samples is exceptional for a mill-based process, indicating favorable metallurgy, though the test scale is still at the laboratory level.
Positive factors
- Exceptional gold recovery for a mill/CIL route.
- Supports a conventional and proven process route.
Negative factors
- Test work is at laboratory composite scale, not pilot plant, which may limit confidence in scale-up.
Evidence · table
“96%”
Context: Overall recovery including leaching after flotation
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 96% is at or above the exceptional band (95%)
flotation and leachingCopalquin Target 1 · silverRecovery: 91 %View all detailsHide details
Identity
- Project
- Copalquin Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango, Mexico
- Ticker
- MTH
Test Work
- Program Status
- detailed
- Test Type
- flotation and leaching
- Processing Route
- leaching after flotation
- Sample
- Target 1 composite samples
Recovery
- Recovery
- 91 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The 91% silver recovery from Target 1 composite samples is strong for a flotation-based process, indicating favorable metallurgy, though the test scale is still at the laboratory level.
Positive factors
- Strong silver recovery for a flotation route.
- Supports a conventional and proven process route.
Negative factors
- Test work is at laboratory composite scale, not pilot plant, which may limit confidence in scale-up.
Evidence · table
“91%”
Context: Overall recovery including leaching after flotation
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 91% is at or above the exceptional band (90%)
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.