Mithril Resources Ltd (ASX: MTH) (Mithril or the Company) is pleased to provide exploration results for its 100% optioned Copalquin Gold Silver Project in Mexico where a maiden 529koz gold equivalent1 high-grade gold-silver JORC resource has been defined at El Refugio-La Soledad

Mithril CEO and Managing Director, John Skeet, commented: 'The recent program of drilling at El Refugio has successfully extended and upgraded confidence both west and now east of the central El Refugio maiden resource area. Drilling continually intercepts high-grade mining widths as we progress work in this important part of the Copalquin Mining District. The drill core relogging program applying the past two years of drilling experience is opening up interpretation and opportunities, particularly for the more complex and high-grade La Soledad part of the maiden resource area and the eastern extension to Los Pinos. Drill core observations from the recent drilling point to significant ongoing resource depth potential for the major upwelling feeder zone at El Refugio as we progress the exploration program and development scenarios at Copalquin for resource expansion and gold-silver production.

Scoping Study Work

Work is progressing to assess the first stage development options to optimally exploit the high-grade El Refugio resource. Recent drilling has been spaced across the strike of the mineralized zone to infill strategic areas. There are options to reduce the mine development meterage and to take advantage of topography and high-grade zones within the El Cometa-El Refugio resource on the eastern side of the deposit to potentially produce attractive development economics including low initial capital requirements and short payback period.

ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km2 containing several dozen historic gold and silver mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits. Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver. Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate demonstrating the high-grade gold and silver resource potential for the district.

Contact:

John Skeet

Tel: +61 435 766 809

Email: jskeet@mithrilresources.com.au

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