Mithril Resources Ltd (ASX: MTH) (Mithril or the Company) is pleased to release its maiden JORC mineral resource estimate for the first target area at its Copalquin Gold Silver District, Mexico.

Highlights

A maiden JORC indicated and inferred mineral resource has been estimated for the first drill target area of El Refugio-La Soledad in the Copalquin District, Mexico

2,416,000 tonnes @ 4.80 g/t gold, 141 g/t silver for 373,000 oz gold plus 10,953,000 oz silver (Total 529,000 oz AuEq) using a cut-off grade of 2.0 g/t AuEq

28.6% of the resource tonnage is classified as indicated

Copalquin is a district scale opportunity with El Refugio-La Soledad one of several drill targets

Drilling is continuing at El Refugio-La Soledad including along strike from the recently announced hole CDH-094 with 18.67m @ 9.64 g/t gold, 278.8 g/t silver (5 Nov. 2021

Mithril CEO and Managing Director, John Skeet, commented: 'This is an excellent result for our maiden mineral resource estimate (MRE) from the first 14 months of drilling in the Copalquin District with a single diamond core drill rig. The maiden MRE is robust and high-grade using a cutoff grade (2.0g/t AuEq) appropriate for underground mining, demonstrating the economic potential for our first target area in the district and advancing Mithril's goal to become a highly profitable gold-silver producer from highgrade resources. The data generated allows us to efficiently expand and infill the Refugio - La Soledad target, whilst continuing expansive exploration in the Copalquin district with its multiple gold-silver targets and historic mines. We look forward to updating this first MRE for the Copalquin District in 2022'

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. Mithril Resources is earning 100% interest in the Copalquin District mining concessions via a purchase option agreement detailed in ASX announcement dated 25 November 2019.

Preliminary Concept for Mine Access - El Refugio

Deep high-grade intercepts such as in holes CDH-061, CDH-071 and CDH-077 bring mineralisation closer to potential access from a site with favourable logistics, taking advantage of the local topography. The CDH-077 'bonanza zone' can be reached by an exploration drift (adit) of approximately 750 metres long. Such a drift would allow access for the close-spaced sampling that will be necessary to bring the bonanza grade zone into higher confidence resource categories.

Contact:

John Skeet

Tel: +61 435 766 809

Email: jskeet@mithrilresources.com.au

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