Mithril Resources Ltd. provided exploration results for its 100% optioned Copalquin Gold Silver Project in Mexico where a maiden 529koz gold equivalent high-grade gold-silver JORC resource has been defined at El Refugio-La Soledad. Drilling recommenced at El Refugio in May 2022 with a program of six deep holes, three drilled from a location slightly oblique to the main structure, in order to reduce the length of the drill holes to reach the targeted depth. Assays have been received for all drill holes.

The program successfully achieved the objective of locating the main structure and confirming high-grade gold and silver on the western side of the El Refugio resource area while providing additional information for the location of the upwelling feeder zone. The previously reported intercept in hole CDH-137 of 5.67m at 4.37 g/t gold, 174g/t silver from 331.33m, (CDH-137), including 1.67m at 9.64 g/t gold, 399 g/t silver from 331.33 plus 1.00m at 1.68 g/t gold, 67.2 g/t silver from 367.0m and 1.00m at 1.27 g/t gold, 46.1 g/t silver from 370.0m filled a gap down dip on section 560 and drill hole CDH-136 confirms the downdip extension with some further high-grade gold and silver mineralisation and multiple intercepts. The first drill holes on section 800 are reported with exceptional high-grade gold and silver intercepts in this western side of the El Refugio resource area with 5.83m at 15.7 g/t gold, 474 g/t silver from 91.77m, (CDH-140), including 1.81m at 45.5 g/t gold, 1,387 g/t silver from 93.77m down dip of hole CDH-139.

This supports the high-grade previously intercepted 40m west by drill hole CDH-094 with 18.87m at 9.67g/t gold, 279g/t silver. A drill programme has recently been completed on the eastern side of El Refugio targeting deep and near to where the main El Refugio upwelling zone is projected. Core from the most recent holes have the first observed occurrences of platy quartz after calcite, a texture indicative of boiling and gold deposition.

Late amethyst is also observed filling what was open space at the time of mineralization. This texture is indicative of boiling. Visible silver minerals are commonly observed in the mineralized veins.

All drill core samples have been dispatched for assay. 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.