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 * (see ASX announcement 17 November 2021)

Mithril CEO and Managing Director, John Skeet, commented: 'The very high-grade and significant drill intercepts from holes CDH-077 and CDH-094 raised questions regarding our initial geologic interpretation at El Refugio. The detailed petrographic work involving electron microscopy provides data to support an explanation for the high-grade intercepts and guidance in locating further high-grade veins as we progress drilling and development work in this important area in the Copalquin District. Copalquin continues to provide the data that supports a major high-grade gold-silver system and to expand our already impressive high-grade resource inventory with its excellent future development prospects.

Petrography Report Conclusions * The El Refugio vein shows no recognisable vertical temperature zoning. All crystalline quartz phases show fluid inclusion petrography and scarse measurements 240-degreeC) and are worth exploring under the old mines to investigate the vertical extent of mineralisation. If grade is present at greater depth with higher temperatures, the precedent will further support deeper drilling to higher temperature isotherms in the other lower temperature targets. * The Apolonia and Brujas veins do host early-stage multi-banded vein material with crystalline quartz hosting consistent petrographically low temperature fluid inclusions (

Contact:

John Skeet

Managing Director and CEO

E: jskeet@mithrilresources.com.au

T: +61 435 766 809

Investor

Mark Flynn

E: mflynn@mithrilresources.com.au

T: +61 416 068 733

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