Mithril Resources Ltd. provided exploration results for its 100% optioned Copalquin Gold Silver Project in Mexico where a 529koz gold equivalent high-grade gold-silver JORC resource has been defined at El Refugio-La Soledad. Since acquiring the property in May 2020, Mithril has been drilling in the Copalquin district with one man- portable diamond drill rig for 21 months developing several targets in the district, including delivering a high- grade maiden JORC resource within the first 15 months of drilling. The current program of work aims to explore two main trends of historic mine workings across the district further ranking and developing drill targets and expanding the maiden resource at El Refugio.

During the maiden drill program in 2020, Mithril identified a large upwelling hydrothermal zone at El Refugio and drilled this to resource stage with: 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. There is opportunity to expand this high-quality resource which is open at depth beyond where some of the highest grade intercepts were recorded plus early signs of a westerly extension.

Additionally, there is significant upside beyond this maiden resource area to increase the district resources for gold and silver. Mining study work and metallurgy reported earlier this year, show the current resource material to be amenable to conventional underground mining and processing methods, yielding high gold and silver extraction. Drilling at El Gallo: The first diamond core drilling at the El Gallo target 1km west of the El Refugio resource has produced multiple shallow intercepts with high-grade gold and silver mineralisation.

Of particular note is the silver sulphide ginguro banding coincident with high-grade silver assay values. The drilling follows soil sampling and mapping, that identified El Gallo as a high-priority drill target. These excellent first round drill results support further drilling along strike and deeper as develop this target.

This area of the district and to the east and north, feature high-grade gold and silver at El Refugio, La Soledad, Los Pinos, Los Reyes and now at El Gallo. Drilling at La Montura: La Montura is a recently discovered drill target along the District Middle Trend and features a 700m wide quartz vein at the surface and a gold in soils anomaly over this area. The first round of drilling to test this target is almost complete with a line of drill holes intercepting quartz stockwork and quartz vein 80m below the surface.

Two further holes, target the structure 160m and 240m down dip. The first of the deeper holes has intercepted chalcedonic quartz breccia. The deepest hole is scheduled for completion first half of May.

Receipt of assays is anticipated for late June 2022. District South Section: The Las Brujas-El Peru target is drill ready following positive results from the rock chip sampling program from within the historic mine working and the soils sampling program that revealed a good gold and silver anomaly. The historic mine workings at Las Brujas and at El Peru are connected by a 500m long surface trace of quartz vein.

Mapping and rock chip sampling of a north-south oriented structure at El Guamuchilito has been completed. Aerial drone surveying will continue until the end of the dry season usually around mid-late June.