Mithril Reports 10.9 g/t AuEq (7.19 g/t Gold, 260 g/t Silver) over 8.03M, Extending Target 1 Area by 300 Metres, at Copalquin, Mexico
| Melbourne, Australia and Vancouver, Canada – October 16, 2025 - Mithril Silver and Gold Limited | |
| ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide | exploration |
results and update for multiple targets at Mithril’s district scale Copalquin property, Durango State,
Mexico.
Update Highlights
- The current Copalquin resource lies within the Target 1 area, where recent drilling has successfully expanded the strike continuity by 300 metres, demonstrating strong potential for further growth.
- 7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m (MTH-RE25-44), including 2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m 2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m
- 8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m (MTH-RE25-45), including 4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m
The above intercepts extend the Target 1 strike over 30%
- Target 5 drilling rapidly progressing with 11 drill holes now completed with assays pending for the first batch of holes in the laboratory. Ongoing channel sampling at Target 5 has significantly expanded the footprint of this target to 2 km x 2 km
- Target 3 drill plan advancing to be drill ready in the coming months with addition of a third drill
- District wide aerial magnetic survey commences later this month supporting district model drilling, designed to locate the conduit for the widespread gold and silver mineralisation across the vast Copalquin District
- The mineralised horizon is currently expanded to over 1,300 metres vertical across 9 km (Santa Cruz to El Jarillal) in the southern half of the Copalquin district.
“Drilling at Target 1 continues to deliver strong results, confirming the western extension of the key district-scale east–west structure and expanding the strike length of the Target 1 area by more than 30%, with wide, high-grade intercepts throughout”, commented John Skeet, Managing Director & CEO. “Target 1 lies within the District Middle Section, which now extends over seven kilometres, linking multiple high-grade historic mines and numerous prospective structural features to be tested as part of Mithril’s fully funded 45,000-metre drill program.
At the large, silver-rich Target 5 area in the southern section, drilling has progressed rapidly with 11 holes completed and first assays pending. In parallel, our geological team is advancing the district-scale model, supported by an ongoing petrographic study and upcoming aerial magnetic survey, as we vector in on the conduit system responsible for the widespread high-grade gold and silver mineralisation across the Copalquin District. The defining hallmark of Copalquin remains its exceptional distribution of bonanza-grade gold and silver mineralisation throughout this 70 km² property.”
See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
www. mithrilsilvergold.com | 1
District Outlook
Mithril is fully funded to complete 45,000 metres of drilling over the next 12–14 months, with preparations to add a third drill rig by early 2026 at Target 3. Exploration, including drilling and detailed mapping, continues to advance across multiple targets, underpinning the district-scale potential of Copalquin. A closely spaced aerial magnetic survey will be flown late October 2025 and a petrographic fluid inclusion study on samples across the district is supporting the ongoing development of the district scale model for this large epithermal gold-silver system.
Target 1 resource expansion drilling is ongoing with a resource update pending upon completion of the current drill program. Drilling throughout 2025 has refined geologic interpretation and presented numerous target zones for drill testing.
Target 5 – Silver Rich in Southwest of Copalquin District – initial drilling continues around the Apomal historic mine in the Target 5 area, with the first 11 holes completed (assays pending) for an initial 5,000 metre program. Apomal is being tested down dip, below the old mine workings and along strike in the northwestern part of this large target area. This program marks the first drilling at Target 5 and is designed to test the mapped veins while stepping out into untested areas along strike and at depth.
Previously completed mapping and sampling at Target 5 has recently returned excellent results from surface and underground samples with the discovery of the historic La Lianas, Los Martires, Jarillal, and Tasolera Mines within the Target 5 area, which covers 2 km x 2 km
Target 3 – Preparing for 2025 Drilling - ongoing systematic mapping and sampling at Target 3 are further defining priority targets in this large prospective area, with maiden drilling set to commence in the coming months.
COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO
With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC mineral resource estimate (MRE) at the Target 1 area (El Refugio- La Soledad)1 and a NI 43-101 Technical Report filed on SEDAR+, supported by a conceptional underground mining study completed on the maiden resource in early 2022 and metallurgical test work (see ASX Announcement 25 February 2022). There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the widespread gold-silver mineralisation.
With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico.
1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.
www. mithrilsilvergold.com | 2
Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.
Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal), and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3). Several new areas highlighted across the district for follow-up work including recently sampled Target 6
www. mithrilsilvergold.com | 3
Copalquin District Exploration Progress Update
Figure 3 Property-wide channel sampling results for the middle and south district sections within ~50% of the 70 km2 mining concession area covering the Copalquin District
Target 1 Drilling Discussion
Target 1 resource expansion drilling successfully extended the east-west structure 300 m west giving a total strike length from of over 1,300 m (Table 1; Figure 4).
Table 1 Reported drill hole intervals
| Drill Hole ID | From | To (m) | Interval (m) | Au g/t | Ag g/t | Au Eq g/t | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (m) | |||||||||||
| MTH-ZG25-40 | 431.6 | 433.1 | 1.5 | 0.298 | 59.1 | 1.14 | |||||
| MTH-ZG25-40 | 450.7 | 453.55 | 2.85 | 1.12 | 25.20 | 1.47 | |||||
| MTH-RE25-41 | 137 | 138.35 | 1.35 | 1.255 | 71.9 | 2.28 | |||||
| MTH-RE25-41 | 140.8 | 143.9 | 3.1 | 0.63 | 31.10 | 1.07 | |||||
| MTH-RE25-41 | 180.82 | 181.6 | 0.78 | 0.71 | 33.90 | 1.2 | |||||
| MTH-RE25-41 | 378.5 | 379 | 0.5 | 3.21 | 1.20 | 3.23 | |||||
| MTH-ZG25-42 | No reportable intercepts | ||||||||||
| MTH-RE25-43 | No reportable intercepts | ||||||||||
| MTH-RE25-44 | 260.9 | 268.1 | 7.20 | 2.78 | 148 | 4.89 | |||||
| Including | 266.05 | 268.1 | 2.05 | 7.41 | 418.8 | 13.39 | |||||
| MTH-RE25-44 | 272.35 | 275.15 | 2.80 | 3.97 | 209.4 | 6.97 | |||||
| MTH-RE25-45 | 257.72 | 265.75 | 8.03 | 7.19 | 259.7 | 10.9 | |||||
| Including | 260.7 | 265.1 | 4.40 | 9.87 | 506.8 | 15.43 |
www. mithrilsilvergold.com | 4
Figure 4 Target 1 Drill results in this announcement and showing the 300 metre extension west
Figure 5 Cross section of holes MTH-RE25-44 and MTH-RE25-45 extending drilling 300 metres west at Target 1.
www. mithrilsilvergold.com | 5
Table 2 Drill hole collar details reported in this announcement
| Hole ID | Zone | Easting | Northing | Elevation | Azimuth | Inclination | Depth |
|---|---|---|---|---|---|---|---|
| MTH-ZG25-40 | Zaragoza | 289965 | 2823484 | 996.8 | 221 | -53 | 474 |
| MTH-RE25-41 | Refugio | 289079 | 2823785 | 1155.77 | 225 | -48 | 411 |
| MTH-ZG25-42 | Zaragoza | 290030 | 2823410 | 1000.27 | 212 | -45 | 399 |
| MTH-RE25-43 | Refugio | 289066 | 2824050 | 1178.85 | 208 | -75 | 600 |
| MTH-RE25-44 | Refugio | 288654 | 2823892 | 1177.09 | 200 | -70 | 378 |
| MTH-RE25-45 | Refugio | 288654 | 2823892 | 1177.09 | 215 | -66 | 384 |
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 gold and silver districts.
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. This maiden resource is detailed below (see ASX release 17 November 2021)^ and a NI 43-101 Technical Report filed on SEDAR+
- Indicated 691 kt @ 5.43 g/t gold, 114 g/t silver for 121,000 oz gold plus 2,538,000 oz silver
- Inferred 1,725 kt @ 4.55 g/t gold, 152 g/t silver for 252,000 oz gold plus 8,414,000 oz silver
(using a cut-off grade of 2.0 g/t AuEq*)
- 28.6% of the resource tonnage is classified as indicated
Table 33 Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*
| Tonnes (kt) | Tonnes (kt) | Gold (g/t) | Silver (g/t) | Gold Eq.* (g/t) | Gold (koz) | Silver (koz) | Gold Eq.* (koz) | |
|---|---|---|---|---|---|---|---|---|
| El Refugio | Indicated | 691 | 5.43 | 114.2 | 7.06 | 121 | 2,538 | 157 |
| Inferred | 1,447 | 4.63 | 137.1 | 6.59 | 215 | 6,377 | 307 | |
| La Soledad | Indicated | - | - | - | - | - | - | - |
| Inferred | 278 | 4.12 | 228.2 | 7.38 | 37 | 2,037 | 66 | |
| Total | Indicated | 691 | 5.43 | 114.2 | 7.06 | 121 | 2,538 | 157 |
| Inferred | 1,725 | 4.55 | 151.7 | 6.72 | 252 | 8,414 | 372 |
- In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the
formula: AuEq grade = Au grade + ((silver grade/70) x (silver recovery/Au recovery)). The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com. At this early stage, the metallurgical recoveries were assumed to be equal (93%). Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022) and these will be used when the resource is updated in the future. In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold.
^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 - MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq*), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website.
www. mithrilsilvergold.com | 6
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
Mining study (conceptual) and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing. The average vein width is approximately 4.5 metres.
Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-million-ounce gold and silver potential. Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.
-ENDS-
Released with the authority of the Board.
For further information contact:
John Skeet NIKLI COMMUNICATIONS
Managing Director and CEO Corporate Communications [email protected] [email protected] +61 435 766 809 [email protected]
The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Competent Persons Statement - JORC
The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.
Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr Darren LeFort who is Mithril’s Exploration Manager. Mr LeFort is a member of the Engineers and Geoscientists of British Columbia and a Certified Professional Geologist (P.Geo). This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.
www. mithrilsilvergold.com | 7
Mr LeFort has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. MrLeFort consents to the inclusion in this report of the matters based on information in the form and context in which it appears.
The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, former Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australian Institute of Geoscientists. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears
Qualified Persons – NI 43-101
Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.
Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and assaying of sample pulps performed in North Vancouver, BC, Canada.
www. mithrilsilvergold.com | 8
Table 3 Drill hole intervals of greater than or equal to 0.1 g/t Au Eq
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au g/t | Ag g/t | AuEq g/t |
|---|---|---|---|---|---|---|---|
| MTH-ZG25-40 | 826483 | 385.76 | 386.3 | 0.54 | 0.025 | 7.5 | 0.13 |
| MTH-ZG25-40 | 826498 | 405.5 | 406.55 | 1.05 | 0.015 | 6.3 | 0.11 |
| MTH-ZG25-40 | 826516 | 425.45 | 426.6 | 1.15 | 0.059 | 3.8 | 0.11 |
| MTH-ZG25-40 | 826517 | 426.6 | 427.45 | 0.85 | 0.042 | 4.8 | 0.11 |
| MTH-ZG25-40 | 826518 | 427.45 | 427.95 | 0.5 | 0.074 | 5.2 | 0.15 |
| MTH-ZG25-40 | 826521 | 428.45 | 429.53 | 1.08 | 0.037 | 8.9 | 0.16 |
| MTH-ZG25-40 | 826522 | 429.53 | 430.5 | 0.97 | 0.074 | 8.5 | 0.2 |
| MTH-ZG25-40 | 826523 | 430.5 | 431.08 | 0.58 | 0.057 | 5.9 | 0.14 |
| MTH-ZG25-40 | 826524 | 431.08 | 431.6 | 0.52 | 0.071 | 36.3 | 0.59 |
| MTH-ZG25-40 | 826526 | 431.6 | 433.1 | 1.5 | 0.298 | 59.1 | 1.14 |
| MTH-ZG25-40 | 826527 | 433.1 | 434.32 | 1.22 | 0.06 | 10.6 | 0.21 |
| MTH-ZG25-40 | 826538 | 450.7 | 451.53 | 0.83 | 2.67 | 38.1 | 3.21 |
| MTH-ZG25-40 | 826539 | 451.53 | 452.3 | 0.77 | 0.189 | 12.8 | 0.37 |
| MTH-ZG25-40 | 826541 | 452.3 | 453.55 | 1.25 | 0.655 | 24.4 | 1 |
| MTH-RE25-41 | 821128 | 133 | 135 | 2 | 0.057 | 3.9 | 0.11 |
| MTH-RE25-41 | 821129 | 135 | 136.4 | 1.4 | 0.419 | 13.8 | 0.62 |
| MTH-RE25-41 | 821130 | 136.4 | 137 | 0.6 | 0.131 | 7.9 | 0.24 |
| MTH-RE25-41 | 821131 | 137 | 138.35 | 1.35 | 1.255 | 71.9 | 2.28 |
| MTH-RE25-41 | 821132 | 138.35 | 139.5 | 1.15 | 0.089 | 4.6 | 0.15 |
| MTH-RE25-41 | 821133 | 139.5 | 140.8 | 1.3 | 0.264 | 5.1 | 0.34 |
| MTH-RE25-41 | 821134 | 140.8 | 141.83 | 1.03 | 0.963 | 54.6 | 1.74 |
| MTH-RE25-41 | 821135 | 141.83 | 142.33 | 0.5 | 0.773 | 39.3 | 1.33 |
| MTH-RE25-41 | 821136 | 142.33 | 143.3 | 0.97 | 0.117 | 5 | 0.19 |
| MTH-RE25-41 | 821137 | 143.3 | 143.9 | 0.6 | 0.745 | 26 | 1.12 |
| MTH-RE25-41 | 821143 | 149.16 | 150.12 | 0.96 | 0.198 | 2.6 | 0.24 |
| MTH-RE25-41 | 821145 | 151.17 | 151.67 | 0.5 | 0.272 | 4.6 | 0.34 |
| MTH-RE25-41 | 821146 | 151.67 | 152.45 | 0.78 | 0.115 | 2.1 | 0.15 |
| MTH-RE25-41 | 821147 | 152.45 | 153.1 | 0.65 | 0.328 | 2.1 | 0.36 |
| MTH-RE25-41 | 821148 | 153.1 | 153.9 | 0.8 | 0.137 | 2.5 | 0.17 |
| MTH-RE25-41 | 821152 | 155.2 | 156.1 | 0.9 | 0.421 | 7.1 | 0.52 |
| MTH-RE25-41 | 821153 | 156.1 | 156.88 | 0.78 | 0.517 | 12.2 | 0.69 |
| MTH-RE25-41 | 821154 | 156.88 | 157.75 | 0.87 | 0.098 | 1.8 | 0.12 |
| MTH-RE25-41 | 821155 | 157.75 | 158.72 | 0.97 | 0.182 | 3.5 | 0.23 |
| MTH-RE25-41 | 821156 | 158.72 | 159.32 | 0.6 | 0.08 | 1.9 | 0.11 |
| MTH-RE25-41 | 821158 | 160.75 | 162.15 | 1.4 | 0.122 | 2.1 | 0.15 |
| MTH-RE25-41 | 821160 | 163.3 | 164.6 | 1.3 | 0.107 | 2.1 | 0.14 |
| MTH-RE25-41 | 821161 | 164.6 | 165.3 | 0.7 | 0.103 | 1.9 | 0.13 |
| MTH-RE25-41 | 821163 | 166.4 | 167.15 | 0.75 | 0.102 | 3.1 | 0.15 |
| MTH-RE25-41 | 821166 | 169.2 | 170.17 | 0.97 | 0.078 | 4 | 0.14 |
| MTH-RE25-41 | 821167 | 170.17 | 171.15 | 0.98 | 0.158 | 5.1 | 0.23 |
| MTH-RE25-41 | 821168 | 171.15 | 172.04 | 0.89 | 0.104 | 5.8 | 0.19 |
| MTH-RE25-41 | 821169 | 172.04 | 172.75 | 0.71 | 0.171 | 5.8 | 0.25 |
| MTH-RE25-41 | 821173 | 176.33 | 178 | 1.67 | 0.042 | 3.8 | 0.1 |
| MTH-RE25-41 | 821177 | 180.82 | 181.6 | 0.78 | 0.713 | 33.9 | 1.2 |
| MTH-RE25-41 | 821213 | 282.5 | 283 | 0.5 | 0.165 | 9.1 | 0.3 |
| MTH-RE25-41 | 821214 | 283 | 283.5 | 0.5 | 0.075 | 3.3 | 0.12 |
| MTH-RE25-41 | 821218 | 286.9 | 288.2 | 1.3 | 0.115 | 1.2 | 0.13 |
| MTH-RE25-41 | 821238 | 304.75 | 305.45 | 0.7 | 0.258 | 9.3 | 0.39 |
| MTH-RE25-41 | 821244 | 312.5 | 314 | 1.5 | 0.075 | 1.6 | 0.1 |
| MTH-RE25-41 | 821296 | 377.5 | 378.5 | 1 | 0.27 | 0.6 | 0.28 |
| MTH-RE25-41 | 821297 | 378.5 | 379 | 0.5 | 3.21 | 1.2 | 3.23 |
www. mithrilsilvergold.com | 9
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au g/t | Ag g/t | AuEq g/t |
|---|---|---|---|---|---|---|---|
| MTH-ZG25-42 | 826570 | 181.7 | 183 | 1.3 | 0.138 | 1.2 | 0.16 |
| MTH-ZG25-42 | 826584 | 214.9 | 215.45 | 0.55 | 0.088 | 3.2 | 0.13 |
| MTH-ZG25-42 | 826586 | 216.2 | 217.3 | 1.1 | 0.19 | 7.6 | 0.3 |
| MTH-ZG25-42 | 826598 | 228.4 | 228.9 | 0.5 | 0.023 | 6.1 | 0.11 |
| MTH-ZG25-42 | 826645 | 303 | 304.5 | 1.5 | 0.17 | 1.5 | 0.19 |
| MTH-RE25-43 | 821337 | 467.62 | 468.8 | 1.18 | 0.021 | 6.1 | 0.11 |
| MTH-RE25-43 | 821338 | 468.8 | 469.85 | 1.05 | 0.055 | 8.3 | 0.17 |
| MTH-RE25-43 | 821339 | 469.85 | 470.35 | 0.5 | 0.099 | 10.3 | 0.25 |
| MTH-RE25-43 | 821340 | 470.35 | 471 | 0.65 | 0.028 | 5.1 | 0.1 |
| MTH-RE25-43 | 821341 | 471 | 472 | 1 | 0.034 | 4.7 | 0.1 |
| MTH-RE25-44 | 821356 | 260.9 | 261.45 | 0.55 | 0.242 | 12 | 0.41 |
| MTH-RE25-44 | 821357 | 261.45 | 262.15 | 0.7 | 0.847 | 40.8 | 1.43 |
| MTH-RE25-44 | 821358 | 262.15 | 263 | 0.85 | 1.05 | 60.2 | 1.91 |
| MTH-RE25-44 | 821359 | 263 | 263.82 | 0.82 | 1.805 | 69.8 | 2.8 |
| MTH-RE25-44 | 821360 | 263.82 | 264.35 | 0.53 | 0.838 | 16.8 | 1.08 |
| MTH-RE25-44 | 821361 | 264.35 | 265 | 0.65 | 0.932 | 33.6 | 1.41 |
| MTH-RE25-44 | 821362 | 265 | 266.05 | 1.05 | 0.677 | 31.1 | 1.12 |
| MTH-RE25-44 | 821363 | 266.05 | 266.55 | 0.5 | 2.07 | 66.9 | 3.03 |
| MTH-RE25-44 | 821364 | 266.55 | 267.5 | 0.95 | 7.79 | 393 | 13.4 |
| MTH-RE25-44 | 821365 | 267.5 | 268.1 | 0.6 | 11.25 | 753 | 22.01 |
| MTH-RE25-44 | 821366 | 268.1 | 269.1 | 1 | 0.288 | 21.7 | 0.6 |
| MTH-RE25-44 | 821367 | 269.1 | 270.55 | 1.45 | 0.154 | 18 | 0.41 |
| MTH-RE25-44 | 821368 | 270.55 | 271.75 | 1.2 | 0.056 | 3.5 | 0.11 |
| MTH-RE25-44 | 821369 | 271.75 | 272.35 | 0.6 | 0.36 | 23.7 | 0.7 |
| MTH-RE25-44 | 821370 | 272.35 | 273.5 | 1.15 | 6.19 | 300 | 10.48 |
| MTH-RE25-44 | 821371 | 273.5 | 274 | 0.5 | 0.83 | 37.7 | 1.37 |
| MTH-RE25-44 | 821372 | 274 | 274.5 | 0.5 | 4.13 | 276 | 8.07 |
| MTH-RE25-44 | 821373 | 274.5 | 275.15 | 0.65 | 2.34 | 130 | 4.2 |
| MTH-RE25-44 | 821374 | 275.15 | 276.12 | 0.97 | 0.045 | 6.1 | 0.13 |
| MTH-RE25-44 | 821383 | 286.65 | 288 | 1.35 | 0.076 | 4.6 | 0.14 |
| MTH-RE25-44 | 821391 | 294.23 | 294.73 | 0.5 | 0.136 | 18.1 | 0.39 |
www. mithrilsilvergold.com | 10
JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
| Sampling techniques | • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | • Drill core samples are cut lengthwise with a diamond saw. Intervals are nominally 1 m but may vary between 0.5 m to 1.5 m based on geologic criteria. • The same side of the core is always sent to sample (left side of saw). • Reported intercepts are calculated as either potentially underground mineable (>100m down hole) or as potentially open-pit mineable (near surface). • Potentially underground mineable intercepts are calculated as length weighted averages of material greater than or equal to 1 g/t AuEQ 70 _ allowing up to 2m of internal dilution. • Potentially open-pit mineable intercepts are calculated as length weighted averages of material greater than or equal to 0.25 g/t AuEQ 70 allowing for up to 2m of internal dilution. _ • Rock Sawn Channel samples underground and surface are collected with the assistance of a handheld portable saw. The channels are 2.5 to 3cm deep and 6-8 cm wide along continuous lines oriented perpendicular to the mineralized structure. The samples are as representative as possible • Rock Sawn Channel surface samples were surveyed with a Handheld GPS then permanently mark with an aluminium tag and red colour spray across the strike of the outcrop over 1 metre. Samples are as representative as possible • Rock Sawn Channel underground samples were located after a compass and tape with the mine working having a surveyed control point at the portal, then permanently marked with an aluminium tag and red colour spray oriented perpendicular to the mineralized structure. Samples are as representative as possible • Soil sampling has been carried out by locating pre-planned points by handheld GPS and digging to below the first colour-change in the soil (or a maximum of 50 cm). In the arid environment there is a 1 – 10 cm organic horizon and a 10 – 30 cm B horizon above the regolith. Samples are sieved to -80 mesh in the field. Samples are collected on a 20 m x 50 m grid or every 20 m on N–S lines 50 m apart. These samples are considered representative of the medium being sampled and lines are appropriately oriented to the nearly E–W structural trend. |
| Drilling techniques | • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | • Drilling is done with MP500 man-portable core rigs capable of drilling HQ size core to depths of 350-400m (depending on ground conditions), reducing to NQ size core for greater depths. Core is recovered in a standard tube. |
www. mithrilsilvergold.com | 11
| Criteria | JORC Code explanation | Commentary |
| Drill sample recovery | • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | • Drill recovery is measured based on measured length of core divided by length of drill run. • Recovery in holes CDH-001 through CDH-025 and holes CDH-032 through CDH-077 was always above 90% in the mineralized zones. Detailed core recovery data are maintained in the project database. • Holes CDH-026 through CDH-031 had problems with core recovery in highly fractured, clay rich breccia zones. • There is no adverse relationship between recovery and grade identified to date. |
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. | • Geotechnical and geological logging of the drill core takes place on racks in the company core shed. • Core samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Core logging is both qualitative or quantitative in nature. Photos are taken of each box of core before samples are cut. Photos of cut core intervals are taken after sampling. Core is wetted to improve visibility of features in the photos. • All core has been logged and photographed. • Rock sawn channel samples are marked, measured and photographed at location • Soil samples are recorded at location, logged and described |
| Sub-sampling techniques and sample preparation | • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. | • Core is sawn and half core is taken for sample. • Samples are prepared using ALS Minerals Prep-31 crushing, splitting and pulverizing. This is appropriate for the type of deposit being explored. • Visual review to assure that the cut core is ½ of the core is performed to assure representativity of samples. • Crushed core duplicates are split/collected by the laboratory and submitted for assay (1 in 30 samples) • Sample sizes are appropriate to the grain size of the material being sampled. • Rock sawn channel samples and soil samples are prepared using ALS Minerals Prep-31 crushing, splitting and pulverizing. This is appropriate for the type of deposit being explored. |
| Quality of assay data and laboratory tests | • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | • Samples are assayed for gold using ALS Minerals Au-AA25 method a 30 g fire assay with an AA finish. This is considered a total assay technique. |
www. mithrilsilvergold.com | 12