Mithril Drills 20.5 g/t Gold, 1,833 g/t Silver Over 4.95m

(TheNewswire)

March 3, 2025 TheNewswire - Drilling at La Soledad, has intercepted multiple high-grade veins as the Target 1 resource update drilling progresses at the Copalquin silver and gold district property in Durango State, Mexico.

HIGHLIGHTS

  • 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including

    • 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,

  • 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m

  • 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including

    • 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m

  • 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, (MTH-ES25-10), including

    • 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m

  • 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m including

    • 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m

    • 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m

  • 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09),

  • 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m

  • 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m (MTH-ES25-08),

  • 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m, including

    • 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m

  • 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m

  • In February, a further six drill holes have been completed at La Soledad, with drilling ongoing expanding the footprint and structural knowledge in this silver and gold rich NW trending structure.  Considerable strike and depth potential exists in this area.

  • Addition of a second drill is on schedule with the municipal access road upgrade for completion late March, allowing 35,000m of core drilling in the district throughout 2025 and advancing the next two target areas while developing the large district scale geologic model

Mithril Silver and Gold Limited ("Mithril" or "the Company") (MTH:ASX, MSG:TSXV) announces drill results for the Target 1 resource expansion programme at its Copalquin District project, Mexico.

John Skeet, Mithril's Managing Director and CEO commented:

"Drilling at La Soledad in the Target 1 area has continued to produce exceptional results for this silver and gold rich multi-level historic mine area.  The La Soledad structure is open at depth and to the north-west with the opportunity to locate additional ‘ore shoots' along strike.  The drill program is expanded in the La Soledad area with several additional holes to complete before moving the drill to Refugio West in the Target 1 resource area.  Drilling in the Target 1 area will continue until the end of March 2025, the anticipated cut-off date for the resource update drilling.  The second drill is scheduled to be on site and commence drilling early April, at the Target 2 area.  Progress is on track to complete 35,000 metres of drilling this year, aiming to considerably expand the resource footprint and define the 10 km wide, extensive epithermal silver-gold system in our 70km 2 district."

COPALQUIN GOLD-SILVER DISTRICT, MEXICO

With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km 2 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 resource at El Refugio (529koz AuEq @6.81 g/t AuEq) 1 supported by a conceptional underground mining study completed on the maiden resource in early 2022 ( see ASX announcement 01 March 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 d eveloping into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico.

Drilling is in progress at the Target 1 drill area where the current maiden resource drilling is scheduled to be completed by end of Q1 2025. Channel sampling work, using a diamond rock saw, has continued adjacent to the Target 1 area and immediately to the south towards the Copalquin creek. Drilling is planned to commence with the second drill rig at the Target 2 area by April 2025.


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Figure 1 LiDAR identified historic workings across the 70km 2 district.  Target 1 area current drilling location, channel sampling area and the high priority drill target areas of Las Brujas-El Peru (Target 2) and La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work.

Drill Results Discussion

Drilling at La Soledad , the north-westerly tending structure on the north-eastern side of the Target 1 resource area, has returned excellent intercepts ahead of the planned resource update.  Results for drill holes MTH-ES25-08 to MTH-ES25-11 are summarised below.  Drilling is continuing at La Soledad where a further seven holes have been completed and four of these dispatched to the assay laboratory.

  • 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including

    • 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,

  • 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m

  • 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including

    • 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m

  • 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m (MTH-ES25-10), including

    • 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m

    • 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m

  • 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, including

    • 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m

  • 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09), plus

  • 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m

  • 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m (MTH-ES25-08), including

    • 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m

  • 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m

  • 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m


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At El Cometa on the eastern side of the Target 1, the last two holes completed at resource area returned multiple shallow intercepts.  The near surface ( 2 compared with 1.00 g/t AuEq 2 for >100m down hole intercept reporting) reflecting its potential for lower cost mining methods.

El Cometa features a broad mineralised structure with cross cutting structures hosting very high-grade gold and silver, such as reported from drill hole CDH-159 in 2024 ( 33.00m @31.8 g/t gold, 274 g/t silver from surface).

Intercepts for MTH-EC25-06 and MTH-EC25-07 are summarised below and have continued to build on the excellent results from this shallow mineralisation.

  • 1.00m @ 1.56 g/t gold, 58.3 g/t silver from 31.0m (MTH-ES25-07)

  • 1.00m @ 0.72 g/t gold, 29.0 g/t silver from 33.5m

  • 6.00m @ 1.33 g/t gold, 178.6 g/t silver from 95.0m, including

    • 1.70m @ 4.07 g/t gold, 588 g/t silver from 98.15m

  • 7.00m @ 1.56 g/t gold, 70.5 g/t silver from 126m, including

    • 1.00m @ 8.70 g/t gold, 272 g/t silver from 127m

  • 2.90m @ 0.83 g/t gold, 88.0 g/t silver from 22.6m (MTH-ES25-06)


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ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km 2 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.

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 NI43-101 Technical Report filed on SEDAR+

  • 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

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

TOTAL

2,416

4.80

141

6.81

373

10,953

529

Table 1 - Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*

*  The gold equivalent (AuEq.) values are determined from gold and silver values and assume the following:  AuEq. = gold equivalent calculated using and gold:silver price ratio of 70:1.  That is, 70 g/t silver = 1 g/t gold.  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.  Metallurgical recoveries are assumed to be approximately equal for both gold and silver at this early stage. Actual metallurgical recoveries from test work to date are 96% and 91% for gold and silver, respectively.  In the Company's opinion there is reasonable potential for both gold and silver to be extracted and sold. Actual metal prices have not been used in resource estimate, only the price ratio for the AuEq reporting. Formula for AuEq. = Au grade +((Ag grade/gold:silver price ratio) x (Ag recovery/Au recovery))

^ 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.

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 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.

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 2026 (option has been extended by 3 years). Mithril has reached an agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).


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Figure 2 – Copalquin District location map, locations of mining and exploration activity and local infrastructure

-ENDS-

Released with the authority of the Board.

For further information contact:

John Skeet

Managing Director and CEO

jskeet@mithrilsilvergold.com

+61 435 766 809

+1 672 962 7112

Mark Flynn

Investor Relations

mflynn@mithrilresources.com.au

+61 416 068 733

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 Ricardo Rodriguez who is Mithril's Project Manager. Mr Rodriguez is a Member of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Rodriguez 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 Rodriguez 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, Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australasian Institute of Mining and Metallurgy. 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

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

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.

Table 2 Mineralised intercepts in reported drillholes above 0.1 g/t AuEq.

(*See ‘About Copalquin Gold Silver Project' section for JORC MRE details and AuEq. Calculation)

Hole ID

From (m)

To (m)

Length (m)

Sample ID

Gold (g/t)

Silver (g/t)

AuEq*

AgEq*

MTH-EC25-06

3

4

1

799610

0.043

3.9

0.1

6.91

MTH-EC25-06

11

12

1

799619

0.065

3.7

0.12

8.25

MTH-EC25-06

14

15

1

799622

0.069

6.6

0.16

11.43

MTH-EC25-06

16

17

1

799624

0.117

4.6

0.18

12.79

MTH-EC25-06

17

18

1

799626

0.072

2.7

0.11

7.74

MTH-EC25-06

18

19

1

799627

0.048

6.7

0.14

10.06

MTH-EC25-06

19

20

1

799628

0.065

2.3

0.1

6.85

MTH-EC25-06

20

21

1

799629

0.05

4.5

0.11

8

MTH-EC25-06

22

22.6

0.6

799631

0.037

4.9

0.11

7.49

MTH-EC25-06

22.6

23.25

0.65

799632

0.596

30.1

1.03

71.82

MTH-EC25-06

23.25

24

0.75

799633

0.46

36.2

0.98

68.4

MTH-EC25-06

24

25

1

799634

1.365

174

3.85

269.55

MTH-EC25-06

25

25.5

0.5

799635

0.599

68.8

1.58

110.73

MTH-EC25-06

25.5

26

0.5

799636

0.154

10.3

0.3

21.08

MTH-EC25-06

26

26.85

0.85

799637

0.274

14.9

0.49

34.08

MTH-EC25-06

26.85

27.85

1

799638

0.065

5.1

0.14

9.65

MTH-EC25-06

27.85

28.85

1

799639

0.078

11.5

0.24

16.96

MTH-EC25-06

28.85

29.85

1

799641

0.34

27.1

0.73

50.9

MTH-EC25-06

29.85

30.85

1

799642

0.263

12.3

0.44

30.71

MTH-EC25-06

30.85

31.45

0.6

799643

0.068

11.2

0.23

15.96

MTH-EC25-06

31.45

32.1

0.65

799644

0.136

6.3

0.23

15.82

MTH-EC25-06

32.1

32.6

0.5

799645

0.127

6.4

0.22

15.29

MTH-EC25-06

32.6

33.17

0.57

799646

0.094

8.5

0.22

15.08

MTH-EC25-06

33.17

33.81

0.64

799647

0.095

5.8

0.18

12.45

MTH-EC25-06

33.81

34.4

0.59

799648

0.175

16.4

0.41

28.65

MTH-EC25-06

34.4

35

0.6

799649

0.094

6

0.18

12.58

MTH-EC25-07

15

15.55

0.55

799704

0.158

6.2

0.25

17.26

MTH-EC25-07

15.55

16.05

0.5

799705

0.347

4.3

0.41

28.59

MTH-EC25-07

21

21.5

0.5

799711

0.037

7.7

0.15

10.29

MTH-EC25-07

21.5

22

0.5

799712

0.055

25.5

0.42

29.35

MTH-EC25-07

31

32

1

799723

1.56

58.3

2.39

167.5

MTH-EC25-07

33.5

34

0.5

799727

0.332

13.9

0.53

37.14

MTH-EC25-07

34

34.5

0.5

799728

1.11

44.2

1.74

121.9

MTH-EC25-07

36

37

1

799731

0.057

4.8

0.13

8.79

MTH-EC25-07

37

38

1

799732

0.086

3.5

0.14

9.52

MTH-EC25-07

39

39.85

0.85

799734

0.116

4.8

0.18

12.92

MTH-EC25-07

39.85

40.85

1

799735

0.089

4.2

0.15

10.43

MTH-EC25-07

40.85

41.85

1

799736

0.096

5

0.17

11.72

MTH-EC25-07

41.85

42.85

1

799737

0.048

4.3

0.11

7.66

MTH-EC25-07

42.85

43.55

0.7

799738

0.246

11.4

0.41

28.62

MTH-EC25-07

69

69.8

0.8

799745

0.096

4.5

0.16

11.22

MTH-EC25-07

79.2

80

0.8

799746

0.408

15.9

0.64

44.46

MTH-EC25-07

82

82.8

0.8

799749

0.079

6

0.16

11.53

MTH-EC25-07

85.85

86.35

0.5

799751

0.548

1.8

0.57

40.16

MTH-EC25-07

86.35

87

0.65

799752

0.391

13.7

0.59

41.07

MTH-EC25-07

87

87.55

0.55

799753

0.056

4.8

0.12

8.72

MTH-EC25-07

88.6

89.4

0.8

799755

0.444

6

0.53

37.08

MTH-EC25-07

89.4

89.95

0.55

799756

0.1

6.5

0.19

13.5

MTH-EC25-07

89.95

90.7

0.75

799757

0.117

6.7

0.21

14.89

MTH-EC25-07

90.7

91.5

0.8

799758

0.088

5.9

0.17

12.06

MTH-EC25-07

91.5

92

0.5

799759

0.069

2.2

0.10

7.03

MTH-EC25-07

94.5

95

0.5

799763

0.088

2.2

0.12

8.36

MTH-EC25-07

95

95.7

0.7

799764

0.177

6.2

0.27

18.59

MTH-EC25-07

95.7

96.35

0.65

799765

0.888

29.9

1.32

92.06

MTH-EC25-07

97

98.15

1.15

799767

0.131

14.1

0.33

23.27

MTH-EC25-07

98.15

99

0.85

799768

5.54

767

16.50

1154.8

MTH-EC25-07

99

99.85

0.85

799769

2.6

409

8.44

591.00

MTH-EC25-07

99.85

100.35

0.5

799770

0.096

31.4

0.54

38.12

MTH-EC25-07

100.35

101

0.65

799771

0.206

20.9

0.50

35.32

MTH-EC25-07

101

101.8

0.8

799772

0.076

6.8

0.17

12.12

MTH-EC25-07

102.4

103

0.6

799774

0.082

7.3

0.19

13.04

MTH-EC25-07

103

104

1

799776

0.112

12.7

0.29

20.54

MTH-EC25-07

104

104.5

0.5

799777

0.033

6

0.12

8.31

MTH-EC25-07

104.5

105.2

0.7

799778

0.049

10

0.19

13.43

MTH-EC25-07

107

108

1

799781

0.141

7.6

0.25

17.47

MTH-EC25-07

108

109

1

799782

0.086

5.7

0.17

11.72

MTH-EC25-07

109

110

1

799783

0.051

4.8

0.12

8.37

MTH-EC25-07

112.65

113.65

1

799787

0.233

19.5

0.51

35.81

MTH-EC25-07

116.65

117.65

1

799791

0.109

12

0.28

19.63

MTH-EC25-07

125.4

126

0.6

799792

0.133

8.5

0.25

17.81

MTH-EC25-07

126

127

1

799793

0.232

33.3

0.71

49.54

MTH-EC25-07

127

128

1

799794

8.7

272

12.59

881

MTH-EC25-07

128

129

1

799795

0.181

30.6

0.62

43.27

MTH-EC25-07

129

130

1

799796

0.953

91.4

2.26

158.11

MTH-EC25-07

130

131

1

799797

0.178

15

0.39

27.46

MTH-EC25-07

131

132

1

799798

0.261

27.7

0.66

45.97

MTH-EC25-07

132

133

1

799799

0.425

23.8

0.77

53.55

MTH-EC25-07

133

134

1

799802

0.034

6.6

0.13

8.98

MTH-EC25-07

134

135

1

799803

0.075

7.8

0.19

13.05

MTH-EC25-07

135

136

1

799804

0.442

15.2

0.66

46.14

MTH-EC25-07

137

138

1

799806

0.138

5.2

0.21

14.86

MTH-EC25-07

138

139

1

799807

0.083

6.1

0.17

11.91

MTH-EC25-07

139

140

1

799808

0.069

6.8

0.17

11.63

MTH-EC25-07

140

141

1

799809

0.055

4.6

0.12

8.45

MTH-EC25-07

146

147

1

799815

0.499

56.3

1.30

91.23

MTH-EC25-07

148

149

1

799817

0.047

4.6

0.11

7.89

MTH-EC25-07

149

150

1

799818

0.078

8.2

0.20

13.66

MTH-EC25-07

150

150.6

0.6

799819

0.369

20.7

0.66

46.53

MTH-EC25-07

152

153

1

799822

0.219

35

0.72

50.33

MTH-EC25-07

155

156

1

799826

0.262

37.3

0.79

55.64

MTH-EC25-07

184.5

185

0.5

799834

0.065

4.9

0.14

9.45

MTH-EC25-07

189.05

189.65

0.6

799841

0.082

4.2

0.14

9.94

MTH-EC25-07

189.65

190.15

0.5

799842

0.062

5.6

0.14

9.94

MTH-EC25-07

196

196.5

0.5

799849

0.154

7.8

0.27

18.58

MTH-EC25-07

196.5

197.1

0.6

799851

0.375

1.8

0.40

28.05

MTH-EC25-07

199.6

200.1

0.5

799855

0.098

1.8

0.12

8.66

MTH-EC25-07

200.1

201

0.9

799856

0.065

2.7

0.10

7.25

MTH-LS25-08

0

1.5

1.5

799861

0.136

18.2

0.40

27.72

MTH-LS25-08

2

3

1

799863

0.044

10.2

0.19

13.28

MTH-LS25-08

3

4

1

799864

0.069

7.7

0.18

12.53

MTH-LS25-08

4

5

1

799865

0.058

5.8

0.14

9.86

MTH-LS25-08

5

6

1

799866

0.96

15.4

1.18

82.6

MTH-LS25-08

7

8

1

799868

0.089

1

0.10

7.23

MTH-LS25-08

14

15

1

799876

0.479

10.6

0.63

44.13

MTH-LS25-08

16.5

17.6

1.1

799879

0.061

3.5

0.11

7.77

MTH-LS25-08

17.6

18.1

0.5

799881

1.19

51.5

1.93

134.8

MTH-LS25-08

18.1

19

0.9

799882

0.36

62.2

1.25

87.4

MTH-LS25-08

19

20.08

1.08

799883

7.97

171

10.41

728.9

MTH-LS25-08

20.08

21

0.92

799884

0.22

34.9

0.72

50.44

MTH-LS25-08

21

21.5

0.5

799885

0.22

35.9

0.74

51.51

MTH-LS25-08

21.5

22

0.5

799886

1.88

76.7

2.98

208.3

MTH-LS25-08

22

23

1

799887

0.36

46.2

1.02

71.33

MTH-LS25-08

23

24

1

799888

0.26

43.9

0.89

62.31

MTH-LS25-08

24

25

1

799889

0.33

33.4

0.81

56.36

MTH-LS25-08

25

26

1

799890

0.07

4.1

0.13

9.00

MTH-LS25-08

29

30

1

799894

0.037

7

0.14

9.59

MTH-LS25-08

30

31

1

799895

0.027

5.7

0.11

7.59

MTH-LS25-08

39.5

40

0.5

799906

0.055

16.9

0.30

20.75

MTH-LS25-08

40

40.5

0.5

799907

0.345

8.2

0.46

32.35

MTH-LS25-08

41

41.5

0.5

799909

0.629

7.5

0.74

51.53

MTH-LS25-08

42

43

1

799911

0.339

2.4

0.37

26.13

MTH-LS25-08

71

72

1

799916

0.037

4.8

0.11

7.39

MTH-LS25-08

88

89

1

799917

0.332

9.7

0.47

32.94

MTH-LS25-08

89

89.8

0.8

799918

0.033

5.2

0.11

7.51

MTH-LS25-08

89.8

90.3

0.5

799919

13.25

584

18.34

1284

MTH-LS25-08

90.3

91

0.7

799921

0.11

5.7

0.19

13.4

MTH-LS25-08

97

97.75

0.75

799929

0.566

28.1

0.97

67.72

MTH-LS25-08

97.75

98.25

0.5

799930

2.44

58.4

3.27

229.2

MTH-LS25-08

98.25

98.75

0.5

799931

1.23

44.4

1.86

130.5

MTH-LS25-08

98.75

99.75

1

799932

0.121

1.3

0.14

9.77

MTH-LS25-08

105

106

1

799940

0.112

4.5

0.18

12.34

MTH-LS25-08

107.3

108

0.7

799943

0.35

5.2

0.42

29.7

MTH-LS25-08

179.35

179.85

0.5

799982

0.98

3.3

1.03

71.9

MTH-LS25-08

185

186

1

799989

0.26

6.8

0.36

25.00

MTH-LS25-08

187.58

188.15

0.57

799992

0.332

2.3

0.36

25.54

MTH-LS25-09

20

20.74

0.74

800008

0.09

2

0.12

8.23

MTH-LS25-09

20.74

21.67

0.93

800009

0.14

4.3

0.20

13.89

MTH-LS25-09

21.67

22.5

0.83

800010

0.43

2

0.45

31.82

MTH-LS25-09

40

40.6

0.6

800018

0.10

5.4

0.18

12.61

MTH-LS25-09

48.3

48.91

0.61

800022

0.36

35.3

0.87

60.64

MTH-LS25-09

48.91

49.41

0.5

800023

0.25

21.7

0.56

39.41

MTH-LS25-09

88.5

89

0.5

800035

0.56

28.8

0.97

67.65

MTH-LS25-09

98.25

98.5

0.25

800036

15.20

786

26.43

1850

MTH-LS25-09

120.5

121

0.5

800039

0.33

31.7

0.78

54.59

MTH-LS25-09

138

138.3

0.3

800043

5.39

210

8.39

587.3

MTH-LS25-09

196

196.9

0.9

800062

0.19

0.8

0.20

14.24

MTH-LS25-09

196.9

197.45

0.55

800063

0.11

1.1

0.12

8.59

MTH-LS25-09

198

199

1

800065

0.22

0.7

0.23

15.96

MTH-LS25-10

65

66

1

800098

0.042

5.4

0.12

8.34

MTH-LS25-10

66

66.6

0.6

800099

0.079

14.7

0.29

20.23

MTH-LS25-10

66.6

67.2

0.6

800101

0.099

11.7

0.27

18.63

MTH-LS25-10

67.2

68

0.8

800102

0.968

122

2.71

189.76

MTH-LS25-10

68

68.8

0.8

800103

4.49

308

8.89

622.30

MTH-LS25-10

68.8

69.4

0.6

800104

0.106

3.6

0.16

11.02

MTH-LS25-10

69.4

70

0.6

800105

0.299

5.6

0.38

26.53

MTH-LS25-10

70

70.55

0.55

800106

2.42

504

9.62

673.40

MTH-LS25-10

70.55

71.25

0.7

800107

0.127

4

0.18

12.89

MTH-LS25-10

71.25

72.05

0.8

800108

1.39

215

4.46

312.30

MTH-LS25-10

73

74

1

800110

0.27

6.3

0.36

25.20

MTH-LS25-10

75

76

1

800112

0.147

5.9

0.23

16.19

MTH-LS25-10

76

77

1

800113

0.083

5.4

0.16

11.21

MTH-LS25-10

91.5

92.25

0.75

800131

0.083

15.2

0.30

21.01

MTH-LS25-10

98.1

98.8

0.7

800139

0.042

6.3

0.13

9.24

MTH-LS25-10

102

102.55

0.55

800144

0.022

42.7

0.63

44.24

MTH-LS25-10

102.55

103.1

0.55

800145

0.4

17.4

0.65

45.40

MTH-LS25-10

103.1

104

0.9

800146

0.641

27.3

1.03

72.17

MTH-LS25-10

108

108.95

0.95

800152

0.069

37.5

0.60

42.33

MTH-LS25-10

108.95

109.45

0.5

800153

0.043

7.6

0.15

10.61

MTH-LS25-10

110.05

111

0.95

800155

0.132

5.9

0.22

15.14

MTH-LS25-10

111

112

1

800156

0.156

11

0.31

21.92

MTH-LS25-10

112

113

1

800157

0.659

82.2

1.83

128.33

MTH-LS25-10

113

114

1

800158

20.70

1130

36.84

2579.00

MTH-LS25-10

114

114.55

0.55

800159

7.4

447

13.79

965.00

MTH-LS25-10

114.55

115.05

0.5

800161

0.122

10.3

0.27

18.84

MTH-LS25-10

115.05

116

0.95

800162

0.255

17.1

0.50

34.95

MTH-LS25-10

116

117

1

800163

0.108

14.3

0.31

21.86

MTH-LS25-10

124.1

125

0.9

800172

0.027

8.4

0.15

10.29

MTH-LS25-10

127.6

128.1

0.5

800177

1.93

141

3.94

276.10

MTH-LS25-10

128.6

129.2

0.6

800179

1.14

24.3

1.49

104.10

MTH-LS25-10

130

131

1

800181

0.043

8

0.16

11.01

MTH-LS25-10

141.6

142.1

0.5

800193

2.74

123

4.50

314.80

MTH-LS25-10

189.1

190

0.9

800220

0.18

3.3

0.23

15.90

MTH-LS25-10

192.3

192.8

0.5

800224

0.081

2

0.11

7.67

MTH-LS25-11

102.2

103.15

0.95

800281

0.23

22.6

0.55

38.70

MTH-LS25-11

103.15

103.95

0.8

800282

0.109

7.7

0.22

15.33

MTH-LS25-11

105

106

1

800284

0.097

12.1

0.27

18.89

MTH-LS25-11

106

107

1

800285

0.565

27.5

0.96

67.05

MTH-LS25-11

107

108

1

800286

1

27.2

1.39

97.20

MTH-LS25-11

108

108.8

0.8

800287

31.6

4030

89.17

6242.00

MTH-LS25-11

108.8

109.35

0.55

800288

7.15

641

16.31

1141.50

MTH-LS25-11

109.35

110

0.65

800289

8.69

892

21.43

1500.30

MTH-LS25-11

110

110.55

0.55

800290

110

7530

217.57

15230.00

MTH-LS25-11

110.55

111.25

0.7

800291

6.95

1020

21.52

1506.50

MTH-LS25-11

111.25

111.95

0.7

800292

0.505

50.1

1.22

85.45

MTH-LS25-11

111.95

113

1.05

800293

0.359

37.8

0.90

62.93

MTH-LS25-11

129.49

130.49

1

800297

0.251

26.2

0.63

43.77

MTH-LS25-11

130.49

131.05

0.56

800298

22.8

1425

43.16

3021.00

MTH-LS25-11

136.78

137.2

0.42

800306

1.12

88.6

2.39

167.00

MTH-LS25-11

137.2

137.7

0.5

800307

8.21

471

14.94

1045.70

MTH-LS25-11

137.7

138.6

0.9

800308

0.132

11.8

0.30

21.04

MTH-LS25-11

138.6

139.6

1

800309

0.453

38.6

1.00

70.31

MTH-LS25-11

139.6

140.55

0.95

800310

0.212

61.2

1.09

76.04

MTH-LS25-11

140.55

141.15

0.6

800311

0.037

6.9

0.14

9.49

MTH-LS25-11

148

148.45

0.45

800323

0.277

4.6

0.34

23.99

MTH-LS25-11

173

174

1

800330

0.012

7.6

0.12

8.44

MTH-LS25-11

182

182.6

0.6

800336

0.265

14.5

0.47

33.05

MTH-LS25-11

182.6

183.1

0.5

800337

0.069

3.5

0.12

8.33

MTH-LS25-11

191

191.5

0.5

800347

0.064

5.6

0.14

10.08

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 representivity 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.

  • Samples for the Copalquin, Mexico drill programs consist of ½ HQ core cut lengthwise with a diamond saw. Intervals are nominally 1 m but may vary between 1.5 m to 0.5 m based on geologic criteria.

  • Deeper portions of holes from CDH-075 onward consist of ½ NQ core. Sample sizes are tracked by core diameter and sample weights.

  • The same side of the core is always sent to sample (left side of saw).

  • Reported intercepts are calculated as either potentially underground mineable (below 120m below surface) or as potentially open-pit mineable (near surface).

  • Potentially underground mineable intercepts are calculated as length weighted averages of material greater than 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 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution.

  • Rock chip sampling is done with hammer and chisel along continuous chip lines oriented perpendicular to the mineralized structure. The samples are as representative as possible.

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 an MP500 man-portable core rig capable of drilling HQ size core to depths of 400 m. Core is recovered in a standard tube. Less than 6% of the total core drilled is NQ size core (as of 2025-03-03).

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.

•        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. Core is wetted to improve visibility of features in the photos.

  • All core has been logged and photographed.

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 representivity 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.

•        field duplicate/second-half sampling is undertaken for 3% of all samples to determine representativity of the sample media submitted.

  • Sample sizes are appropriate to the grain size of the material being sampled.

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.

  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

  • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

•        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.

Samples are assayed for silver using ALS Minerals ME-ICP61 method. Over limits are assayed by AgOG63 and AgGRAV21. These are considered a total assay technique.

  • Standards, blanks and duplicates are inserted appropriately into the sample stream.  External laboratory checks will be conducted as sufficient samples are collected. Levels of accuracy (ie lack of bias) and precision have not yet been established.

  • Soil sampling is also subject to a program of standards and blanks using the X-ray florescence (XRF) analyser. Results are acceptable. Samples were analysed using three wavelengths 50Kv, 40 Kv and 15 Kv for times of 120 seconds, 30 seconds and 30 seconds respectively.

  • Samples with significant amounts of observed visible gold are also assayed by AuSCR21, a screen assay that analyses gold in both the milled pulp and in the residual oversize from pulverization. This has been done for holes CDH-075 and CDH-077.

Verification of sampling and assaying

  • The verification of significant intersections by either independent or alternative company personnel.

  • The use of twinned holes.

  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

  • Discuss any adjustment to assay data.

•        The verification of significant intersections by either independent or alternative company personnel has not been conducted. A re-assay program of pulp duplicates is currently in progress.

•        The use of twinned holes. No twin holes have been drilled.

MTH has drilled one twin hole. Hole CDH-072, reported in the 15/6/2021 announcement, is a twin of holes EC-/002 and UC-03. Results are comparable.

•        Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols are maintained in the company's core facility.

  • Assay data have not been adjusted other than applying length weighted averages to reported intercepts.

Location of data points

  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

  • Specification of the grid system used.

  • Quality and adequacy of topographic control.

•        Drill collar coordinates are currently located by handheld GPS. Precise survey of hole locations is planned. Downhole surveys of hole deviation are recorded for all holes. Locations for holes CDH-001 through CDH-048 and CDH-051 through CDH-148 have been surveyed with differential GPS to a sub 10 cm precision.

Hole CDH-005 was not surveyed

•        UTM/UPS WGS 84 zone 13 N

  • High quality topographic control from Photosat covers the entire drill project area.

Data spacing and distribution

  • Data spacing for reporting of Exploration Results.

  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

  • Whether sample compositing has been applied.

•        Data spacing is appropriate for the reporting of Exploration Results.

•        The Resource estimation re-printed in this announcement was originally released on 16 Nov 2021

  • No sample compositing has been applied.

Orientation of data in relation to geological structure

  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

•        Cut lines are marked on the core by the geologists to assure that the orientation of sampling achieves unbiased sampling of possible structures. This is reasonably well observed in the core and is appropriate to the deposit type.

  • The relationship between the drilling orientation and the orientation of key mineralised structures is not considered to have introduced a sampling bias.

Sample security

  • The measures taken to ensure sample security.

  • Samples are stored in a secure core storage facility until they are shipped off site by small aircraft and delivered directly to ALS Global.

Audits or reviews

  • The results of any audits or reviews of sampling techniques and data.

  • A review with spot checks was conducted by AMC in conjunction with the resource estimate published 16 Nov 2021. Results were satisfactory to AMC.

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

  • Concessions at Copalquin

No.

Concession

Concession Title number

Area (Ha)

Location

1

LA SOLEDAD

52033

6

Tamazula, Durango, Mexico

2

EL COMETA

164869

36

Tamazula, Durango, Mexico

3

SAN MANUEL

165451

36

Tamazula, Durango, Mexico

4

COPALQUIN

178014

20

Tamazula, Durango, Mexico

5

EL SOL

236130

6,000

Tamazula, Durango and Badiraguato, Sinaloa, México

6

EL CORRAL

236131

907.3243

Tamazula, Durango and Badiraguato, Sinaloa, México

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by other parties.

  • Previous exploration by Bell Coast Capital Corp. and UC Resources was done in the late 1990's and in 2005 – 2007. Work done by these companies is historic and non-JORC compliant. Mithril uses these historic data only as a general guide and will not incorporate work done by these companies in resource modelling.

  • Work done by the Mexican government and by IMMSA and will be used for modelling of historic mine workings which are now inaccessible (void model)

Geology

  • Deposit type, geological setting and style of mineralisation.

  • Copalquin is a low sulfidation epithermal gold-silver deposit hosted in andesite. This deposit type is common in the Sierra Madre Occidental of Mexico and is characterized by quartz veins and stockworks surrounded by haloes of argillic (illite/smectite) alteration. Veins have formed as both low-angle semi-continuous lenses parallel to the contact between granodiorite and andesite and as tabular veins in high-angle normal faults. Vein and breccia thickness has been observed up to 30 meters wide with average widths on the order of 3 to 5 meters. The overall strike length of the semi-continuous mineralized zone from El Gallo to Refugio, Cometa, Los Pinos, Los Reyes, La Montura to Constancia is almost 6 kilometres. The southern area from Apomal to San Manuel and to Las Brujas-El Peru provides additional exploration potential up to 5km.

Drill hole Information

  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

  • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level – elevation above

  • sea level in metres) of the drill hole collar

  • dip and azimuth of the hole

  • down hole length and interception depth

  • hole length.

  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Drillhole

Easting

Northing

Elevation

Azimuth

Dip

Final Depth

CDH-167

289607

2823791

1176

240

75

357

MTH-EC24-01

289612

2823837

1155

250

50

291

MTH-EC24-02

289662

2823808

1152

250

50

258

MTH-EC24-03

289594

2823842

1145

250

50

330

MTH-EC24-04

289619

2823766

1168

330

50

240

MTH-EC24-05

289603

2823896

1148

250

50

381

MTH-EC25-06

289612

2823805

1174

145

50

207

MTH-EC25-07

289506

2823824

1186

248

70

210

MTH-LS25-08

289615

2824074

1155

210

60

201

MTH-LS25-09

289570

2824106

1181

210

60

210

MTH-LS25-10

289643

2824122

1148

210

60

210

MTH-LS25-11

289594

2824196

1111

225

67

222

MTH-LS25-12

289665

2824157

1114

210

72

201

MTH-LS25-13

289622

2824214

1093

210

60

210

MTH-LS25-14

289692

2824202

1073

210

60

219

MTH-LS25-15

289536

2824254

1155

210

65

339

MTH-LS25-16

289565

2824286

1162

210

58

342

MTH-LS25-17

289565

2824286

1162

210

75

402

MTH-LS25-18

289565

2824286

1162

225

63

448.5

MTH-LS25-19

289638

2824289

1116

210

70

In Progress

Data aggregation methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

  • The assumptions used for any reporting of metal equivalent values should be clearly stated.

  • Intercepts are reported for all intercepts greater than or equal to 1 g/t AuEQ_70 using a 70:1 Silver to gold price ratio. No upper cut-off is applied to reporting intercepts.

  • Length weighted averaging is used to report intercepts. The example of CDH-002 is shown. The line of zero assays is a standard which was removed from reporting.

Au

raw

Ag

raw

Length

(m)

Au

*length

Ag

*length

7.51

678

0.5

3.755

339

11.85

425

0.55

6.5175

233.75

0 0 0 0 0

0.306

16

1

0.306

16

0.364

31.7

1

0.364

31.7

3.15

241

0.5

1.575

120.5

10.7

709

0.5

5.35

354.5

15.6

773

0.5

7.8

386.5

From

To

Length

Au gpt

Ag gpt

4.55

25.6675

1481.95

91.95

96.5

4.55

5.64

325.70

  • Metal equivalent grades are reported using a 70:1 silver to gold price ratio. This ratio is based on the gold and silver prices reported on kitco.com as of 11 July 2021 (actual ratio at that date 69.3:1)

Relationship between mineralisation widths and intercept lengths

  • These relationships are particularly important in the reporting of Exploration Results.

  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known').

  • True widths at Refugio between sections 120 and 1,000 vary according to the hole's dip. Holes drilled at -50 degrees may be considered to have intercept lengths equal to true-widths, Holes drilled at -70 degrees have true widths approximately 92% of the reported intercept lengths and holes drilled at -90 degrees have true widths of 77% of the reported intercept lengths.

  • True widths are not known at La Soledad and downhole intercepts are reported.

Diagrams

  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

See figures in announcement

Balanced reporting

  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

  • All exploration results are reported.

Other substantive exploration data

  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

  • No additional exploration data are substantive at this time.

  • Metallurgical test work on drill core composite made of crushed drill core from the El Refugio drill hole samples has been conducted.

  • The samples used for the test work are representative of the material that makes up the majority of the Maiden Resource Estimate for El Refugio release on 17 th November 2021.

  • The test work was conducted by SGS laboratory Mexico using standard reagents and test equipment.

Further work

  • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

  • Exploration results from the Copalquin District reporting in this release.

1 See ‘About Copalquin Gold Silver Project' section for JORC MRE details and AuEq. calculation.

2 See ‘About Copalquin Gold Silver Project' section for JORC MRE details and AuEq. calculation.

Copyright (c) 2025 TheNewswire - All rights reserved.

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Pinnacle Silver and Gold (TSXV:PINN)

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District-scale silver-gold exploration and development in the Americas

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Radisson Mining Resources Inc. (TSXV: RDS,OTC:RMRDF) (OTCQB: RMRDF) ("Radisson" or the "Company") is pleased to announce that it has filed a technical report prepared in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects for the O'Brien Gold Project ("O'Brien" or the "Project") located in the Abitibi region of Québec. The report is titled "O'Brien Gold Project Technical Report and Preliminary Economic Assessment, Québec, Canada." A copy of the technical report is available under the Company's profile on SEDAR+.

The O'Brien Preliminary Economic Assessment ("PEA") describes a high value project based on the use of neighbouring milling facilities for the processing of mined material, reducing capital costs, development risk, and project footprint (see Radisson news release dated July 9, 2025). It represents a "snap-shot" study for the Project, utilizing the existing Mineral Resource Estimate ("MRE"), re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade. An ongoing 50-60,000 metre drill program at the Project is currently delineating new gold mineralization outside the scope of the MRE and the initial mine design, including below the historic O'Brien mine workings.

Highlights of the PEA include:

  • After-tax Net Present Value at a 5% discount rate ("NPV5%") of $532 million, Internal Rate of Return of 48%, and payback of 2.0 years at US$2,550/oz gold ("Au").
  • Initial Capital Cost of $175 million and Life-of-Mine Sustaining Capital of $173 million.
  • Cash Cost1 of US$861/oz and All-In Sustaining Cost1 of US$1,059/oz including conceptual 30% toll milling margin on processing and G&A costs.
  • Extremely capital efficient with after-tax NPV5% to Initial Capital Cost ratio of 3.0 at US$2,550/oz Au.
  • 11-Year Mine Life with 740 koz mined and 647 koz recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet.
  • 70 koz/annum average steady-state gold production (Years 2-8) at an average annual after-tax Free Cash Flow1 of $97 million.

The PEA was completed by Ausenco Engineering Canada ULC as lead consultant with specific responsibility for metallurgy, processing design, infrastructure and financial modelling. InnovExplo (a member of Norda Stelo Inc.) completed the mine design and mine scheduling, BBA Inc. were responsible for water management, surface facilities, and a review of the Project's environmental assessment procedure and permitting requirements, and SLR Consulting (Canada) Ltd. were responsible for the MRE.

Qualified Persons

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O'Brien Gold Project.

The PEA is authored by Renée Barrette of Ausenco Engineering Canada ULC, the Qualified Person responsible for the preparation of the sections in the PEA on the Project's milling assessment, metallurgy, and the financial model which is based on capital costs, operating costs, and the mining cost provided by other parties; Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., the Qualified Person responsible for the preparation of the MRE at O'Brien; Mr. Marc R. Beauvais, P.Eng. of InnovExplo, a member of Norda Stelo Inc., the Qualified Person responsible for the sections in the PEA on the mine design and mine scheduling, and; Mr. Hugo Latulippe of BBA Inc., the Qualified Person responsible for the sections on permitting, environmental, social, water management and closure cost estimate in the PEA. Each of Ms. Barrette, Mr. Evans, Mr. Beauvais and Mr. Latulippe have reviewed and approved the technical information contained in the PEA in their area of expertise and are considered to be "independent" of Radisson and the O'Brien Gold Project for purposes of NI 43-101.

Non-IFRS Financial Measures

The Company has included various references in this document that constitute "specified financial measures" within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost. None of these specified measures is a standardized financial measure under International Financial Reporting Standards ("IFRS") and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

Total Cash Cost and Total Cash Cost per Ounce

Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.

All-in Sustaining Cost (AISC) and AISC per Ounce

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.

Free Cash Flow (FCF)

FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.

About Ausenco

Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors (www.ausenco.com).

About Radisson Mining

Radisson is a gold exploration company focused on its 100% owned O'Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 "O'Brien Gold Project Technical Report and Preliminary Economic Assessment, Québec, Canada" dated August 20, 2025, and other filings made with Canadian securities regulatory authorities available at www.sedarplus.ca for further details and assumptions relating to the O'Brien Gold Project.

For more information on Radisson, visit our website at www.radissonmining.com or contact:

Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com

Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company's plans relating to the O'Brien Gold Project as set out in the PEA; the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the O'Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O'Brien Gold Project profitable; the Company's ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future;, planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company's ability to grow the O'Brien Gold Project; the ability to negotiate and execute an arrangement with IAMGOLD related to the Doyon Mill on satisfactory terms or at all; and the ability to convert inferred mineral resources to indicated mineral resources.

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O'Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company's capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company's activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks relating to the drill results at O'Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Please refer to the "Risks and Uncertainties Related to Exploration" and the "Risks Related to Financing and Development" sections of the Company's Management's Discussion and Analysis dated April 29, 2025 for the years ended December 31, 2024, and the Company's Management's Discussion and Analysis dated May 28, 2025 for the three-months ended March 31, 2025, all of which are available electronically on SEDAR+ at www.sedarplus.ca. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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Kobo Resources Announces Non-Brokered Private Placement of up to $3.0 Million

Kobo Resources Announces Non-Brokered Private Placement of up to $3.0 Million

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