MTH to drill 25,000m in 2026 - Drilling across three silver-gold targets right now

Published 15-JAN-2026 12:03 P.M.

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We have been looking forward to this one…

Our Investment Mithril Silver and Gold (ASX: MTH) just started drilling “Target 3” at its project in Mexico.

MTH currently has a 373k ounce gold, 11M ounces of silver JORC resource estimate on just one of the multiple target areas across its project.

MTH is drilling to grow that resource AND has a rig at Target 5 drilling some of the highest grade silver structures on its project:

(Source)

So MTH will be drilling on three of the many targets that sit across its project.

For context - MTH’s project sits across ~70km^2 of ground and only 5% of the mapped project area has been drilled - so we are still very early into working out how big MTH’s project might get…

(Source)

Today, MTH started drilling “Target 3”.

Target 3 is where MTH mapped the old “El Jabali historic workings” and sampling has returned results up to 0.65m at 16 g/t gold and 1,275 g/t silver.

We were on site in mid-2025, and that area to the northeast of MTH’s current resource trending towards the old Santa Cruz mine was where the locals had old stories of high grade underground mining.

(source)

(MTH actually mapped a multi-leveled mine out that way - which we covered here).

After a few months mapping and sampling target 3, we now get to see if those old workings are actually sitting on top of larger silver-gold structures…

(source)

MTH’s plan is to drill ~3,300m across Target 3 (part of the broader 25,000m planned across its entire project for the year).

So we should see a fair bit of drilling newsflow out of MTH over the coming months.

Especially considering drilling is still ongoing at Target 1 and Target 5…

(and a resource upgrade for Target 1 shouldn’t be too far away now)

Today MTH confirmed that drilling at Target 1 (where the current resource is located) is scheduled for completion during Q1, so the resource upgrade should follow after this. (source)

What’s next for MTH?

Over the coming months, we will have some big catalysts to look forward to:

🔄 Additional assays (Target 1)

We are looking forward to those results. Any hint of high grade mineralisation could add to MTH’s eventual resource upgrade in a big way.

MTH confirmed today that they are experiencing delays with lab results, with a total of 20 holes due soon, so we hope to see these in very early 2026.

🔲 Upgrade to the existing JORC resource (Target 1)

We want to see MTH upgrade its current 373k ounce gold, 11M ounce silver JORC resource estimate.

🔄 Drilling assays (Target 5)

MTH confirmed in a recent announcement an additional 8 holes have been completed (totalling 21) and that assays are pending (for the remaining 13) so we could get results from our favourite target area soon.