MTH to start drilling with a third rig on silver-gold project in Mexico

Published 22-DEC-2025 12:46 P.M.

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Our Investment Mithril Silver and Gold (ASX: MTH) is just about to get a third rig going in Mexico’s Sierra Madre region…

Mexico’s Sierra Madre region has produced over 2 billion ounces of silver (source), with Mexico estimated to have produced 25.2% of global silver supply in 2024. (source)

The Sierra Madre region in Mexico is home to some of the highest grade silver projects in the world.

MTH’s project is nestled amongst those projects, it already has an 373k ounce gold, 11M ounce silver JORC resource estimate.

And MTH is about to do 25,000m of drilling looking to expand that resource AND (fingers crossed) make new discoveries that multiply the current scale of the project.

MTH is currently drilling its project with two rigs.

The first rig is drilling extensions to MTH’s existing resource - where MTH now expects to have an upgraded resource estimate out in Q1-2026.

The second rig is drilling target 5 - where channel sampling reported up to 3,300 g/t silver and 2.00 g/t gold over 1.4m.

Assays are pending for at least 13 holes from Target 5…

Target 5 is where we have seen the highest silver grades in sampling…

So high grade silver hits could drop just as the silver price keeps making new all time highs…

(Source)

And the third rig will start drilling “in the first week of January 2026, after the Christmas break” at Target 3…

Target 3 is where MTH up to 0.65 m @ 16 g/t gold and 1,275 g/t silver and where a historic underground multi levelled mine is which contains high-grade historic workings. (source)

Here is a summary of everything MTH is up to right now:

(source)

All up, MTH is planning 25,000m of drilling in 2026 with three rigs - working toward the 3M ounce target that has previously been mentioned as a target by the company.

In fact, in a recent interview MD & CEO John Skeet re-iterated that target:

When asked:

“Do you still think that targeting two to three million ounces here is reasonable or has what you now know changed your target as well?”

Skeet responded:

“No, I think that still hasn't changed there. So you know… we can still see that as a minimum.” (source)

Check out the full interview with Antonio from Resources Talks here: Can a Silver Deposit Become a Mine in Today's Mexico? | Mithril Silver & Gold CEO Interview

John also talks a fair bit about the rationale for MTH’s new acquisition so it's a good watch.

Can a Silver Deposit Become a Mine in Today's Mexico? | Mithril Silver & Gold CEO Interview

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.

This should come once MTH has officially declared a cut-off for its drilling at Target 1.

🔄 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.