Mithril Resources : High-Grade Multiple Vein Intercepts

"Our expansive exploration program across the district has delivered excellent results ahead of resource development drilling along strike from the high-grademaiden resource at El Refugio. The vein system at La Soledad has been extended and we have intercepted veins further east of La Soledad and along strike at Los Pinos. Mapping and soil sampling has developed a large new target along the same mineralised trend at La Montura to be drill ready. La Montura, which shares similarities with El Refugio, is 2km along trend within low angle structures extending at least 4 km. Together with planned deep drilling at El Refugio and the confirmed extension at Refugio West, Copalquin is well positioned for significant gold-silverresource growth throughout 2022."

ASX ANNOUNCEMENT

17 March 2022

HIGH-GRADE MULTIPLE VEIN INTERCEPTS AND TARGET EXPANSION,

COPALQUIN DISTRICT, MEXICO

Highlight Results

only	• At La Soledad, first round of drilling on eastern side of clavo intercepted sheeted vein
system at relatively shallow downhole depths
	o 6.00m @ 1.84g/t gold, 23.0 g/t silver from 41.0m, (CDH-109),plus
		1.00m @ 1.79 g/t gold, 25.0 g/t silver from 55.0m, plus
use		1.70m @ 1.77 g/t gold, 117 g/t silver from 59.3m, plus
	2.14m @ 0.89 g/t gold, 63.9 g/t silver from 78.5m
o	4.80m @ 0.91 g/t gold,	56.8 g/t silver from 70.75m (CDH-110),plus
		2.30m	@ 1.75 g/t gold,	135 g/t silver from 109.0m, including
		0.55m	@ 5.89 g/t gold,	474 g/t silver from 110.75m
	o 8.10m @ 1.64 g/t gold,	106 g/t silver from 77.3m (CDH-111), including
personal		0.80m	@ 4.59 g/t gold,	212 g/t silver from 78.3m, and including
	0.95m	@ 7.99 g/t gold,	526 g/t silver from 82.45m, plus
	1.00m	@ 1.50 g/t gold,	30.0 g/t silver from 98.0m, plus
		0.75m	@ 1.59 g/t gold,	220 g/t silver from 107m, plus
		0.50m	@ 2.21 g/t gold,	61.0 g/t silver from 140m, plus
		1.00m	@ 1.20 g/t gold,	2.00 g/t silver from 190m
	• Exploration drilling, mapping and sampling program has defined over 7km of veins in the
	Copalquin Mining District
	• Major target area identified at La Montura, 2km east and along strike of El Refugio-La
	Soledad maiden resource area (373koz Au + 10.9Moz Ag)*
	• At Los Pinos strong alteration, gold in soils and now narrow, high-grade veins in early-
	stage drilling for development of this target along strike of El Refugio-La Soledad
	o 0.60m @ 9.91 g/t gold,	161 g/t silver from 78.1m (CDH-113)
				_________
Mithril Resources Ltd (ASX: MTH) (Mithril or the Company) is pleased to provide exploration results for its
For
Copalquin Gold Silver Project in Mexico.

Mithril CEO and Managing Director, John Skeet, commented:

DIRECTORS	MITHRIL RESOURCES LIMITED	REGISTERED OFFICE
John Skeet - Managing Director & CEO	ACN: 099 883 922	Level 4
Garry Thomas - Non-Executive Director	ASX: MTH	100 Albert Rd
Stephen Layton - Non-Executive Director		South Melbourne VIC 3204
Claire Newstead-Sinclair - Company Secretary		T: [phone]
	www.mithrilresources.com.au	E: [e-mail]

Sheeted vein system associated with the granodiorite intrusion.

Figure 1 - Cross-section40 for drill results at La Soledad holes CDH-109to 111 plus previous drill hole results for holes CDH-008and 011.

Drilling at La Soledad and East at Los Pinos

The series of holes completed at La Soledad have clearly shown the existence of a sheeted vein system and association with a granodiorite pre-mineral intrusion. The intrusion of the granodiorite into the favourably- fracturing andesite rock unit, created cracks and voids that later became sites for mineralised deposits. Where onlythere are voids along the gold-silver veins, favourable conditions lead to the formation of high-grade 'clavos' (oreshoots) such as the one mined historically at La Soledad and discovered at El Refugio, as part of the maiden resource drilling. The recent drilling and interpretation at La Soledad are guiding the discovery of further clavos

and veins along strike and deeper at La Soledad, with highly encouraging results to date.

usepersonal

ForAt Los Pinos, the ridge just to the east of El Refugio-LaSoledad, the extensive surface alteration and the strong gold in soils anomaly rank this area as a high-prioritytarget. To date, only a handful of exploration holes have been completed at Los Pinos and importantly, drill hole CDH-113has intercepted a narrow, high-gradevein only 78 metres down hole. Locating this high-gradevein allows planning of further drilling at Los Pinos as we continue to search of the main source of the alteration and strong surface gold anomaly. The angle and orientation of the vein suggest it may be on the same structure as the La Soledad veins, 700 metres away.

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use only
personal
Figure 2 - La Soledad drill hole locations map.

District Middle Section - Target Expansion

The dry season mapping program (January-May) in the Copalquin District further strengthens data supporting the high prospectivity of the district. Already we have demonstrated the high-quality resource potential of the district with the excellent maiden resource with high-grade gold and silver at El Refugio-La Soledad delivered after only 15 months of drilling. New targets to the east and to the west of Refugio along the trend of rhyolite intrusives are being developed towards being drill-ready for expansion of the resource footprint. The best of these new targets to-date is the La Montura (the saddle) area which has over 500 meters of strike length of silicified rhyolite (highlighted in green, in the figure below. Soil sampling is underway at La Montura in preparation for drilling. For

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Figure 3 - Schematic long section of the Copalquin District middle mineralised trend which includes the maiden JORC resource at El

Refugio/La Soledad.

For personal use only

Figure 4 - Geologist on silicified rhyolite dome at La Montura (Left). Exposure of silicified breccia at La Montura (Right). La Montura

location is highlighted above in Figure 3 and below in Figure 5.

La Montura

Figure 5 - Copalquin 70km2 concession area showing exploration target areas and locations of the schematic long sections shown in

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Figure 3 and Figure 6.

For personal use only

Figure 6 - Schematic long section of the southern part of the Copalquin District.

Figure 7 - Soils sampling map for western half of the Copalquin District Middle Section (See Figure 3 and Figure 5) with mapped silicified

rhyolite domes shown in salmon colour. The domes are interpreted as the heat sources for the hydrothermal activity.

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