Mithril Silver & Gold Looks to Double Its Resource at Copalquin

Trevor Hall (0:17)

Alright, we're on to day two here, Beaver Creek Precious Metals Summit, and lots of conversation regarding exploration mine development in Mexico this morning. In fact, a lot of the presentations going on in the presentation rooms are focused on just that, and we're going to stick with that conversation here with our friends from Mithril Silver and Gold, trading on the Venture Exchange with MSG, and also on the ASX with MTAgent on the OTCQB with MTIRF. Happy to welcome in John Skeet once again. Hasn't been too long, John, since you and I last spoke, but you have been on the road, I feel like, ever since.

John Skeet (0:54)

So, glad to finally have you back. Yes, it's great. It's only been a, yeah, this is the busy time of year. So, a lot of events going on between now and the end of the year. So, it's good to be back on the road again and pitching our stories to a lot of good audiences.

Trevor Hall (1:08)

What's the reception been, not only after day one of Beaver Creek, but what you've been doing the last couple of weeks?

John Skeet (1:13)

Look, very positive. And, you know, a few people that I've caught up with, you know, for the first time in 12 months, have been very impressed with the progress we've made there. So, we really have, this last 12 months has really been quite pivotal in the advancement of all the work we're doing in the district there. Not just in advancing the district as a big exploration epithermal system there, but also we've now got a high-grade resource. We're doing the PEA on that. So, there's some clear good catalysts that are coming up between now and the end of the year and also early next year that we've got in the pipeline.

Trevor Hall (1:42)

Yeah. So, this conversation might be a little bit of a follow-up from the last one you and I had a few weeks back, but let's do start today off with that resource update because you've moved 75% of that target one into indicated. How important was that data point? How important is that to bring to potential investors and into your one-to-one meetings this week?

John Skeet (2:03)

It's important in terms of demonstrating that we do have something that's developable there and that we can put some economic parameters on it and then a lot of the analysts in the industry, they want to see some bases to start to sort of build up evaluation for a particular property and also for a company. And, you know, that's our primary focus. That's quite a simple story.

Single focus, single district, gold, silver, Mexico, management and board. We've been highly experienced in this region and we love doing things in Mexico. We have done for 20 years. And so this resource, particularly getting up to such a high confidence, and not only did we produce a geological resource there, but we also published it as a fully diluted and constrained underground mining shaped resource. So we've taken that large step towards PEA. And we've kicked that off now, the PEA. We've got a group in Denver here who's doing that work for us. And we expect to have some numbers out hopefully by the end of the year. But if not, it'll be early next year. We'll put some numbers in. We're expecting some very positive metrics from that. Very high MPV after tax and also a very low cost, high margin producer. That's going to be a critical step. But not only just the resource there, but the geologic model we developed there, we've applied that to our first other area in the district now. And the first three holes there were fantastic results. So it proved that that has worked. And as we advance this new target area, target four, which is adjacent to the target one resource area, we can then now, as we build up that model, we'll apply that to another half a dozen or so structural targets across the district. So really, this has been a big leap in our geological understanding of this and really truly unlocking and understanding why we've got this widespread gold and silver all across this 70 square kilometer property, that there is a deeper plumbing system that's responsible for all this. So we're now making those steps there to demonstrate that and find that.

And that will really advance us along, and particularly our market curve.

Trevor Hall (4:13)

Do you envision the entire Copalquin property to be strictly or mainly an underground type of mining scenario?

John Skeet (4:22)

Yes.

Trevor Hall (4:23)

Okay, perfect. And the reason I ask that is because how important, obviously, target one has been the priority, that's where the majority of the resource is. You have this underground geological model here.