Mithril and Terrain Minerals report sizable gold‑silver resource upgrades in Mexico and Australia

Mithril Silver and Gold (ASX:MTH) upgraded its Target 1 mineral resource estimate at the Copalquin project in Mexico, raising the indicated gold reserve to 343,000 oz and silver to 8.48 Moz, for a total gold‑equivalent of 464,000 oz, with an additional 151,000 oz AuEq in the inferred category. The company said 75% of the resource is now in the higher‑confidence indicated category, constrained within preliminary underground mining shapes and accounting for expected dilution. CEO John Skeet noted the upgrade provides a practical basis for mine planning and economic evaluation. Mithril finished June with A$7.3 million cash, debt‑free, and fully funded its remaining 2026 drilling program.

Terrain Minerals Limited (ASX:TMX) released a maiden "Starter" inferred mineral resource estimate for its Lightning Gold Project in Western Australia, delivering 54,000 oz of gold from 677,000 t at 2.5 g/t Au, contained within an optimised pit shell and based on underground mining assumptions. Executive Director Justin Virgin said the estimate establishes a solid foundation for future growth, highlighting substantial mineralisation that remains open along strike and at depth, with further drilling planned to expand the resource. Metallurgical results are expected in Q3 2026.