ASX- and TSX-V-listed Mithril Silver and Gold has signed a purchase option to acquire the La Dura gold/silver property in Mexico’s Durango state, expanding its land position near the company’s flagship Copalquin district.

La Dura comprises five contiguous mining concessions covering 2 052 ha, located less than 20 km from Copalquin and about 5 km from the town of El Durazno. The property includes several historic mines and workings, most notably the four-level La Dura mine, which operated a 60 t/d processing facility before ceasing operations in 2013.

The project is supported by an extensive historical dataset, including mining records and sampling results collected between the 1990s and 2018.

Under the option agreement, Mithril may acquire 100% of the concessions at any time over the next four years by paying $4-million to the vendor. The company will keep the concessions in good standing and has committed to LiDAR and aerial magnetic surveys in the first year, followed by a minimum $200 000 exploration spend in year two. The LiDAR survey is scheduled for December, with the magnetic survey to follow in early 2026. No additional exploration commitments apply.

Mithril said the acquisition strengthens its regional footprint as drilling continues at Targets 1 and 5 within the Copalquin district. Target 3 drilling is expected to begin in January, with the first half of the year set to be a key period for advancing the district.

“The historic La Dura mine was a notable past producer, and the local geology provides potential to host gold and silver mineralisation across the 20 km² mining concession area,” said MD and CEO John Skeet.

“La Dura lies within the same geologic locality as our flagship Copalquin property and is only 5 km from our existing support office in the town of El Durazno. The upcoming LiDAR and aerial magnetic surveys will provide an initial assessment of the prospectivity across the 20 km² concession area ahead of detailed mapping, sampling and future drill testing.

“Mithril has a strong foundation of knowledge at La Dura, with management having completed exploration work on the property in 2017/18. The team’s proven technical strengths and discovery experience at Copalquin position the company well to unlock value at La Dura.”