Montero Mining & Exploration Limited (TSXV: Moon; Pink OTC: MXTRF; MON-ELV-02 drilling has been completed to a final depth of 625.25 meters at the Elvira Gold Project in northern Chile, FSE (ES0) reported.
MON-ELV-02 is the successful re-drilling of the original MON-ELV-01 target and represents the first completed hole of the Montero 2026 drilling programme. The hole tested the high-priority integrated Montero exploration targets, which were identified through geological, geochemical and geophysical interpretation, including geochemical routing work, artificial intelligence (AI) and machine learning-assisted data integration.
Initial core observations confirm the expected volcanic sequence overlying the dacite porphyry intrusion and an extensive high-sulphate pyrite-bearing alteration system. Geological logging and core sampling are continuing, and initial samples have been submitted to the AAA laboratory for analysis. Results will be reported once they are received, reviewed and verified. Drilling of the next hole, MON-ELV-03, has now begun.
Preliminary Geological Highlights: A review of preliminary geological observations of the drill core indicates that MON-ELV-02 strongly intersected altered igneous rocks from the surface to 194.9 meters and intersected feldspar, quartz and amphibole volcanic rocks from 194.9 meters to the end of the hole.
The interpreted contact between the volcano and the porphyry at approximately 195 m has been confirmed; Intersected by extensive quartz-alunite-pyrite alteration; They are intersected with widespread, vein-hosted, disseminated pyrite throughout most of the porphyry; The oxidation base was identified at about 253 m, below which the sulphides are best preserved; Locally weathered silica, quartz-pyrite-alunite veins, chalcedonian veins, hydrothermal fissured breccia, trace recorded chalcopyrite and other possible sulphide phases require laboratory confirmation.
The porphyry interval extends more than 430 m downhole and contains locally moderate to strong disseminated pyrite, coarse pyrite aggregates, and thin quartz pyrite veins.
Dr. Tony Harwood, President and CEO of Montero, commented: “MON-ELV-02 successfully tested our highest priority exploration target and provided encouraging support for our integrated exploration model at Elvira. The drill hole intersected the expected volcanic sequence, underlying porphyry and an extensive high-sulphate alteration system with extensive pyrite consistent with an interpreted IP charge potential anomaly. Laboratory tests will determine whether these geological features are associated with gold, silver, or copper mineralization.“
Drilling confirms that the typical IP charging response is consistent with an extensive pyrite-bearing sulfide system within the porphyry.
The main sulphide interval below the base of the oxidation begins at about 253 m and continues through most of the remainder of the crater. This provides geological support for Montero’s integrated targeting model, which combines geology, surface geochemistry, structural interpretation, IP chargeability and resistivity, geochemical routing and 3D geological modeling.
Geochemical guidance was applied to multi-element data to identify interpreted patterns of vector toward the hydrothermal system. These results are combined with geological maps, historical drilling, alteration, structural, and geophysical datasets. Artificial intelligence and machine learning tools helped evaluate relationships within these datasets and develop the geological model used to prioritize targets for the drilling program.
A preliminary geological interpretation suggests that the porphyry intrusion was subsequently overprinted by a high-sulphide hydrothermal event. Alteration of quartz-alunite-pyrite, local weathered silica, and widespread sulfides show that hydrothermal fluids penetrated deeply into the intrusive host.
These observations indicate that the high-sulphate alteration regime extends beneath the near-surface volcanic sequence and into the underlying porphyry rocks. It remains uncertain whether the cross-bedded porphyry is the source of hydrothermal fluids or whether there is a separate, deeper mineralized intrusion. If cross-bedded porphyry is the source, vertical overlapping of alteration associated with porphyry and Tertiary sulphide may indicate the presence of an cross-bedded hydrothermal system.
Logging, felling, and sampling continue, and initial sample batches have been submitted for laboratory analysis. The assay results will be used to evaluate whether gold, silver, copper and other minerals are associated with pyrite-bearing intervals; The geochemical significance and distribution of the alteration and sulphide system and the relationship between cross-bedded porphyry rocks and any deeper source of mineralization.
Geological information from MON-ELV-02 will be integrated into the 3D geological model of Montero, along with geochemical, geophysical and structural data sets, to optimize the location, direction and sequence of subsequent drill holes. The model will continue to be updated as geological logging, mobile XRF screening, and laboratory test results become available.
MON-ELV-03 is currently being excavated. The design and arrangement of subsequent drill holes can be improved as geological observations and laboratory test results are received.
The geological observations contained in this release are preliminary and based on visual inspection of drill cores. Visual estimates of alteration, sulfide abundance, and mineralogy are inherently uncertain and should not be considered a substitute for laboratory assay results. The presence of pyrite, diagenesis, or other sulfide minerals does not necessarily indicate the presence of economically important gold, silver, or copper mineralization. Screening results will be reported once they are received, reviewed and verified by the company.
Montero Mining and Exploration focuses on gold and copper exploration in Chile. Montero has a 100% interest in the Avispa copper-molybdenum project in the Palaeocene Porphyry Cu-Mo belt in northern Chile and has an option to acquire the Elvira and Potrero gold projects in the Maricunga gold belt. These projects are being developed through ongoing exploration activities.
Montero has 8,453,833 common shares and 735,383 stock options outstanding.
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