High-Grade, Shallow, Copper-Gold-Silver-Molybdenum Discovery in Drill Intercept at Filo Sur Project, Vicuna District, Reported by Mogotes Metals

On May 14, 2026, Mogotes Metals reported partial assay results from the first-ever drillhole at the Albor target (FS_DDH_016) within the Filo Sur project in Argentina. The hole intersected a continuous mineralized zone starting at only 108 m depth, with the upper 86 m returning 0.7% Cu, 0.55 g/t Au, 2.7 g/t Ag & 169 ppm Mo, including a higher-grade core of 43 m at 1.1% Cu, 0.82 g/t Au, 4.0 g/t Ag & 281 ppm Mo and a 10 m interval at 1.4% Cu, 1.2 g/t Au, 4.6 g/t Ag & 383 ppm Mo. The mineralization is hosted in chalcopyrite-bornite-covellite breccias and stockwork, with low arsenic. The Albor target sits within a 3.5 km trend on the Macho Muerto Fault Zone, directly adjacent to the BHP/Lundin Filo del Sol deposit. Assays for the deeper 270 m remain pending, and the 2025–2026 drill season (6,207 m) has formally ended, with 3,681 m of results yet to be reported.

The Albor partial intercept is a genuinely new discovery and the second significant find of the current drill campaign (following Cruz del Sur, May 1). The grades—especially copper at 0.7% over 86 m and up to 1.75% over 5 m—are robust for a shallow porphyry-epithermal system and compare favorably to early holes at neighboring Filo del Sol. This validates the company’s exploration thesis that the Vicuña district hosts multiple large systems and materially increases the prospectivity of the 3.5 km Mogotes trend. The fact that the hole remains open at depth and assays are only partial adds upside potential. However, the market had already priced in some success after the Cruz del Sur announcement, yet the stock continued its descent from $0.61 to $0.22, reflecting severe dilution, warrant overhang, and cash-burn concerns. While the Albor result is a high-quality technical achievement, it does not eliminate the structural challenges—high fully diluted share count, large future cash commitments, and no resource estimate. The news is materially positive for the asset quality but may only temporarily arrest the stock decline absent a broader re-rating or a strategic partner stepping in.

Mogotes Metals is a junior exploration company focused on large-scale copper-gold porphyry and high-sulphidation epithermal systems. Its flagship is the Filo Sur project, straddling the Argentine-Chile border in the Vicuña District, immediately adjacent to the BHP/Lundin Mining’s Filo del Sol discovery. The property covers a 3.5 km mineralized trend (Mogotes trend) controlled by the Macho Muerto Fault Zone. Mogotes has systematically advanced the project through geophysics, trenching, and now two drill seasons, defining multiple priority targets: Cruz del Sur, Albor, Stockwork Hills, Meseta, Luz del Sol, Cuenca, and Los Mogotes. The company also holds options on the Copper Cliff gold-copper porphyry project in Montana (with Rio Tinto/Kennecott) and the Beskauga copper-gold-silver project in Kazakhstan, aiming for year-round exploration.