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Drill Results Routine +

Montero Defines Initial First-Pass Drill Program at the Elvira Gold Project, Chile

Montero Mining Advances Elvira Drilling Amidst Chile Regulatory Optimism

By The Northwire Desk — AI Analysis May 26, 2026 · 11:46 MON · 0.58 Montero Mining and Exploration Ltd.
Executive Summary
  • Montero Mining and Exploration Ltd. has finalized its initial first-pass drill program at the Elvira Gold Project in Chile's Maricunga Belt.
  • The program consists of four drill holes totaling approximately 2,025 metres.
  • Targets include a vertically zoned hydrothermal system with high-sulphidation epithermal gold overlying a deeper porphyry Cu-Au system.
  • Specific targets identified: MON-ELV-01 (Core Chargeability/Porphyry), MON-ELV-02 (Cu Trend), MON-ELV-03 (Resistive High-Sulphidation Feeder), and MON-ELV-04 (Resistive Lobe/HS Au).
  • Historical context references BuenaVista Gold Ltd. drilling in 2015 with intervals including 39 m @ 0.66 g/t Au.
  • This follows the May 19, 2026 announcement regarding mobilization for Phase 1 diamond drill program and the May 21, 2026 regulatory update on Chile's Mining Code.
Material Impact
  • The news confirms execution of the exploration roadmap previously outlined in March and May 2026 updates.
  • Defining specific targets (4 holes) is a necessary step but does not constitute a discovery or resource estimate until assay results are released.
  • The regulatory update on Chile's Mining Code (May 21) provides a favorable operating environment, reducing concession fees for exploration-stage projects.
  • As the drilling program was anticipated following mobilization announcements, this release is incremental rather than transformative.
  • No financing or M&A activity is disclosed in this specific release; capital deployment remains consistent with previous budgets.
MON · Price
Company Overview
  • Company: Montero Mining and Exploration Ltd. (TSX.V: MON).
  • Strategy: Acquiring and advancing high-potential copper-gold-silver epithermal and porphyry projects in Chile's Maricunga and Atacama belts via low-upfront option structures.
  • Flagship Project: Elvira Gold Project, located in the Maricunga Belt (~170 km NE of Copiapó).
  • Project Status: Exploration (optioned); no mineral resources or reserves defined to date.
  • Geology: High-sulphidation epithermal system with porphyry Au-Cu potential; 4.5 km x 3 km alteration zone identified historically.
  • Other Assets: Potrero Gold Project (Maricunga Belt) and Avispa Project (Atacama region, Porphyry Cu-Mo).
Read the original news release →

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