Mogotes Metals starts drilling at Filo Sur project

Executive Summary

• Mogotes Metals Inc. has commenced diamond drilling at its Filo Sur project in Argentina, targeting high-priority porphyry copper and high-sulphidation epithermal gold-silver mineralization.
• The initial drilling focuses on the Stockwork Hills (SWH) and Cruz del Sur (CDS) target clusters, which are located directly south of the large BHP/Lundin Filo Del Sol resource.
• Previous trench channel sampling at the SWH and CDS prospects returned encouraging copper-gold results associated with quartz veinlet stockworking and visible supergene mineralization.

Key Details

• Drilling Status: First diamond drill rig is now active on site at the Stockwork Hills and Cruz del Sur targets.
• Target Characteristics (Stockwork Hills/Cruz del Sur):
  • Depth: Top of drill target starts at approximately 350 metres below surface.
  • Elevation: Approximately 4,300 metres.
  • Footprint: Geophysical target is approximately 600 m by 200 m.
  • Geophysics: Highly chargeable in IP survey (plus 50 ms) with a magnetic anomaly.
• Previous Trench Sampling Results:
  • Trench CDS T7: 147 metres at 0.2 g/t Au and 600 ppm Cu, including 12 m at 0.29 g/t Au and 0.32% Cu.
  • Trench CDS T8: 106 m at 0.14 g/t Au and 700 ppm Cu, including 17 m at 0.27 g/t Au and 0.14% Cu.
  • Mineralization: Results associated with moderate intensity A and B quartz veinlet stockworking with visible supergene (malachite-chrysocolla) mineralization hosted in sericite-clay-silica altered volcanics and diorite dikes.
  • Zone Extent: SWH trenches outline a 400+ m long, north-south-oriented zone of mineralization projecting under gravel cover.
• Future Plans: Drilling to continue to other priority targets as the season progresses; access works and platform construction underway; permitting advanced for priority Chilean targets identified at the end of the previous season.
• Laboratory Procedures: Samples dispatched to ALS laboratories in Mendoza (Argentina) and Copiapo (Chile) for preparation, then sent to Lima (Peru) for analysis. Gold analyzed by fire assay fusion with ICP-AES finish (30 g sample); 48 elements analyzed via four-acid digestion and ICP-MS.

Notable Quotes

• "Our first diamond drill rig is now turning on site. Stockwork Hills is an attractive target for higher-grade stockwork Cu-Au-Ag-Mo mineralization. We are excited for the findings from the compelling Stockwork Hills target and its sister target at Cruz del Sur." — Allen Sabet, Chief Executive Officer