Montero Completes 625.25-Metre Drillhole at Elvira and Intersects an Extensive Pyrite-Bearing High-Sulphidation Alteration System
Montero reports pyrite-rich alteration at Elvira with a 0.42 stock awaiting assays.
Montero Mining and Exploration Ltd. (MON) has completed drillhole MON-ELV-02 to a depth of 625.25 m at its Elvira Gold Project in Chile. The hole intersected strongly altered volcanic rocks from the surface to 194.9 m, followed by a feldspar-quartz-amphibole porphyry intrusion extending from 194.9 m to the end of the hole, with the base of oxidation located at approximately 253 m.
Geological logging identified extensive quartz-alunite-pyrite alteration, with disseminated and vein-hosted pyrite present throughout much of the porphyry. Visual estimates indicated disseminated pyrite of approximately 8% at 298.5 m. Trace chalcopyrite and other possible sulphide phases were also noted. Core samples have been submitted to AAA Laboratory for assay, and no results are currently reported. Drilling of the next hole, MON-ELV-03, has commenced.
Montero Mining and Exploration Ltd. (MON) released an exploration update that provided no assay data. The company’s stock had declined from C$0.86 to C$0.42 in the preceding months, pricing in the drill program at this grassroots stage. While the hole confirmed the geological model, it delivered no metal content, leaving the deposit thesis and the company’s risk profile unchanged.
The going-concern flag and the company’s need for further financing remain the dominant drivers.
Montero Mining and Exploration Ltd. is a TSX-V listed junior explorer focused on gold and copper projects in Chile. It holds options to acquire 100% of the Elvira and Potrero gold projects, which are high-sulphidation epithermal and porphyry targets in the Maricunga Belt, for staged payments totalling US$7M each by 2031, plus 2% NSRs. The company also holds the 100%-owned Avispa copper-molybdenum project. It has a tight capital structure of approximately 8.35 million shares outstanding and no debt, but no revenue. Cash and investments were C$1.81M at March 31, 2026. The company’s management and board include experienced economic geologists.