Montero completes exploration work at Elvira and moves toward drill target definition

Montero has completed mapping, geochemistry and geophysics at its Elvira gold project in Chile and is advancing AI-driven drill target definition in the Maricunga Belt.

Montero Mining and Exploration Ltd. has completed a comprehensive data compilation and detailed exploration program at its Elvira gold project in Chile’s Maricunga Belt, marking a new step in the company’s effort to define future drill targets through a more systematic, technology-assisted approach. The company said the current interpretation process includes advanced data analytics, including artificial intelligence and machine learning tools.

The Elvira Project is located about 170 km northeast of Copiapó in Chile’s Atacama Region, within a well-known mining district that hosts major gold operations including La Coipa, Lobo-Marte, Salares Norte and Fenix Gold. Montero said the property consists of a contiguous package of mining concessions covering the alteration footprint and structural corridors identified so far.

Integrated field program combines geology, geochemistry and geophysics

According to the company, the latest exploration campaign included a broad technical package designed to improve the geological and structural understanding of Elvira’s high-sulphidation epithermal system and assess its potential for mineralization at depth.

The completed program included:

• compilation and digitization of historical exploration data;
• ASTER and Sentinel-2 imagery analysis for clay and iron oxide mapping;
• detailed 1:10,000-scale geological mapping;
• high-resolution surface geochemical sampling using four-acid digestion ICP-MS methods;
• 205 line-km of ground magnetic surveying at 50-metre line spacing;
• 19.2 line-km of IP and resistivity surveying across seven lines.

Montero said the purpose of this work was to refine its structural and geological model before making any decision on drill testing.

Company shifts from anomaly chasing to AI-assisted targeting

Montero CEO Dr. Tony Harwood said the company is taking a more disciplined exploration approach by combining field data with AI-assisted modelling and modern visualization tools, rather than relying on isolated anomalies alone. He said the work remains ongoing and is intended to guide the next phase of exploration toward formal drill target definition after the company completes its technical evaluation.

The company also said it is integrating geological, geochemical and geophysical datasets into a broader interpretation workflow that includes 3D visualization modelling, with further refinement expected as final technical reports and analytical results are received.

Historical drilling points to a multi-metal high-sulphidation system

Montero summarized historical work completed between 2014 and 2016, after the project was optioned from Anglo American by Buenavista Gold. During that period, a total of 5,711 metres of drilling was completed, including 13 diamond drill holes and 14 reverse circulation holes under a joint venture with ENAMI.

The company said those drilling campaigns intersected gold, copper, zinc and silver mineralization, with reported gold intercepts including 39 metres grading 0.66 g/t Au, including 11 metres at 2.0 g/t Au. Other historical intervals cited by the company included 114 metres at 0.14% Cu, 128 metres at 0.23% Zn, 88 metres at 0.34% Zn, and 30 metres at 42 g/t Ag.

Montero cautioned that these historical results have not been independently verified by the company’s qualified persons for current reporting purposes and should not be relied upon as current mineral resources or mineral reserves.

Mapping confirms a large hydrothermal alteration system

The company said detailed mapping confirms that Elvira hosts a large high-sulphidation hydrothermal system developed over volcanic-sedimentary basement rocks intruded by dacitic and andesitic bodies. It also reported widespread quartz-alunite alteration, vuggy silica, and hydrothermal breccias across the central part of the project area.

Montero added that integrated geological and geophysical datasets have outlined several areas that warrant further evaluation, although these targets remain conceptual at this stage and require additional analysis before drill testing. The company also stated that no mineral resources or reserves have yet been defined at Elvira.

Ground geophysics and geochemical vectoring to guide next steps

Montero said the ground magnetic survey improved structural interpretation across the property and helped delineate lithological contrasts and possible structural corridors. Meanwhile, the IP and resistivity surveys were designed to test chargeability and resistivity patterns linked to alteration and potential sulphide mineralization at depth, identifying contrasting zones consistent with the mapped hydrothermal system. The company noted that these geophysical responses are interpretive and do not necessarily indicate economic mineralization.

On the geochemistry side, the company said high-resolution surface sampling has been completed and is now being compiled and validated for integration into the evolving geological model. It also commissioned an independent geochemical vectoring study with Fathom Geophysics, with final interpretive results still pending.

What comes next

Montero said the next phase will focus on:

• continued integration of geological, geochemical and geophysical datasets;
• refinement of 3D structural and alteration models;
• ongoing AI and machine learning analysis to prioritize follow-up areas;
• completion of the technical evaluation before any drill decision is made.

The company said it expects to release more detailed technical reporting on the exploration work, AI-assisted analysis, geological modelling and any defined drill targets once interpretation and independent review are complete.