New Porphyry Targets at Filo Sur Take Mogotes to 20,000 Meters of Drilling

• Drilling at Luz del Sol defined a new porphyry drill target above a strong geophysical anomaly, to be drilled in the 2026 to 2027 season.
• Channel sampling expanded the Cuenca porphyry target to approximately 1.3 kilometers (km) by 0.5 km.
• The principal road cut at Cuenca returned 153 meters (m) averaging 0.31 grams per metric ton (g/t) gold and 0.11% copper, including 54 m at 0.46 g/t gold and 0.14% copper.
• Mogotes drilled 6,208 m at Filo Sur in the 2025 to 2026 season and made 2 discoveries, both on the Macho Muerto Fault Zone.
• Meseta remains untested after drilling met difficult ground and was deferred to the next season.
• Planning is underway for a program of up to 20,000 m, more than 3 times this season's total.

Company Overview

Mogotes Metals (TSXV: MOG | FSE: OY4 | OTCQB: MOGMF) is a mineral exploration company holding 3 copper-gold-silver projects. Its flagship Filo Sur project sits in the Vicuña district spanning Argentina and Chile, one of the copper-gold-silver belts targeted by major mining companies. The company also holds an option over the Copper Cliffs gold-copper project in Montana, United States, granted by Rio Tinto's Kennecott Exploration, and an option secured in February 2026 over the Beskauga copper-gold-silver project in Pavlodar Province, Kazakhstan. Both are porphyry projects, meaning the metal is spread through a large body of rock around a cooled igneous intrusion rather than concentrated in narrow veins. Rio Tinto closed a US$15 million strategic investment in Mogotes in August 2026. The company is headquartered in Toronto, Ontario.

A New Porphyry Target at Luz del Sol 

Drilling at Luz del Sol, south of the Filo del Sol deposit, defined a new porphyry target. Two holes were designed to test a large magnetotelluric conductor, a zone of rock that conducts electricity unusually well, coinciding with silica-clay alteration typical of the upper levels of a porphyry system.

Both holes cut anomalous copper associated with porphyry dikes and hydrothermal breccias within the Macho Muerto Fault Zone (MMFZ). One returned 18 meters (m) at 0.21% copper from 216 m depth; the other 24 m at 0.16% copper from 179 m depth and 20.5 m at 0.15% copper from 218.5 m depth. These grades are not economic, but they are the low-level copper values expected on the flanks of a porphyry system. The alteration at Luz del Sol lies higher in the system than the potassic alteration hosting the Albor breccia, and the second hole is partly leached near surface. 

A strong induced polarization chargeability high of 35 to more than 45 milliseconds, a geophysical response typically produced by sulfide minerals, lies directly beneath the oxidized, leached breccias in the upper part of that hole. Three observations point to a porphyry source nearby: strong potassic alteration in some breccia fragments, a potassium-rich overprint formed close to the hot center of a porphyry system; sericite-pyrite veinlets cutting others; and quartz stockwork veining with anomalous gold-copper channel samples at surface, all of which overlie the chargeability high. Together they suggest a deeper porphyry that may come close to surface east of the MMFZ. 

Channel Sampling Widens the Cuenca Target 

Channel sampling expanded the Cuenca porphyry target to approximately 1.3 kilometers (km) by 0.5 km. Like Albor and Cruz del Sur, Cuenca appears to lie along a branch of the MMFZ.

The target combines several coincident anomalies. Geophysics shows a magnetic low, which may reflect alteration that destroys magnetite in the upper parts of porphyry systems. Mapping has traced northeast- and northwest-striking diorite porphyry dikes, steam-driven breccia dikes and altered structures. Rock-chip geochemistry is strongly anomalous in gold, silver, copper, molybdenum, antimony, arsenic, lead and zinc.

The principal road cut runs 297 m and lies about 400 m east of the Luz del Sol drilling. Outcrop gaps prevented continuous sampling, but the 153 m of exposed rock averaged 0.31 grams per metric ton (g/t) gold and 0.11% copper, including 54 m at 0.46 g/t gold and 0.14% copper. Two further road cuts within the Cuenca outline returned 123.4 m at 0.32 g/t gold and 0.05% copper, and 61.7 m at 0.19 g/t gold and 0.04% copper.

Two Discoveries From the Season's Drilling  

Mogotes drilled 6,208 m at Filo Sur in the 2025 to 2026 season, 4,746 m in Argentina and 1,461 m in Chile, and both of the season's discoveries lie on the MMFZ.

Albor is the highest-grade intercept drilled at Filo Sur to date: 180 m of strongly mineralized magmatic-hydrothermal breccia at 0.98% copper equivalent from 108 m depth, including 58 m at 1.77% copper equivalent. Potassic alteration intensifies toward the bottom of that hole, next to another chargeability high and a further porphyry target at depth. At Cruz del Sur, drilling found a large gold-copper porphyry system with 2 broad mineralized intervals totaling more than 640 m: 308 m at 0.46% copper equivalent from 108 m depth and 334 m at 0.45% copper equivalent from 456 m depth. 

Head of Geology of Mogotes Metals, Carl Schnell, weighs the season's two discoveries against the targets they opened up:

"Two discoveries in our first season of drilling, plus new porphyry targets emerging at Luz del Sol and Cuenca, add up to a strong start."

Mineralization at Cruz del Sur remains open in all directions, and defining its extent and grade is a priority for the coming season.

Why Meseta Was Not Drilled 

Meseta has not been drilled. The 2025 to 2026 program met difficult ground in highly silicified and fractured rock, itself typical of a high-level epithermal environment where hot fluids deposit metal close to surface, and drilling was deferred in favor of higher-priority targets.

Next Steps

Planning is underway for a 20,000 m drill program in the 2026 to 2027 season, more than 3 times this season's total. Priorities are extension drilling at Albor and Cruz del Sur, a first porphyry test along the Luz del Sol-Cuenca alignment, completing the Meseta drill test for high-sulfidation and porphyry mineralization, and reconnaissance drilling along the full length of the MMFZ. 

Within the project the MMFZ extends over roughly 10 km, from Meseta in the north through Luz del Sol and Albor to Cruz del Sur in the southeast, and most of it remains undrilled. Beyond the MMFZ, the Colorida-Frontera, Filo Este and Rincon targets will also be advanced. Further drilling depends on pending results from this year's program and on additional funding.

President and Chief Executive Officer of Mogotes Metals, Allen Sabet, ties the target set to the company's funding position:

"We are finishing the year with an exciting target set, a technical alliance with Rio Tinto, a strong balance sheet and a clear plan to drill at Filo Sur."

Trenching and further channel sampling at Cuenca will define the extent of the underlying gold-copper anomaly.

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