en.Wedoany.com Reported - Mogotes Metals (TSXV: MOG) has expanded mineralization at the Albor target through new drilling at the Filo Sur copper project in the Vicuña district on the Argentina-Chile border.
Mogotes said in a statement Thursday that drill hole FS_DDH_016 intersected 180 meters of mineralization from a depth of 108 meters, grading 0.51% copper, 0.37 g/t gold, 2.8 g/t silver, and 119 ppm molybdenum. This includes a 9-meter thick section from 276 meters downhole grading 1.32% copper, 1.34 g/t gold, 7.5 g/t silver, and 105 ppm molybdenum.
Filo Sur is located at the southern end of the Filo del Sol project, a multi-metal joint venture operated by BHP (ASX: BHP) and Lundin Mining (TSX: LUN). The mineralized belt also hosts the Lunahuasi and Los Helados copper-gold projects of NGEx Minerals (TSX: NGEX; US-OTC: NGXXF). Toronto-based Mogotes has been exploring the 100-square-kilometer claim block on the eastern slope of the Andes since 2022.
In addition to the Copper Cliffs project in Montana and the Beskauga project in Kazakhstan, Filo Sur is one of three projects Mogotes is advancing. According to a June investor presentation, the company plans to complete approximately 7,000 meters of drilling at Filo Sur this year.
Mogotes noted that the geological characteristics observed in hole 16 are similar to those reported at Filo del Sol. Further assay results from other targets are pending.
Albor is the second discovery announced by Mogotes at Filo Sur during its initial drilling campaign, following Cruz del Sur. CEO Allen Sabet said in the statement that during the first fully funded drilling season at Filo Sur, the company has made two significant copper-gold-silver-molybdenum discoveries at the Cruz del Sur and Albor targets. He added that final assays from hole 16 have extended the near-surface, high-grade copper-gold-silver-molybdenum mineralization at the Albor target to a 180-meter intercept length, confirming and expanding the discovery first reported by the company in May. Mogotes also said it looks forward to sharing information on the final drill holes from the Luz del Sol mineralized system once results are available.
Mogotes stated that the boundaries of the mineralization encountered in hole 16 have not yet been fully defined by drilling. These boundaries remain to be tested along strike to the northwest and southeast of the Macho Muerto fault zone, as well as at depth. In early trading Friday, Mogotes shares fell 1.3% to C$0.37 on the Toronto market, giving the company a market capitalization of approximately C$194 million (US$137 million). The stock has traded in a range of C$0.17 to C$0.68 over the past year.
