Vicu?a Exploration Update: Filo Sur Project - Positive Initial Results from the New Filon Alunita and Rincon Prospects

In This Article:

Toronto, Ontario--(Newsfile Corp. - July 8, 2024) - Mogotes Metals Inc. (TSXV: MOG) ("Mogotes", or the "Company") is pleased to provide an exploration update and announce positive initial rock chip assay results from the Filo Sur project, adjoining the world class Filo del Sol Cu-Au-Ag High Sulfidation Epithermal (HSE) and Porphyry (PCD) project in the Vicuna District, Argentina (Figure 1).

  • 2,185 m of diamond core drilling completed in 3 holes during shortened February to May 2024 campaign

  • Geological observations from the first drill test at Nueva Colorida Breccia and Cruz del Sur targets and drilling at Frontera prospect that was suspended due to early onset of winter - Assays results pending

  • Initial rock chips results confirm Au-Ag-Cu mineralization at new Filo Alunita and Rincon prospects

    • Filo Alunita a newly identified 1.6 km trend of silica-alunite alteration. Mogotes rock chip assay of 4.3 g/t Au and >100 g/t Ag, highlights potential HSE prospect, not recognized by previous explorers.

    • Rincon 2.3 km long trend defined by Mogotes soil, rock chip assay and geophysics, returns assays of up to 1.35 g/t Au, 825 ppm Cu and 142 ppm Mo, correlating to +100 m wide high intensity sheeted veinlet trend, also not recognized by previous explorers

CEO, Allen Sabet, stated: "Mogotes is very happy to have initiated the first drilling campaign at the prospective Filo Sur project in over decade. Notwithstanding a far shorter than planned exploration season due to unseasonally early arrival of winter conditions (effecting many explorers in the Andes this year), our team successfully drilled 2,185 meters of diamond core providing an initial test at 3 of our 9 prospects.

"Holes were completed at Cruz del Sur, Nueva Colorida pipe, and a third hole was started at Frontera, but suspended at a depth of 520m well before the planned depth, with clear down hole mineralization vectors established. We are encouraged by this initial drilling, as all holes intersected extensive alteration, veining and visible copper and, or base metal sulphides, consistent with large scale porphyry / epithermal mineral systems.

"Assay results from this drilling are pending. Images of the mineralization and technical descriptions are enclosed in this release (see Appendix 1) and are already providing valuable vectors to guide our next drill holes.

"It is important to highlight that the majority of our priority targets remain undrilled, as the field season was cut short. In addition, our team has discovered two completely new areas of mineralization at Filon Alunita and Rincon, confirmed by encouraging initial rock chip assays. Results from additional sampling are pending. It is the company's view that further exploration has the potential to see these prospects develop into new attractive drill targets at Filon Alunita and Rincon.