Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) earlier this week outlined progress at the Elvira Gold Project in Chile, where ongoing exploration has identified high-priority target areas ahead of a planned drilling campaign.
The company’s chief executive Tony Harwood said the project, which was secured under an option agreement in October, has a long exploration history but has not previously been fully understood.
He noted that despite over 30 years of intermittent work by various operators, the presence of a large surface alteration system had not been adequately explained.
Harwood explained that earlier drilling campaigns delivered some encouraging results but were generally shallow and based on outdated exploration models. He added that Montero Mining is taking a more modern, integrated approach by combining historical datasets with new geological, geophysical and remote sensing work.
According to Harwood, the company has completed detailed geological mapping and geophysical surveys, including induced polarization (IP) resistivity and magnetics, alongside remote sensing to better understand structural controls and alteration patterns.
The company is also leveraging artificial intelligence and machine learning to process historical and newly acquired datasets.
He said the work has led to the identification of a large hydrothermal system, which the company interprets as a potential gold-bearing system within a broader district-scale environment. Harwood described it as “a large hydrothermal… gold system, within a district scale of a high sulphide system,” highlighting the scale potential of the discovery.
While several priority exploration zones have already been outlined, Harwood emphasised that ongoing geochemical analysis will be key to refining these targets. He stated that once all datasets are integrated, the company will define final drill locations.
Looking ahead, Montero Mining intends to target both near-surface and deeper mineralisation, potentially within an epithermal or porphyry gold system. Harwood noted that careful pre-drilling work is essential, particularly given the high costs associated with drilling, and is expected to improve the probability of success.
The upcoming catalysts for the company include the release of detailed geochemical results and the finalisation of drill targets, which could set the stage for a focused drilling programme aimed at unlocking the project's full potential.