Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) has finalized an initial first-pass drill program at its Elvira gold project in Chile, targeting what the company interprets as a large, vertically zoned hydrothermal system with both epithermal gold and deeper porphyry copper-gold potential.
The program follows an integrated review of geological, geochemical and geophysical datasets and reinterpretation of previous drilling and historical public-domain information.
Montero said the work defines Elvira as a preserved high-sulphidation epithermal gold system overlying and flanking a deeper porphyry Cu-Au system.
The initial program comprises four drill holes totaling approximately 2,025 metres, targeting areas where geology, alteration, geophysics and geochemical vectors converge. Subsequent holes will be prioritized based on results obtained from the initial holes and ongoing operational assessment.
The four planned holes will test priority targets across the Elvira system, including the central part of a deep chargeability anomaly interpreted as a strong porphyry Cu-Au vector, a broad copper-bearing trend linked to a shallow-to-deep chargeability signature, a vertically extensive resistivity anomaly interpreted as a silicified feeder zone, and a discrete resistive body associated with high-sulphidation alteration beneath the southern epithermal gold target area.
"Montero's work at Elvira has materially improved our understanding and highlighted the scale of the mineral system," said Dr Tony Harwood, Montero’s CEO. "The drill program is designed to test the highest-priority targets within Montero's interpreted epithermal-to-porphyry framework."
Historical public-domain disclosure by BuenaVista Gold Ltd. in 2015 reported 5,711 metres of drilling completed at Elvira in two campaigns, with intervals including 39 metres at 0.66 g/t gold, 114 metres at 0.14% copper and 128 metres at 0.23% zinc, among others. BuenaVista noted at the time that widespread base-metal and silver zoning may indicate a mineralized halo peripheral to a concealed target.
The company plans to start drilling with the larger HQ core size for better sample quality, but will switch to the smaller NQ size if depth or ground conditions make that necessary. Portable XRF analysis will be used on site to provide rapid indicative geochemical data and assist with real-time assessment of metal associations and alteration trends.
Shares of Montero gained around 1.7% in Toronto on Tuesday morning.