Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) said on Thursday it has completed drillhole MON-ELV-02 to a final depth of 625.25 metres at its Elvira gold project in northern Chile, the first hole finished under the company's 2026 drill program.
The hole, a successful redrill of the original MON-ELV-01 target, tested high-priority exploration targets defined through geological, geochemical and geophysical interpretation, including AI and machine-learning-assisted data integration.
Early results confirm the rock layers the company expected to find. The drill first passed through altered volcanic rock near the surface, down to about 195 metres, then hit a large porphyry that continued for the rest of the hole, right where geologists had predicted.
Throughout much of that porphyry, the core showed signs of a large mineralizing system: widespread pyrite (a sulphide mineral commonly associated with gold and copper deposits) along with alteration minerals typical of this style of gold system.
The rock also showed a shift at around 253 metres, marking the point below which the original sulphide minerals are better preserved rather than broken down by weathering near surface. Small amounts of copper-bearing minerals were also noted, though lab testing is needed to confirm exactly what is present.
Dr Tony Harwood, CEO of Montero, said the drillhole intersected the predicted volcanic sequence, underlying porphyry and an extensive high-sulphidation alteration system with widespread pyrite corresponding to the interpreted IP chargeability anomaly.
"MON-ELV-02 has successfully tested our highest-priority exploration target and provided encouraging support for our integrated exploration model at Elvira,” Harwood told shareholders.
Core logging, cutting and sampling are continuing, with initial samples submitted for analysis. Results will be incorporated into the company's three-dimensional geological model to refine subsequent drillhole locations.
Drilling of the next hole, MON-ELV-03, has now commenced.