Mogotes Closes Season at Filo Sur with New Porphyry Targets at Luz del Sol and Cuenca; Plans 20,000 m of Drilling for 2026–2027
NEWS RELEASE · FILO SUR 2025 –2026 SEASON RESULTS · SEPTEMBER 4 , 2026
Mogotes Metals Inc. · #401, 217 Queen St. W., Toronto, ON M5V 0R2, Canada · +1 (647) 846-3313 · [email protected] Page 1 of 10
Mogotes Closes Season at Filo Sur with New
Porphyry Targets at Luz del Sol and Cuenca;
Plans 20,000 m of Drilling for 2026–2027
Toronto, Ontario – September 4, 2026 – Mogotes Metals Inc. (TSXV: MOG, FSE: OY4, OTCQB: MOGMF)
(“Mogotes” or the “Company”) today reports final results from the 2025–2026 field season at its Filo Sur
project in the Vicuña district of Argentina and Chile, new drill and channel-sample results from the Luz
del Sol and Cuenca targets, and outlines a 20,000-metre drill program for 2026–2027.
HIGHLIGHTS
■ Two discoveries in one season, both on the Macho Muerto Fault Zone (MMFZ): the high-grade
Albor breccia (180 m at 0.98% CuEq from 108 m, including 58 m at 1.77% CuEq, FS_DDH_016) and
the Cruz del Sur gold-copper porphyry (308 m at 0.46% CuEq and 334 m at 0.45% CuEq,
FS_DDH_006).
■ Cuenca porphyry target grows to 1.3 km × 0.5 km: road-cut channel sampling returned 153 m
averaging 0.31 g/t Au and 0.11% Cu from 4 separate road segments that cover a total linear
distance of 297 m, including 54 m at 0.46 g/t Au and 0.14% Cu.
■ New porphyry drill target at Luz del Sol: FS_DDH_013 and FS_DDH_015 cut leached, high-level
breccias with anomalous copper directly above a strong IP chargeability anomaly – to be drilled in
2026–2027.
■ Drilling to more than triple: 6,208 m completed in 2025–2026; up to 20,000 m planned for 2026–
2027 to extend Albor and Cruz del Sur and make the first porphyry tests at Luz del Sol–Cuenca and
Meseta.
Luz del Sol: Drilling Defines a New Porphyry Target
Drilling at Luz del Sol, south of the Filo del Sol deposit, has defined a new porphyry drill target immediately
east of FS_DDH_015 (Figures 1 and 2). Holes FS_DDH_013 and FS_DDH_015 were designed to test a large
magnetotelluric (MT) conductor that coincides with an extensive zone of silica-clay alteration – a classic
signature of the upper levels of a porphyry system.
Both holes intersected anomalous copper associated with porphyry dikes and hydrothermal breccias within
the MMFZ: FS_DDH_013 returned 18 m at 0.21% Cu from 216 m, and FS_DDH_015 returned 24 m at 0.16%
Cu from 179 m and 20.5 m at 0.15% Cu from 218.5 m (Table 1). These grades are not economic, but they
are the vectors expected on the flanks of a porphyry system. The silica-clay-white mica alteration at Luz del
Sol sits higher in the system than the strong potassic alteration that hosts the Albor breccia in FS_DDH_016
(180 m at 0.98% CuEq; see news release dated July 9, 2026), and mineralization in FS_DDH_015 has been
partly leached near surface, with minor secondary copper enrichment.
NEWS RELEASE · FILO SUR 2025 –2026 SEASON RESULTS · SEPTEMBER 4 , 2026
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Figure 1 Plan view of the Meseta, Luz del Sol, Albor and Cuenca targets, showing the drill holes reported in this release and the new
road-cut channel assays. Dashed yellow outline is the expanded Cuenca porphyry target (1.3 km × 0.5 km).
The new target is defined by a strong induced polarization (IP) chargeability high (35 to >45 ms) – a
geophysical response typically produced by sulphide minerals – that sits directly beneath and beside the
oxidized, leached breccias in the upper part of FS_DDH_015. The zone of higher MT conductivity partly
overlaps the secondary copper enrichment within the MMFZ (Figure 2).
Three observations point to a porphyry source nearby. Some breccia fragments in FS_DDH_015 carry strong
potassic alteration (fine K-feldspar replacement and magnetite veining); others are cut by sericite–pyrite (“D-
type”) veinlets; and the mapped quartz stockwork veining and anomalous gold-copper channel samples at
surface all sit above the chargeability high. Together they suggest a deeper porphyry that may come close to
surface east of the MMFZ. The target will be drilled in 2026–2027.
NEWS RELEASE · FILO SUR 2025 –2026 SEASON RESULTS · SEPTEMBER 4 , 2026
Mogotes Metals Inc. · #401, 217 Queen St. W., Toronto, ON M5V 0R2, Canada · +1 (647) 846-3313 · [email protected] Page 3 of 10
Figure 2 Section through FS_DDH_015 (A–A′ on Figure 1) showing the new road-cut channel assays (Table 1) and the IP
chargeability high that defines the new porphyry drill target east of the hole.
Cuenca: A Growing Porphyry Target
New channel sampling has expanded the Cuenca porphyry target to approximately 1.3 km × 0.5 km (dashed
yellow outline, Figures 1 and 3). Like Albor and Cruz del Sur, Cuenca appears to lie along a branch of the
MMFZ. The Cuenca target features multiple coincident anomalies:
■ Geophysics – a magnetic low (TMI-RTP), possibly reflecting magnetite-destructive phyllic alteration
typical of the upper parts of porphyry systems;
■ Intrusions and structures – an interconnected network of NE- and NW-striking diorite porphyry dikes,
phreatic breccia dikes, and argillic to vuggy-silica altered structures;
■ Veining – an area of mapped quartz stockwork veining;
■ Rock-chip geochemistry – strongly anomalous gold, silver, copper, molybdenum, antimony, arsenic, lead
and zinc; and
■ Channel sampling (this release) – strongly anomalous gold and lesser copper along three road cuts
(Figures 1 and 3; Table 1).
The principal road cut (Road Cut 1) is 297 m long and lies about 400 m east of FS_DDH_015. Gaps in
outcrop prevented continuous sampling, but the 153 m of exposed rock averaged 0.31 g/t Au and 0.11% Cu,
including 54 m at 0.46 g/t Au and 0.14% Cu – a strong result for surface samples in a leached, high-level
NEWS RELEASE · FILO SUR 2025 –2026 SEASON RESULTS · SEPTEMBER 4 , 2026
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environment. Two further road cuts within the Cuenca outline returned 123.4 m at 0.32 g/t Au and 0.05% Cu
(Road Cut 2) and 61.7 m at 0.19 g/t Au and 0.04% Cu (Road Cut 3). Trenching and further channel sampling
in 2026–2027 will define the extent of the underlying gold-copper anomaly.
Meseta: Still to be Tested
Meseta remains untested. Drilling in 2025–2026 met difficult ground in highly silicified and fractured rock –
itself typical of a high-level epithermal environment – and was deferred in favour of higher-priority targets
with better ground conditions. Mogotes plans to return in 2026–2027 to test for deeper high-sulphidation and
porphyry mineralization.
Figure 3 View southeast from Meseta (foreground) across the Luz del Sol, Albor and Cuenca (dashed yellow) targets. Blue shaded
area traces the approximate area of the Macho Muerto Fault Zone; coloured squares are the new road-cut channel assays. Field of
view across Luz del Sol is about 2.5 km.
2025–2026 Season: Two Discoveries on the Macho Muerto Fault Zone
Mogotes drilled 6,208 m in this season at Filo Sur (4,746 m in Argentina and 1,461 m in Chile). Both
discoveries sit on the MMFZ: the high-grade Albor breccia (see news release dated July 9, 2026) and the
Cruz del Sur gold-copper porphyry (see news release dated May 1, 2026).
Albor
Albor is the highest-grade intercept drilled at Filo Sur to date: FS_DDH_016 cut 180 m of strongly mineralized
magmatic-hydrothermal breccia from 108 m depth. Potassic alteration intensifies toward the bottom of the
hole, adjacent to an IP chargeability high – a further porphyry target at depth (Figure 4).
NEWS RELEASE · FILO SUR 2025 –2026 SEASON RESULTS · SEPTEMBER 4 , 2026
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HOLE FROM (M) INTERVAL (M) CUEQ (%) CU (%) AU (G/T) AG (G/T) MO (PPM)
FS_DDH_016 108.0 180.0 0.98 0.51 0.37 2.8 119
including 111.0 58.0 1.77 0.90 0.70 3.6 228
including 188.0 7.0 1.01 0.54 0.38 1.8 119
including 236.0 7.0 1.29 0.91 0.16 11.9 143
including 276.0 9.0 2.84 1.32 1.34 7.5 105
Downhole lengths. Composite and copper-equivalent (CuEq) parameters are given in the notes to Table 1.
Figure 4 Section through FS_DDH_016 at Albor (looking northwest) showing the high-grade breccia and deeper porphyry targets.
Cruz del Sur
At Cruz del Sur, FS_DDH_006 discovered a large gold-copper porphyry system with two broad mineralized
intervals totalling more than 640 m. FS_DDH_007 intersected a near-surface gold-zinc breccia in the MMFZ
from 24 m depth and a deeper gold-copper porphyry intercept (Figure 5). Mineralization remains open in all
directions; defining the extent and grade of the system is a priority for 2026–2027.
NEWS RELEASE · FILO SUR 2025 –2026 SEASON RESULTS · SEPTEMBER 4 , 2026
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HOLE FROM
(M)
INTERVAL
(M) CUEQ (%) CU (%) AU (G/T) AG (G/T) MO (PPM) ZN (PPM)
FS_DDH_006 108.0 308.0 0.46 0.07 0.35 0.6 52 –
including 192.0 22.0 1.00 0.09 0.80 0.9 151 –
FS_DDH_006 456.0 334.0 0.45 0.10 0.32 0.8 37 –
FS_DDH_007 24.0 124.0 0.61 0.02 0.51 0.4 – 1,752
including 76.0 8.0 1.03 0.06 0.89 0.5 – 1,129
including 108.0 14.0 1.48 0.01 1.31 0.3 – 3,711
FS_DDH_007 174.0 116.0 0.31 0.03 0.24 0.3 48 –
Downhole lengths. Dash: element not reported for the interval. Zinc is included in CuEq for FS_DDH_007 only. Intervals are composited at a
0.20% CuEq cut-off; the May 1, 2026 release reported gold-only composites for these holes.
Figure 5 Sections through Cruz del Sur drill holes FS_DDH_006 (looking northeast) and FS_DDH_007 (looking northwest).
2026–2027 Program: Drilling Steps Up to 20,000 Metres
The 2025–2026 season established the MMFZ as a key control on mineralization at Filo Sur: it hosts both
discoveries and a growing pipeline of porphyry targets. Within the project the structure extends over roughly
10 km, from Meseta in the north through Luz del Sol and Albor to Cruz del Sur in the southeast, and most of
it remains undrilled (Figure 6).
Planning is under way for a 20,000 m program – more than three times this season’s total. Priorities are:
NEWS RELEASE · FILO SUR 2025 –2026 SEASON RESULTS · SEPTEMBER 4 , 2026
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1 Albor – extension drilling at the high-grade breccia and its related porphyry targets;
2 Cruz del Sur – extending the gold-copper porphyry and the fault-hosted breccias;
3 Luz del Sol–Cuenca – a first porphyry test along the target alignment;
4 Meseta – completing the drill test for high-sulphidation and porphyry mineralization; and
5 The wider MMFZ – reconnaissance drilling for additional high-grade breccias and porphyries along its full
length.
Beyond the MMFZ, the Colorida–Frontera, Filo Este and Rincon targets – each a multi-kilometre system
showing porphyry- to epithermal-style mineralization – will also be advanced.
Figure 6 Oblique aerial view of the Filo Sur concessions (light cyan) showing the drill holes reported in this release (red labels) and
the target areas planned for 2026–2027 exploration and drilling (magenta, pink and white outlines).
NEWS RELEASE · FILO SUR 2025 –2026 SEASON RESULTS · SEPTEMBER 4 , 2026
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CEO COMMENT
“My thanks to our team in Argentina and Chile for a successful season, and of course our gratitude
to the supportive communities, government authorities and investors. We are finishing the year
with an exciting target set, a technical alliance with Rio Tinto, a strong balance sheet and a clear
plan to drill at Filo Sur.”
— Allen Sabet, President and CEO
HEAD OF GEOLOGY COMMENT
“Two discoveries in our first season of drilling, plus new porphyry targets emerging at Luz del Sol
and Cuenca, add up to a strong start. Filo Sur shares the geological features that characterize the
major deposits of the Vicuña district – structurally controlled, multi-stage porphyry and high-
sulphidation systems associated with mid-Miocene dike swarms and breccias. What sets Filo Sur
apart is that both discoveries sit on the NW-striking, trans-Andean Macho Muerto Fault Zone – a
distinctive structural setting we have only begun to test. That structural control gives the 2026–
2027 program a clear focus as we ramp up to 20,000 metres.”
— Carl Schnell, Head of Geology
Table 1 Assay results for the drill holes and road-cut channel samples reported in this release. Drill intervals are
downhole lengths; channel intervals are surface lengths.
HOLE / SAMPLE TARGET FROM
(M) TO (M) INTERVAL (M) CU (%) AU (G/T) AG (G/T) MO (PPM)
FS_DDH_013 Luz del Sol 216.0 234.0 18.0 0.21 0.02 1.8 1
FS_DDH_015 Luz del Sol 179.0 203.0 24.0 0.16 0.02 1.8 40
218.5 239.0 20.5 0.15 0.01 1.7 36
Road Cut 1 Cuenca 0.0 42.0 42.0 0.04 0.16 0.7 24
0.0 54.0 54.0 0.14 0.46 1.2 7
including 24.0 30.0 6.0 0.22 0.85 0.8 5
0.0 36.0 36.0 0.10 0.34 1.6 17
0.0 21.0 21.0 0.17 0.17 0.5 9
Road Cut 2 Cuenca 0.0 123.4 123.4 0.05 0.32 1.8 18
Road Cut 3 Cuenca 0.0 61.7 61.7 0.04 0.19 1.2 16
Notes: Reported drill intervals are length-weighted downhole composites calculated at a cut-off grade of 0.20% CuEq. Composite intervals
begin and end with samples grading at or above cut-off and may include up to 6.0 m of consecutive internal dilution below cut-off; unsampled
intervals within composites are assigned zero grade. “Including” intervals are calculated at a cut-off of 1.0% CuEq and may include up to 6.0
m of consecutive internal dilution. Copper equivalent is calculated as CuEq (%) = Cu (%) + (Au g/t × 1.0327) + (Ag g/t × 0.0119) + (Mo % ×
4.817) + (Zn % × 0.2772), using metal prices of US$4.69/lb Cu, US$3,321/oz Au, US$38.30/oz Ag, US$22.59/lb Mo and US$1.30/lb Zn, and
metallurgical recoveries of 80% for each of Cu, Au, Ag, Mo and Zn. Assumed recoveries are based on district analogues; no metallurgical test
work has yet been completed on the project, actual recoveries may differ and there is no certainty that the metals will be recovered at the