Vicuña Update: Initial Drilling Finds Large-Scale, Shallow Gold-Copper System

Toronto, Ontario--(Newsfile Corp. - May 1, 2026) - Mogotes Metals Inc. (TSXV: MOG) (FSE: OY4) (OTCQB: MOGMF) ("Mogotes", or the "Company") is pleased to announce the discovery of a large, shallow gold breccia system and an underlying gold-copper-molybdenum porphyry at its Cruz del Sur target, part of the Filo Sur project in Argentina's Vicuña district. The system spans a 4.0 x 0.5 km geophysical footprint, sits at a lower elevation relative to other targets, is largely concealed by thin cover and remains open in all directions and at depth.

This release presents results from the Cruz del Sur and Stockwork Hills prospects (figures 1-3). Drilling continues at the prospective northern Luz del Sol - Meseta target cluster (figure 4) and will proceed as long as the season permits, with assays from this area anticipated in June.

Highlights

• New near-surface gold-zinc breccia discovery: 24 m at 1.01 g/t Au (FS_DDH_007) within 120 m at 0.52 g/t Au from just 24 m depth

• Underlying gold-copper porphyry confirmed: 62 m at 0.62 g/t Au and 800 ppm Cu (FS_DDH_006) within a 258 m interval at 0.36 g/t Au and 744ppm Cu

• Copper grades improving with depth, pointing to higher-grade potential below current drill coverage

• Only a fraction of the largely gravel covered, 4.0 x 0.5 km target footprint has been tested and the system is open along strike and at depth

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• Near-surface gold-zinc breccia, new discovery, outcropping to shallowly covered (Figures 2 and 3):
  
  

  • FS_DDH_007: 120 m at 0.52 g/t Au and 0.18% Zn from 24 m, including 24 m at 1.01 g/t Au and 0.34% Zn from 98 m

  • FS_DDH_005: 66 m at 0.44 g/t Au and 0.27% Zn from 64 m, including 24 m at 0.62 g/t Au and 0.47% Zn from 74 m

• Underlying gold-copper-molybdenum porphyry, sheeted and stockwork veining (Figures 2 and 3):
  
  

  • FS_DDH_006: 258 m at 0.36 g/t Au and 744 ppm Cu from 158 m, including 62 m at 0.62 g/t Au and 800 ppm Cu from 164 m

  • FS_DDH_006: 328 m at 0.32 g/t Au and 962 ppm Cu from 458 m, including 56 m at 0.40 g/t Au and 0.11% Cu from 688 m

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Limited Drilling, Large Footprint: Only a small portion of the shallowly covered, 4.0 x 0.5 km Au-Cu-Mo-Zn target defined by magnetic and IP geophysics has been drill-tested, with holes focused on outcrops poking through the gravel cover (Figure 1). The bulk of the system remains untested. Mogotes geologists interpret that a fully preserved breccia-porphyry complex is preserved under relatively thin cover. The system is centered at the intersection of the regional Macho Muerto (NW) and Mogotes (NE) fault systems and coincides with IP chargeability, MT conductivity, and VRMI magnetic anomalies.

Open, Shallow Gold Corridor: Drilling and trenching across the Cruz del Sur Au-Zn zone, has encountered gold-zinc mineralization within a multistage magmatic-hydrothermal breccia and also disseminated within units of the host volcanic stratigraphy. Mogotes drilling and new trench results from this season (Figure 2) have outlined a +500 m long, open-ended gold corridor that will anchor future exploration for near-surface and potentially higher-grade Au-Zn extensions.

Porphyry at Depth, Copper Grades Improving: Deeper holes beneath the breccia (Figure 3) have intersected a series of high-level diorite porphyry stocks hosting locally dense sheeted and stockwork veining with encouraging Au-Cu-Mo grades. Copper grades appear to strengthen with depth, pointing to higher-grade Au-Cu-Mo potential at depth and elsewhere within the larger geophysical footprint. Following up this porphyry potential is a priority for the 2026-27 program.

Drilling Ongoing at Northern Targets

The drilling program continues at the Luz del Sol - Meseta target cluster to the south of the BHP - Lundin Filo del Sol copper-gold-silver deposit (see figure below). The rigs are drilling at the priority Luz del Sol target, where the Mogotes team has logged encouraging geological features. Assays are expected to be reported in June, subject to laboratory timelines.

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Allen Sabet, President and CEO, commented:

"These results mark a genuine discovery - a system we tracked from geophysics through to drill confirmation. Cruz del Sur is large, shallow, and accessible, and it remains open in every direction and at depth. While these initial intercepts are early-stage, the scale of the footprint and the way copper grades strengthen with depth give us a clear roadmap: chase higher-grade gold in the near-surface breccia, and test the porphyry where the geophysics suggests stronger copper at depth."

"In parallel, our rigs are turning at Luz del Sol in the north, where the geology so far is encouraging. Those assays are expected in June. We have plenty of running room across this large land package and its now clear that there are multiple mineralizing events at play here in the Filo Sur project."

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Table 2: Drill Hole Coordinates and Details

References

¹ TSX: LUN. May 4, 2025. News Release, Lundin Mining Announces Initial Mineral Resource at Filo Del Sol Demonstrating One of the World's Largest Copper, Gold, and Silver Resources. Lundin Mining

About Mogotes Metals Inc.

Mogotes Metals Inc. is a mineral exploration company focused on copper, gold, and silver in the prospective Vicuña district of Argentina and Chile. The Company's flagship Filo Sur project adjoins Lundin Mining's Filo del Sol - one of the world's largest copper-gold-silver discoveries¹ - and lies along the same N-S trending belt as the Filo del Sol-Aurora deposits and NGEx Minerals' Lunahuasi and Los Helados copper-gold deposits.