Montero Completes 625.25-Metre Drillhole at Elvira and Intersects an Extensive Pyrite- Bearing High-Sulphidation Alteration System
Montero Completes 625.25-Metre Drillhole at
Elvira and Intersects an Extensive Pyrite-
Bearing High-Sulphidation Alteration System
Toronto, Ontario--(Newsfile Corp. - July 16, 2026) - Montero Mining and Exploration Ltd. (TSXV: MON)
(OTC Pink: MXTRF) (FSE: ES0) ("
Montero
" or the "
Company
") is pleased to announce that drillhole
MON-ELV-02
has been completed to a final depth of
625.25 metres
at the Elvira Gold Project in
northern Chile.
MON-ELV-02 is the successful redrill of the original MON-ELV-01 target and represents the first
completed hole of Montero's 2026 drill programme. The hole tested Montero's high-priority integrated
exploration targets, defined through geological, geochemical, and geophysical interpretation, including
geochemical vectoring work and Artificial Intelligence ("AI") and machine-learning-assisted data
integration.
Preliminary core observations confirm the predicted volcanic sequence overlying a dacite porphyry
intrusion and an extensive pyrite-bearing high-sulphidation alteration system. Geological logging and
core sampling are continuing, and initial samples have been submitted to AAA Laboratory for analysis.
Results will be reported once received, reviewed, and verified. Drilling of the next hole,
MON-ELV-03,
has now commenced
.
Preliminary Geological Highlights
Preliminary geological observations review of the drill core indicates that MON-ELV-02:
Intersected strongly altered volcanic rocks from surface to
194.9 metres
.
Intersected a feldspar-quartz-amphibole porphyry from
194.9 metres to the end of the hole
.
Confirmed the interpreted volcanic-porphyry contact at approximately
195 metres
.
Intersected widespread quartz-alunite-pyrite alteration.
Intersected extensive disseminated and vein-hosted pyrite throughout much of the porphyry.
Identified the base of oxidation at approximately
253 metres
, below which sulphides are better
preserved.
Intersected local vuggy silica, quartz-pyrite-alunite veinlets, chalcedonic veins, and hydrothermal
crackle breccias.
Recorded trace chalcopyrite and other possible sulphide phases requiring laboratory confirmation.
The porphyry interval extends for more than
430 metres downhole
and contains moderate to locally
strong disseminated pyrite, coarser pyrite aggregates, and thin quartz-pyrite veinlets.
Dr. Tony Harwood, President and Chief Executive Officer of Montero, commented:
"MON-ELV-02 has
successfully tested our highest-priority exploration target and provided encouraging support for our
integrated exploration model at Elvira. 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. Laboratory assays will determine whether
these geological features are associated with gold, silver, or copper mineralisation."
Figure 1: MON-ELV-02 drill core at 298.50 metres; showing feldspar-quartz porphyry with local
chalcedony replacement, a pyrite-chalcedony veinlet, an alunite vein, and visually estimated
disseminated pyrite of approximately 8%.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11789/305425_3f3aa58ad44d2be3_001full.jpg
Integrated Geological, Geochemical and Geophysical Interpretation
The drilling confirms that the modelled IP chargeability response corresponds to an extensive pyrite-
bearing sulphide system within the porphyry.
The main sulphide-bearing interval begins below the base of oxidation at approximately
253 metres
and
continues through much of the remainder of the hole. This provides geological support for Montero's
integrated targeting model, which combined geology, surface geochemistry, structural interpretation, IP
chargeability and resistivity, geochemical vectoring, and three-dimensional geological modelling.
Geochemical vectoring was applied to multi-element data to identify patterns interpreted to vector
toward the hydrothermal system. These results were integrated with geological mapping, historical
drilling, alteration, structural, and geophysical datasets. AI and machine-learning tools assisted in
evaluating relationships within these datasets and in developing the geological model used to prioritise
targets for the drill programme.
Preliminary geological interpretation indicates that the porphyry intrusion was subsequently overprinted
by a later high-sulphidation hydrothermal event. Quartz-alunite-pyrite alteration, local vuggy silica, and
widespread sulphides show that hydrothermal fluids penetrated deeply into the intrusive host.
These observations indicate that the high-sulphidation alteration system extends below the near-surface
volcanic sequence and into the underlying porphyry. It remains uncertain whether the intersected
porphyry was the source of the hydrothermal fluids or whether a separate, deeper mineralising intrusion
is present. If the intersected porphyry was the source, the vertical overlap of porphyry-related and high-
sulphidation alteration may indicate a telescoped hydrothermal system.
Assays and Next Steps
Core logging, cutting, and sampling are continuing, and the initial sample batches have been submitted
for laboratory analysis. Assay results will be used to evaluate:
Whether gold, silver, copper, and other metals are associated with the pyrite-bearing intervals.
The geochemical significance and distribution of the alteration and sulphide system.
The relationship between the intersected porphyry and any deeper mineralising source.
The geological information from MON-ELV-02 will be incorporated into Montero's three-dimensional
geological model, together with the geochemical, geophysical, and structural datasets, to refine the
location, orientation, and sequence of subsequent drillholes. The model will continue to be updated as
geological logging, portable XRF screening and laboratory assay results become available.
Drilling of MON-ELV-03 is now underway. The design and order of later drillholes may be refined as
geological observations and laboratory assay results are received.
Caution Regarding Visual Observations
The geological observations reported in this release are preliminary and are based on visual
examination of drill core. Visual estimates of alteration, sulphide abundance, and mineralogy are
inherently uncertain and should not be considered a substitute for laboratory assay results. The presence
of pyrite, alteration or other sulphide minerals does not necessarily indicate the presence of
economically significant gold, silver, or copper mineralisation. Assay results will be reported once
received, reviewed, and verified by the Company.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved
by Mr. Marcial Vergara, B.Sc., an independent consulting geologist and a Qualified Person as defined
by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Vergara is
independent of the Company
.
About Montero
Montero Mining and Exploration Ltd. is a Canadian exploration company focused on gold and copper
exploration in Chile. Montero holds a 100% interest in the Avispa copper-molybdenum project in the
Palaeocene Porphyry Cu-Mo Belt of northern Chile and has an option to acquire the Elvira and Potrero
gold projects in the Maricunga Gold Belt. These projects are being advanced through ongoing
exploration activities.
Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,453,833 common
shares and 735,383 stock options outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President and Chief Executive Officer
Email:
Tel: +1 604 428 7050
www.monteromining.com
Neither TSX Venture Exchange nor its Regulation Services Provider, as that term is defined in the
policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian
securities laws. Forward-looking information includes statements regarding the interpretation of
geological observations; the potential relationship between alteration, sulphide mineralisation and metal
content; the timing and receipt of assay results; the refinement of the geological model; the application of
geochemical vectoring, artificial intelligence and machine-learning tools to the integration and
interpretation of exploration data, and the design, sequence and timing of subsequent drillholes; and the
continuation of the 2026 Elvira drilling programme.
Forward-looking information is based on assumptions and estimates considered reasonable by
management as of the date of this release but is subject to known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially from those expressed or implied. These
risks include the speculative nature of mineral exploration, uncertainty in the interpretation of geological,
geochemical and geophysical data, limitations and uncertainties associated with geochemical vectoring,
artificial intelligence and machine-learning-assisted interpretation, the possibility that laboratory results
may not confirm visual observations or current geological interpretations, operational and technical risks,
permitting and regulatory risks, commodity-price fluctuations, availability of financing and other risks
described in the Company's public disclosure documents filed on SEDAR+.
Readers are cautioned not to place undue reliance on forward-looking information. Montero undertakes
no obligation to update forward-looking information except as required by applicable securities laws.
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