Montero Mining and Exploration Ltd. (“Montero”) is pleased to announce commencement of mobilization and operational preparations for a Phase 1 diamond drill program at the Elvira gold project, located in Chile’s Maricunga Gold Belt.
Figure 1. Regional location map of the Elvira Project, Maricunga Belt, Chile.* Image Credit: Montero Mining & Exploration Ltd
The Company has finalized its drilling services contract and initiated mobilization activities in preparation for drilling scheduled to commence during the third week of May 2026.
The Phase 1 program is planned to comprise four diamond drill holes totalling between 1,500 and 2,000 meters, with planned hole depths ranging from approximately 350 to 650 meters. Site preparation and operational readiness activities are substantially complete and include:
- Road access upgrades and maintenance to support winter drilling conditions
- Mobilization of drilling equipment and site infrastructure
- Establishment of drill camp, core handling, and logging facilities
- Mobilization of geological and field support teams based in Copiapó
- Completion of environmental, safety and operational readiness procedures
The Company has obtained all the necessary authorizations to undertake the planned drilling program.
As the program moves into the winter operating period, road upgrades and maintenance have been completed to support safe and reliable access during drilling operations.
Priority drill targets at Elvira have been identified through integration of geological mapping, geochemistry, geophysics, and historical exploration data.
These targets have subsequently been field validated, with final drill collar locations refined through geological interpretation of all exploration data and three-dimensional modelling supported by AI-assisted data interpretation prior to drilling.
Following completion of the Elvira program, the drilling contractor’s equipment is expected to be utilized for the Company’s planned Phase 1 drill program at the nearby Potrero project.
The Elvira technical program is being led by Marcial Vergara, Richard Hornsey and Lydia Willems, supported by field assistants and specialist consultants.
Dr. Tony Harwood, President and CEO of Montero commented: “The Company has now moved into the operational phase at Elvira following completion of permitting, mobilization planning and drill target definition. Significant groundwork has gone into preparing the project for drilling, particularly given the winter conditions and logistical requirements of operating in the Maricunga Belt. We look forward to commencing the Phase 1 drill program.”
A regional location map is shown in Figure 1.
*Adjacent property Mineral Resource and Mineral Reserve estimates shown in Figure 1, including those for Salares Norte, Fenix Gold, La Coipa and Lobo-Marte, are derived from publicly available disclosures prepared by the respective owners in accordance with applicable securities regulations, including: 1Gold Fields Limited, Salares Norte Technical Report Summary (effective 31 December 2024); 2Rio2 Limited, NI 43-101 Feasibility Study Technical Report for the Fenix Gold Project (effective 16 October 2023); and 3Kinross Gold Corporation, La Coipa and Lobo-Marte Mines Mineral Reserve and Resource Statement as at 31 December 2024, prepared in accordance with CIM Definition Standards. Such information is not necessarily indicative of mineralisation on the Company’s Elvira project.
Next Steps
The Company has finalized drill hole locations and will continue refining the three-dimensional geological model through ongoing interpretation and specialist technical input during the drill program. Further updates will be provided as drilling activities progress.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Marcial Vergara, B.Sc., and Mr. Mike Evans, M.Sc. Pr.Sci.Nat., each a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and independent consulting geologists to the Company.