Mogotes Metals (TSXV:MOG) - District-Scale Explorer Triples Drilling to 20,000m Through 2027

Allen Sabet (0:00)

My name is Allen Sabet, I'm the CEO of Mogotes Metals. We're a copper and gold exploration company looking for copper and gold in three high potential districts in the world.

SPEAKER_2 (0:11)

Good to see you. Right, it's been a while since you spoke.

Just a headline, what have you achieved since we last spoke?

Allen Sabet (0:17)

Oh, I think since we last spoke, we've hit, we've kind of completed the first discovery hold at Albor, and we've got 180 meters there, 1% copper equivalent. When we spoke, we were only about 100 meters into that interval of 180 meters. So that's been extended, and that shows us in the complete whole tremendous upside potential around it. And then in addition to that, we've closed the transaction with Rio Tinto, who has now come in as a strategic investor to take 5% of the company at a significant premium to our share price. I don't believe that was even announced when we last spoke. Now it's been announced, closed, and we're in partnership with one of the best mining companies in the world. We've completed the field season, and we're embarking on an ambitious 20,000-meter drill campaign at Filo Sur.

SPEAKER_2 (1:04)

Okay, so look, what I'd like to get out of today's session is basically trying to establish how the geological story has advanced, what you now believe that you've got at Filo Sur, you know, and how that 20,000-meter drilling will kind of test your thesis. Also a bit more on the Rio Tinto. There's obviously really, really big news. We're trying to understand what their involvement actually means for you and I guess ultimately what we're going to see from you guys next. So if we can come back to the Albor results. Last time we spoke, it was based on a kind of partial assay.

Now you've kind of seen what you've seen. Can you bring us up to date with a bit more detail around rather than just the whole itself? What are you now thinking?

Allen Sabet (1:45)

Beyond the whole itself. Okay, well, so the whole was significant because it, number one, established high grades at the project. That is something that we had had in small intervals, but nothing like 180 meters at 1% copper equivalent. So it changes the game in terms of putting us in the same category as Filo del Sol, next door, in terms of grade.

Then when you looked at the whole itself and the geological characteristics in our Albor discovery interval, what you saw was multi-stages of mineralization. So you've got multiple phases or mineralizing events in there. That is a characteristic that distinguishes Filo del Sol and actually has been the cause of its, let's say, exceptional grades. In the Andes, the porphyries that you see, just the porphyry mineralization, they're sitting around a 0.4% copper grade, or 0.5, with some small gold. That's what you see at other deposits, let's say, your Jose Maria or others up and down this belt. But what you have with Filo is an extensive high-sulfidation overprint on the porphyry system, and therefore you get a significant upgrade in the grades that you see. We have that in the Albor drill hole. Not only do we have the overprint or the multiple stages of mineralization, we also have this significant bump in the grades. So we have an interval there.

I wouldn't have to check my notes, but it's about 60 meters of around 2% copper equivalent within the 180 meters. So it's a significant finding, both in terms of grade and the geological parallels that one can draw with Filo. And I would say that the third very important thing we've seen there is we've started to understand one of the controls on this high-grade mineralization, which is the key structure that drives through our project running northwest.

And it's known in other deposits that these structures are the key plumbing systems that bring up the metals and fluids and so on. And we're sitting on one of these structures, a major one. They're called trans-origin or trans-andean fault. They cross across the Andes. We've got one. That's a very key structure. And it's one that Albor Discovery Hole sits on and the southern one at Crux del Sol sits on or proximal to. So our focus is actually going to narrow down on this very key structure as well, then expand around it. So we've got the grades. We've got the similarities in the kind of multi-stage mineralization that we like to see, that we've seen at Filo. And we've identified a key control that we believe will help us explore more effectively here in the next season.

SPEAKER_2 (4:21)

Okay, so if you're looking at Albor, you'll stick with Albor initially. Are you, look, was it 6,200 metres in total, right, across Albor and Cruz de Sur, yeah?