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."