Type
Copper
Silver
Gold
Property/Mineral Rights
100 sq km
Country
Argentina & Chile
Stage
Exploration
Highlights
• Exploration started by Mogotes Metals Inc. in late 2022
• In a prolific district with many past local exploration successes
• Minimal exploration and drilling completed prior to exploration by Mogotes at Filo Sur
• Exploration program has identified multiple new exploration targets
All scientific and technical information relating to the Filo Sur Project contained in this website is derived from the Technical Report with an effective date February 27th 2024, titled “NI 43-101 Technical Report on the Filo Sur Project, San Juan Province, Argentina” (the “Technical Report”) prepared for the Company by Owen D. W. Miller, Ph.D., FAusIMM(CP), as well as the press releases and disclosures from the Company to the present date. The information contained herein is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and any public disclosures made by the Company and reference should be made to the full text of the Technical Report and these disclosures as available on the Company’s website and available under the Company’s SEDAR+ profile at www.sedarplus.ca.
This website contains information with respect to adjacent, proximate or similar mineral properties in respect of which the Company has no interest or rights to explore or mine, including, without limitation, the following properties: the Filo del Sol Property, the Josemaria Project and Los Helados Project. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent, proximate or similar properties are not indicative of mineral deposits on the Company's properties, including the FiloSur Project, or any potential exploitation thereof.
The Property is located on the eastern flank of the Andes Cordillera, 350 kilometres northwest of the city of San Juan, San Juan Province, and adjacent to the international border between Chile and Argentina, and the adjacent Atacama region in Northern Chile.
Geographically the area is known as “Macho Muerto – Rio Mogotes” and is covered by the Argentina 1:100,000 Map Sheet “Cerro El Potro” (IGM No. 2969-8). The approximate centre of the property lies at Latitude / Longitude: 28o 35’ 30” South, 69o 38’ West.
The Property is comprised of mineral titles in both Chile and Argentina. Those in Argentina are managed by Kopano Cobre S.A (the wholly owned Argentina subsidiary of the Company) and are referred to as the Argentina Property. Those in Chile are controlled by Mogotes Metals Chile SpA (wholly owned subsidiary of the Company based in Chile), and are referred to as the Chile Property.
In January 2025, the Company, through its subsidiary, entered into an option agreement with Compania Minera del Pacifico S.A (“CMP”) to acquire up to an 80% ownership in a company that will hold the rights to the mining properties in the Vicuna copper-gold-silver District (the “CMP Option Agreement”). The option is contingent on fulfilling specific exploration, payments and reimbursement obligations:
• Making a cash payment of US$150,000 and issuing Mogotes’ shares valued at US$1,000,000 on the date of entering into the CMP Option Agreement;
• Making a cash payment of US$100,000 and issuing Mogotes’ shares valued at $500,000 within one year of the signing of the CMP Option Agreement;
• Making a cash payment of US$50,000 and issuing Mogotes’ shares valued at $500,000 within five years of the signing of the CMP Option Agreement; and
• Exploration commitments of:
· US$1,000,000 per year in exploration expenditure on the properties to maintain the option;
· A total of US$5,000,000 in aggregate over 5 years;
· Expenditure done in advance can be applied as a credit to future years; and
· Reimbursement of payment of all mining patent costs during the option period.
At the conclusion of the 5 year option period, the Company must contribute an NI 43-101 compliant resource estimate and all mining information into a special purpose company (“SPV”) to be formed to hold the properties, and will be a 70% shareholder of this new company and will sole fund exploration from this point forward.
The Company may earn an additional 10% of the properties (via an increase in its shareholding in the SPV) by delivering (at its sole cost) a Preliminary Economic Assessment with a minimum internal rate of return (IRR) of 15% within a period of 12 months from the exercise of the option, or up to 36 months if it pays an additional penalty.
From the date that the Company’s share of the SPV increases to 80%, CMP and the Company will contribute their pro rata share to ongoing project funding requirements. Any party that does not contribute will have their share diluted according to the agreement. If CMP’s stake falls below 10% its equity share will be replaced by a 2% NSR on all products except any iron Ore. CMP will retain rights to iron ore throughout this option agreement including after exercise.
In February 2025, the Company amended the Filo Sur Option Agreement to acquire a 100% interest in the Filo Sur Project. The remaining payments to acquire 100% are:
• On or before the first anniversary of the closing date (the “Final Closing Date”), the Company will issue additional shares valued at $1,500,000. The number of shares will be determined by the volume-weighted average trading price on the TSX-V, subject to a minimum price threshold. If the share price is below the threshold, the Company may pay the difference in cash or, with TSX-V approval, additional shares. The Company may also choose, at its discretion, to pay the entire $1,500,000 in cash instead of issuing shares.
At the Final Closing Date, the Company will grant the vendor a 1.5% NSR on the properties. The Company retains the right to purchase 0.5% NSR for $2,000,000.
The Property is part of a larger district, straddling the Chile/Argentina border at a latitude of approximately 28.5° S.
Regional modern day geology is the product of eastward directed sub-duction of the Pacific Plate with associated volcanism and deformation along the western margin of South American continent.
Basement rocks in the region include Late Paleozoic granites and rhyolites of the Choiyoi Group. These are overlain by Jurassic and Cretaceous sediments. Compressional episodes in the middle Cretaceous have resulted in the uplift of the Andes. Extensional periods within the arc, such as is in the Paleocene-Eocene, resulted in extensional faulting, basin development and subsequent infill with terrigenous sediments. Eocene dioritic intrusive complexes are associated with this period.
A compressional regime has dominated from the Late Oligocene to present day and, along with development of the Miocene volcanic arc, there has been inversion of the Paleocene-Eocene extensional faults and related basins. The Property lies on the northern edge of the Chilean Flat Slab subduction zone (Kay and Mpodozis, 2002; Kay et al., 2014). Many of the significant porphyry and epithermal deposits within this belt have formed during the process of slab flattening from 18-5 Ma (Bissig et al., 2001; Mpodozis and Kay, 2003; Y. Kapusta in Rode et al., 2015; Yoshie et al., 2015; Holley et al., 2016; Sillitoe et al., 2016; Astorga et al., 2017).
Several belts of Late Oligocene to Miocene intrusions and associated volcanic rocks are developed in the central Andes and are responsible for the porphyry Cu-Au and epithermal systems of the Maricunga Belt and the high-sulphidation epithermal systems, including the El Indio-Pascua-Lama District.
Mineralization in The Maricunga Belt is from Late Oligocene to Miocene (Vila and Sillitoe, 1991) whereas the more southerly El Indio-Pascua-Lama Belts is of Middle to Late Miocene age (Bissig et al 2002).
Up until the late 1990’s, the Maricunga and El Indio belts were the main focus of exploration in the region, but it was recognized that the area between these two districts was prospective for similar systems. This has been borne out by work undertaken over the last two decades with discoveries such as the Los Helados, Josemaría and the Filo del Sol deposits which are of Late Oligocene to Late Miocene in ages.
Intrusive activity in the region, along with associated hydrothermal alteration, has been dated at Mid-Miocene to Late Miocene and shows similarities to many of the Maricunga-style Au-porphyries. Movement on structures has often led to the juxtaposition, telescoping or overprinting of high-sulphidation epithermal mineralization on these porphyry systems.
The figure below shows the aerial relationship of the Late Oligocene to Miocene volcanic rocks and associated porphyry and epithermal deposits.
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