The playbook — copper · September 4, 2026
Mogotes wraps its Filo Sur season and books two new porphyry targets
The Luz del Sol assays we were waiting on are in — thin. The company now points to 20,000 metres of drilling for 2026–2027.
On September 4, Mogotes Metals closed out its field season at Filo Sur, its exploration ground in the Vicuña copper-gold belt straddling the Argentina–Chile border. The release does two things. It consolidates intercepts already reported earlier in the year — Albor’s 180 metres at 0.98% copper-equivalent (a blended grade that bundles gold, silver, moly and zinc into one copper number) and Cruz del Sur’s more than 640 metres of roughly 0.45% CuEq. And it adds two fresh names to the map: new porphyry targets at Luz del Sol-Cuenca and Meseta. When we last covered Mogotes, Rio Tinto had just bought in, and we flagged two open items: the pending assays from holes FS_DDH_013 and FS_DDH_015 at Luz del Sol, and the 2026–27 drill plan.
Both are now answered. The Luz del Sol holes came back thin — 18 metres at 0.21% copper and 24 metres at 0.16% copper. The company states plainly these are anomalous vectoring, pointers toward a possible porphyry at depth, not economic mineralization. Surface channel samples at Cuenca returned 153 metres at 0.31 grams per tonne gold and 0.11% copper — a road-cut and trench result, not a drilled one. The second open item, drill planning, is resolved: a 20,000-metre program for 2026–2027 aims to extend Albor and Cruz del Sur and drill-test the new targets for the first time. The draw here remains the address. Filo Sur adjoins Lundin’s Filo del Sol in a district big enough that BHP and Lundin paid C$4.5 billion for Filo Corp, and Rio Tinto holds a technical alliance on the ground.
The caveats are the company’s own. True widths cannot yet be determined — every interval is a downhole or surface length. Those CuEq grades assume 80% metal recoveries with no metallurgical test work done, so treat them as illustrative. The Albor discovery rests on a single hole (FS_DDH_016); Cruz del Sur rests on two holes (FS_DDH_006 and FS_DDH_007) — continuity and strike are unproven for both until the 2026–2027 drilling. Cuenca is undrilled surface sampling, subject to weathering. The qualified person, Carl Schnell, is the company’s own Head of Geology, not independent. And the market has been repricing something: the stock shed over a fifth of its value in three months while copper rose 2.4% and copper-equity peers were essentially flat — a gap that is company-specific, not sector-driven. What to watch: extension drilling at Albor and Cruz del Sur, and the first porphyry test plus trenching at Luz del Sol-Cuenca.