Latest / Kitco MINING / Mogotes Metals Ramps Up Filo Sur After Two Copper-Gold Discoveries | Allen Sabet

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Mogotes Metals Ramps Up Filo Sur After Two Copper-Gold Discoveries | Allen Sabet · Kitco MINING

• 0:07
  SPEAKER_01: Another Vicunia is starting to run.
• 0:09
  SPEAKER_01: Hello and welcome to Kitco Mining with me, Paul Harris, here at the 2026 Presses Metal Summit in Beaver Creek, Colorado.
• 0:16
  SPEAKER_01: Joining me now is Alan Sabe, CEO of Mogotis Metals, which trades on the TSXV under the ticker MOG.
• 0:23
  SPEAKER_01: Alan, welcome to Kitco.
• 0:25
  SPEAKER_00: Thanks so much.
• 0:25
  SPEAKER_01: MGotis Metals is uh a junior explorer whose name sort of rocketed to the top of people's consciousness after you hit a discovery hole of 180 meters, grading 0.8% copper equivalent at your Philo Sewer project in the Vacunia district, um immediately south of the BHP Londine mining Philo de Sol project.
• 0:47
  SPEAKER_01: Wow, what a great hit! That must have been uh quite something and quite an exciting moment in time to uh know that you're on to something there.
• 0:55
  SPEAKER_00: Absolutely.
• 0:56
  SPEAKER_00: We've been looking for this moment for four years.
• 0:59
  SPEAKER_00: So the culmination of you know, four years of systematic work and to hit uh this kind of mineralization.
• 1:04
  SPEAKER_00: It's to be clear, just the beginning because it's the start of uh I think what will be our next season of drilling to follow up on that.
• 1:12
  SPEAKER_00: So we're looking for more of that kind of material and uh we're gonna drill a lot to try and find it.
• 1:17
  SPEAKER_01: Okay, well, let's go back uh a few steps before that.
• 1:20
  SPEAKER_01: Um Discovery Hole, fantastic.
• 1:23
  SPEAKER_01: How did you put the the package together?
• 1:27
  SPEAKER_00: So it took a lot of uh systematic and uh let's say deliberate work identifying the most prospective parts of this district.
• 1:39
  SPEAKER_00: Obviously, we're situated next to the biggest copper discovery of the last three decades.
• 1:46
  SPEAKER_00: Okay, so everything is prospective, adjacent to something like that.
• 1:51
  SPEAKER_00: But we slowly worked uh through typical exploration process with the ground that we had while in parallel seeking to acquire additional ground where we saw alteration, where we saw mineralization, or where um we knew from our work that it would be a great addition to the package.
• 2:12
  SPEAKER_00: And so negotiated on those.
• 2:14
  SPEAKER_00: One of the big ones that came into our uh possession was a uh option with CMP, a Chilean iron ore company, two years ago.
• 2:22
  SPEAKER_00: That was a critical piece of it.
• 2:23
  SPEAKER_00: But slow, deliberate work over the last few years has given us now a contiguous land package directly next to Philo of about a hundred uh kilometers squared, and that has yielded now some initial discovery success in uh in the Vicunya district.
• 2:40
  SPEAKER_01: The Vicunia district straddles uh from San Juan in Argentina, it comes into Chile, the BHP London, Philo do Sol project, that's in San Juan.
• 2:48
  SPEAKER_01: You've got uh concessions or land package in both San Juan, Argentina, and in Chile.
• 2:54
  SPEAKER_01: How does it break down between the sort of two countries?
• 2:57
  SPEAKER_01: And in which country was the discovery hole?
• 3:01
  SPEAKER_00: To clarify there, Philo, our neighbor, sits, it's bisected by the border between the two countries.
• 3:08
  SPEAKER_00: So the high Andes, the high part of the mountain range, I think marks the border.
• 3:12
  SPEAKER_00: And we are on that exact borderline.
• 3:15
  SPEAKER_00: So Philo is on the border and has across both countries.
• 3:18
  SPEAKER_00: And and as if we're directly adjoining Philo, we also have ground on both sides of the border.
• 3:24
  SPEAKER_00: However, they're attached to each other.
• 3:26
  SPEAKER_00: They're next to they're almost the same, they're the same line package.
• 3:29
  SPEAKER_00: So uh we discovered that Albor intercept, the one 180 meters of 1% roughly, uh in Argentina, quite close to the border with Chile, which is where you know a lot of the action is because it's at the high part of the Andes.
• 3:46
  SPEAKER_01: Okay, the on the file of the Sol project, the the the partners there, they benefit from the bilateral mining agreement between Chile and Argentina, which amongst other things, allows them to, you know, the personnel, machinery, etc., to sort flow back and forth across the border.
• 4:01
  SPEAKER_01: Do you benefit from the a similar thing?
• 4:03
  SPEAKER_00: Yeah, we're actually one of three parties that was recently added to that um bilateral or what they call it uh binational commission, I think.
• 4:13
  SPEAKER_00: So NFILO is one of them, we were one of them, and I think the third was NGX.
• 4:17
  SPEAKER_00: So we've been working on that for about four years and just received um news and there was some press around it that that we've been uh added to that protocol.
• 4:26
  SPEAKER_00: There's some paperwork and some formalities that remain to be completed, but we will be benefiting from that this season if all goes well.
• 4:32
  SPEAKER_01: Well, that's excellent news.
• 4:33
  SPEAKER_01: Now, one of the things that happened after the Discovery Hole, you uh did a financing Rio Tinto invested$15 million into the company.
• 4:42
  SPEAKER_01: How did that uh relationship come about?
• 4:45
  SPEAKER_00: That's US dollars, just for the listeners.
• 4:47
  SPEAKER_00: Um that relationship um would have been years in the making.
• 4:54
  SPEAKER_00: When you have a project like ours, we're normally quite uh assertive about communicating what we're finding with a number of stakeholders like Rio or other big companies.
• 5:03
  SPEAKER_00: And I think what caught their interest here is the strength of the project.
• 5:07
  SPEAKER_00: So extensive technical due diligence and um you know quite quite an elaborate process, but concluding almost simultaneously with our discovery drill hole, but their interest predated uh that that discovery hole.
• 5:21
  SPEAKER_00: So yeah, it takes time.
• 5:22
  SPEAKER_00: But uh, you know, talk to all the big companies as you're progressing so that they're they're up on the latest updates, what you're finding, and when the when the moment's right, sometimes things like this happen.
• 5:34
  SPEAKER_00: And we're very happy to have uh a relationship with Rio Tinto.
• 5:37
  SPEAKER_00: They're one of the best mining companies in the world with the strongest exploration track record as far as I know.
• 5:42
  SPEAKER_01: Absolutely.
• 5:42
  SPEAKER_01: In in your conversations with the other big miners, I imagine you know, I'm gonna speculate.
• 5:47
  SPEAKER_01: What was there some sort of jealousy that Rio Tinto is able to get in there first?
• 5:50
  SPEAKER_01: Uh no comment.
• 5:52
  SPEAKER_01: Okay, fair enough.
• 5:53
  SPEAKER_01: Um you're sitting on about what$55 million in your treasury at the moment.
• 5:57
  SPEAKER_00: So uh US dollars?
• 5:58
  SPEAKER_01: Um Canadian dollars, we're at 77, just to clarify.
• 6:02
  SPEAKER_00: Okay, yeah.
• 6:02
  SPEAKER_01: Thank you.
• 6:03
  SPEAKER_01: So um you got 20,000 meters of drilling program for the 26-27 season.
• 6:08
  SPEAKER_01: Um, obviously in South America, so the summer season there is in the winter, the northern hemisphere winter.
• 6:14
  SPEAKER_01: Um so what what is what's the plan for that uh drilling?
• 6:17
  SPEAKER_01: What do you hope to achieve with that?
• 6:19
  SPEAKER_00: It's it's it's very simple.
• 6:22
  SPEAKER_00: We want to follow up on our best drill holes of this last season.
• 6:27
  SPEAKER_00: That's priority number one.
• 6:29
  SPEAKER_00: And so that means where we've drilled 180 meters of 0.98% copper equivalent, we see a lot of white space along strike, north and south, that's untested by drilling, and at depth.
• 6:42
  SPEAKER_00: Uh so there's quite a lot of focus going to you know, start there and follow up on that.
• 6:48
  SPEAKER_00: And of course, we had a second discovery seven kilometers down from there, where we had a very interesting hole, our hole number six.
• 6:57
  SPEAKER_00: It had two intervals of over 300 meters of 0.5% copper equivalent.
• 7:02
  SPEAKER_00: And we're gonna follow up on that porphyry system that's a newly discovered system.
• 7:06
  SPEAKER_00: It's quite close to the surface as well.
• 7:08
  SPEAKER_00: And that'll be another focus.
• 7:10
  SPEAKER_00: The third focus is there's a number of untested targets quite close up to the phyllow border, one of which I'm very keen on called Cuenca, where we have new data, new surface samples that uh, in conjunction with what we've learned from the Albor discovery, make it look uh quite appealing as a drilling prospect.
• 7:30
  SPEAKER_00: So we're gonna allocate our meters in these priorities, and of course, we have reconnaissance work uh in our large land package that may yield further targets of interest, and we'll adjust the entire plan based on what we're seeing coming out of the ground as we're drilling.
• 7:44
  SPEAKER_00: So we have a strong hypothesis and plan going in, but we're gonna be flexible and adjusted as as we drill in, depending on what we see.
• 7:51
  SPEAKER_01: Okay.
• 7:51
  SPEAKER_01: Your your neighbors made their discovery with hole 41.
• 7:54
  SPEAKER_01: You've obviously that hit made your discovery hole uh a bit quicker than that.
• 7:58
  SPEAKER_01: But uh looking to your neighbor, what what are some of the takeaways from the Field of the Soul project that um you can use to sort of guide you with the work that you're doing?
• 8:08
  SPEAKER_00: Well, we can talk in two categories.
• 8:10
  SPEAKER_00: We can talk technical insight and we can talk principles.
• 8:15
  SPEAKER_00: Let's start at the level of principle.
• 8:16
  SPEAKER_00: One of the key takeaways there is you must be determined and persist.
• 8:22
  SPEAKER_00: What the people at uh Philo, uh Philo Mining and the Lundine Group broadly, uh did there was remarkable, was just the determination to work there two decades, you know, in from the late 90s, and systematically explore and persist in a very challenging environment and finally culminating in the biggest copper discovery of 30 years.
• 8:46
  SPEAKER_00: That's a movie.
• 8:48
  SPEAKER_00: Someone's got to make it.
• 8:49
  SPEAKER_00: I hope I'll be in that movie with our own series of discoveries.
• 8:52
  SPEAKER_00: But in the level of principle, persistence and determination is very important, and you know, flowing from that is you need to be able to raise capital, and you need to be able to attract partners, and you need to have a strong technical team to actually get somewhere.
• 9:05
  SPEAKER_00: But on the level of the technical insight, we've been able to let's say leverage a number of insights that they gained.
• 9:14
  SPEAKER_00: One of the one of the things that was done a couple of years ago was the team there, the discovery team there, actually put out a paper on the geological characteristics of the deposit, you know, the age, the kind of multiple intrusions that they're seeing, a number of different things of of interest to people like us who are trying to find uh something in the same system, in the same neighborhood.
• 9:37
  SPEAKER_00: And uh, you know, actually when we looked at that paper and we looked at what what was the characteristics of the drill core that we saw in the Albor discovery, we saw so many uh similar characteristics.
• 9:49
  SPEAKER_00: So we're very encouraged, and we've leveraged obviously the knowledge of the geology from the paper, but also from people who have been there and worked at Philo and uh their approaches to exploration, which broadly speaking are not different from uh you know what you might think.
• 10:04
  SPEAKER_00: Systematically exploring hypotheses, ruling out some and and and and doubling down on others, and that's what we've had to do here.
• 10:12
  SPEAKER_00: We've tried a few different drill targets this season, and two of them worked out.
• 10:17
  SPEAKER_00: And that gave us a body of knowledge on what to do next.
• 10:20
  SPEAKER_00: In this case, what we learnt at Albor was the strong structural kind of control there with the northwest trending Andean, Trans Andean fault.
• 10:29
  SPEAKER_00: Those are very important structures, it's known.
• 10:31
  SPEAKER_00: Particularly on our project, both discoveries are on that structure.
• 10:34
  SPEAKER_00: Uh, and we've obviously been able to leverage geophysical tools to help us.
• 10:40
  SPEAKER_00: But uh look, there's a lot to there's a lot to learn from such a success story as Philo.
• 10:47
  SPEAKER_00: And uh we're really grateful that that they've made this discovery and that they've also been so open about publishing some of that geological knowledge, which we've been, you know, monitoring quite closely.
• 10:58
  SPEAKER_01: Excellent.
• 10:58
  SPEAKER_01: And of course, I presume you can tap on the technical experience and knowledge of Rio Tinto.
• 11:04
  SPEAKER_01: As you mentioned, there they've got a wealth of history of exploration, they've perhaps got access to knowledge, experts, consultants, and tools that uh a young junior would not normally have access to.
• 11:16
  SPEAKER_01: What sort of support and benefit are you getting from that relationship from Rio Tinto?
• 11:21
  SPEAKER_00: Oh, we've started already, but I guess it remains to be seen.
• 11:23
  SPEAKER_00: Let's see how it unfolds.
• 11:25
  SPEAKER_00: Uh the relationship has a formal component and an informal component.
• 11:28
  SPEAKER_00: Informal component is we have a technical committee, uh a few representatives from each country, uh each company will meet and exchange ideas and concepts.
• 11:37
  SPEAKER_00: Uh Mugote has full discretion on what advice we will kind of implement, and others we may not.
• 11:45
  SPEAKER_00: But we will be able to from them receive, I hope, the best of their thinking, the best of their capabilities.
• 11:52
  SPEAKER_00: And company like Rio Tinto over the decades has profound porphyry exploration experience.
• 11:59
  SPEAKER_00: Some of the best porphyry exploration people and geologists and experts come from their, you know, school of thought.
• 12:05
  SPEAKER_00: So yeah, so we're already exchanging ideas, you know, techniques, uh, approaches, and and so on, early stages.
• 12:13
  SPEAKER_00: We'll see how it goes over the next 12 months or so.
• 12:16
  SPEAKER_01: Okay.
• 12:17
  SPEAKER_01: This next question's perhaps a little bit too preliminary, and that is um, how do you think uh it could be?
• 12:23
  SPEAKER_01: And uh preliminary because uh recall with Philo, every time they stepped out they kept hitting and hitting and hitting, so we got bigger and bigger and bigger.
• 12:31
  SPEAKER_01: Hopefully that's uh the sort of kind of problem or issue you'll face.
• 12:35
  SPEAKER_01: But uh do you have an idea of or target of how big you think you can, you know, how widely how you can swing for the fences?
• 12:45
  SPEAKER_00: Too early.
• 12:46
  SPEAKER_00: You you're right.
• 12:47
  SPEAKER_00: Just too early to say.
• 12:48
  SPEAKER_00: Uh we'll take big swings, you know, and we'll try a few things.
• 12:52
  SPEAKER_00: But uh what 20,000 meters that we're planning to do gives us that latitude to try a few, you know, riskier kind of uh moves and also step out more conservatively from what we know is there.
• 13:03
  SPEAKER_00: And of course that's not the it's highly unlikely what we drilled at Albori is the only thing there.
• 13:09
  SPEAKER_00: So that third, you know, third category of priority for our season is to drill some of these untested but very attractive targets.
• 13:16
  SPEAKER_00: So we'll do a combination of of those three priorities we've laid out for the season.
• 13:20
  SPEAKER_00: Follow up on Discovery One, follow up on Discovery Two, and drill new untested um targets.
• 13:27
  SPEAKER_01: Okay.
• 13:27
  SPEAKER_01: So Alan, if we're sitting here next year, with a bit of luck, what would you hope to have achieved?
• 13:33
  SPEAKER_01: Where would you hope Magotis Metals is?
• 13:36
  SPEAKER_00: Yeah.
• 13:36
  SPEAKER_00: We're lucky I'm not here next year.
• 13:38
  SPEAKER_00: Uh uh, I may be on a yacht somewhere.
• 13:42
  SPEAKER_00: But uh look, 20,000 meters is going to be instructive.
• 13:47
  SPEAKER_00: You know, the entire project's history before we Magotes joined and then took a low this uh land package and and and built this company was 20,000 meters, focused on a few areas.
• 14:00
  SPEAKER_00: We're going to be doubling essentially the amount of geological knowledge we have in 3D from drilling, which is the highest fidelity knowledge you can have.
• 14:09
  SPEAKER_00: So I think that we, you know, we hope if this year is successful that that will yield uh incredible results.
• 14:18
  SPEAKER_00: Of course, we don't know that.
• 14:19
  SPEAKER_00: So that's what drilling is for.
• 14:21
  SPEAKER_01: Absolutely.
• 14:21
  SPEAKER_01: Well, I wish you the best of luck there.
• 14:23
  SPEAKER_01: Once again, Magotti's Metals trades on the TSXV under the ticker MOG.
• 14:28
  SPEAKER_01: Alan Sobey, thank you very much for joining me today.
• 14:31
  SPEAKER_01: Thanks a lot.
• 14:31
  SPEAKER_00: Thank you.
• 14:32
  SPEAKER_01: And we have more to come from the 2026 Precious Metal Summit here in Beaver Creek, so stay tuned and hit that subscribe button.
• 14:38
  SPEAKER_01: This is Paul Harris for Kitco Mining.