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Argentina Metals Corp. (TSXV: VLLC) announced a private placement of up to C$3 million to finance exploration activities in Mendoza, prioritising Las Estrellas, its project located within the Malargüe Western Mining District (MDMO). The initiative follows the identification of two copper mineralisation models through geochemical and geophysical studies.
By Panorama Minero
The financing involves the issuance of up to 9,375,000 common shares at C$0.32 each, on a non-brokered basis. The proceeds will primarily fund fieldwork, geophysical surveys and the definition of drilling targets.
The placement may be completed in one or more tranches and remains subject to TSX Venture Exchange approval. The company reported that directors and other related parties will participate.
Roger Clegg, CEO of Argentina Metals, stated that the financing will support progress at Las Estrellas and the continued evaluation of seven other priority areas identified within the company's portfolio.
Two Mineralisation Models at Las Estrellas
The Las Estrellas project covers approximately 2,900 hectares in the Río Damas area, west of Malargüe, and is located around 1.5 kilometres from Kobrea Exploration's El Perdido project.
Studies conducted between December 2025 and January 2026 identified two areas with different geological characteristics: a manto/skarn system in the north and a potential copper-gold-molybdenum porphyry system in the south.
The initial exploration campaign included 144 rock samples and 14 stream sediment samples. Among the rock samples, 17 returned copper values above 50 ppm, while five exceeded 100 ppm. The two highest copper concentrations reached 9,978 ppm and 6,673 ppm.
The samples with the highest copper content were located in the northern sector, where the company identified surface mineralisation, hydrothermal alteration and disseminated sulphides.
Ground magnetic surveys also detected anomalies ranging from +135 to +356 nT, with interpreted sources at depths of 50–60 metres and 120–150 metres.
Exploration Targets and Drilling
In the northern sector, Argentina Metals considers the possibility of identifying manto/skarn-type mineralisation, comparable to the geological model at El Burrero, as well as a deeper porphyry system.
This sector is the highest priority for the first drilling campaign. The company is considering shallow drill holes to assess near-surface mineralisation and deeper drilling to investigate porphyry potential.
The southern sector displays geological characteristics consistent with a copper-gold-molybdenum porphyry system, within the same regional trend as El Perdido.
For the 2026–2027 exploration season, Argentina Metals plans to conduct geological mapping, detailed sampling, induced polarisation and resistivity surveys, and integrate the results to select drilling targets.
In a technical presentation, Clegg referred to an initial drilling programme of between 1,500 and 2,000 metres, potentially beginning towards the end of the first quarter of 2027.
However, the announcement associated with the financing anticipates drilling beginning towards the end of 2027, subject to capital availability and the relevant approvals.
Financing and Project Portfolio
The company had previously estimated additional financing requirements of between US$5 million and US$10 million over an 18- to 24-month period.
It also estimated drilling costs of between US$500 and US$1,000 per metre in this area of Malargüe.
Consequently, the announced placement is primarily intended to complete preparatory work and does not represent full financing for a drilling campaign.
Argentina Metals controls approximately 146,700 hectares across 26 projects in Mendoza. During 2025 and 2026, its technical team assessed different areas using geological, geochemical and geophysical information, ultimately selecting eight priority targets.
Las Estrellas is the leading project in this portfolio for the coming exploration season.
The company plans to continue evaluating the other seven targets, whose environmental permits are being processed, and progressively advance towards further drilling campaigns.