Centenario Gold Targets Century-Old Jibosa Stockpile at Los Reyes

Important Disclosures:

1. Centenario Gold Corp. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Centenario Gold Corp. 
3. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Key Takeaways

A Century-Old Mine Gets a New Test

One hundred years ago, miners at the Jibosa shaft in northern Mexico extracted copper-rich ore. Today, the remnants of that mining are helping guide a new exploration campaign. A sample collected from one stockpile, numbered 417995, returned 7.19% copper (Cu) and 2.88% zinc (Zn). Centenario Gold Corp. (CTG:CSE) has now started its maiden drill program at the Los Reyes copper-molybdenum-gold skarn system near Chihuahua, Mexico, according to a September 29, 2026, company announcement.

The program follows an initial phase of mapping and sampling at the El Rey concession, where 58 samples were collected from surface outcrops, waste dumps, and underground workings associated with the Tueda and Jibosa shafts, which are approximately 200 meters apart.

This latest work shifts the project from surface exploration toward testing mineralization below the historic workings. The results could help Centenario determine whether copper-rich zones continue laterally and at depth, although no Mineral Resource Estimate (MRE) has been established.

The name Centenario means "centennial," fitting a project where the company is revisiting copper-rich workings mined roughly 100 years ago. Now, Centenario is looking to determine whether mineralization remains beyond the historic workings, as growing demand from AI data centers, power-grid expansion, and electrification puts renewed focus on future copper supply.

What the Old Miners Left Behind

The strongest reported Los Reyes result was a rock sample grading 27.9% Cu from a 0.6 m fracture-fill zone approximately 20 m below surface in an old tunnel. Other samples returned copper, zinc, molybdenum (Mo), and gold (Au), showing the polymetallic potential of the skarn system.

Skarn mineralization can form where intrusive rocks interact chemically with surrounding carbonate rocks, including limestone. At Los Reyes, the company has found copper-rich skarn zones along the contact between intrusive rock and limestone. At the same time, historical workings at Jibosa reportedly followed mineralized zones reaching up to 30 m wide and 100 m long. Samples from the Tueda shaft also returned molybdenum and gold. Centenario has suggested that gold could be more widely distributed throughout the system and plans to investigate the mineralization at depth and along strike.

The maiden drill program is intended to test what surface sampling alone cannot establish: whether the mineralized zones continue at depth and along strike from the limited exposures left by historical mining. Drilling results will be needed before the company can assess continuity, geometry, or potential scale.

Centenario also holds an option on the Cabot copper-gold-cobalt property on Newfoundland and Labrador's Baie Verte Peninsula, covering approximately 4,800 hectares. Company surveys have outlined five drill-ready targets in the Cabot Copper Zone, four of which the company describes as untested. Further exploration is required to establish the extent and significance of the mineralization. The property is located about 15 km (kilometers) from Firefly Metals Ltd.'s (FFM:TSX; FFM:ASX) Ming copper-gold mine. Its separate Marble Cove gold prospect is approximately 4 km west of Maritime Resources Corp.'s (MAE:TSX.V) Point Rousse project.

Centenario's project overview reports historic grab samples grading up to 7% Cu at Cabot and 70.38 g/t Au at Marble Cove. Further testing is still required. Cabot therefore remains an exploration project, with its untested targets providing the basis for further fieldwork rather than evidence of an established resource.

Copper's AI-Era Squeeze

Copper traded at approximately US$6.64 per pound on October 14, according to Trading Economics, equivalent to roughly US$14,639 per metric tonne. Its benchmark price was about 35% higher than a year earlier, and the market had reached a record near US$6.85 per pound in September. Prices can vary by contract and exchange, so these figures should be checked against the preferred benchmark at filing.

Demand growth is increasingly tied to electricity. AI data centers require power distribution equipment, cabling, transformers, and connections to the grid. Building the transmission and generation capacity needed to serve those facilities adds to copper requirements, while electric vehicles, renewable energy, industrial electrification, and defense infrastructure contribute additional demand.

The expansion is not limited to the United States. A recent Financial Times report on China's data-center construction described a rapid build-out of computing infrastructure, including new facilities and planned capacity in Inner Mongolia. That investment illustrates how AI-related electricity demand is becoming an international infrastructure issue.

Supply, however, does not respond immediately to higher prices. Developing a new copper mine can take years, while ore grades, permitting, construction costs, and operational disruptions affect output at existing operations. The International Copper Study Group's April 2026 forecast projected mine-production growth of 1.6% in 2026 and 2.3% in 2027. It also anticipated constrained availability of copper concentrates, limiting growth in primary refined production.

That forecast offered an important counterpoint to the supply-shortage narrative: the group projected a refined copper surplus of about 96,000 tonnes in 2026 and 377,000 tonnes in 2027, reflecting weaker-than-previously-expected consumption and higher secondary production. Actual balances could differ as trade disruptions, economic conditions, and mine outages evolve.

Tariff uncertainty is another complication. Reuters reported on October 14 that earlier U.S. tariff threats had redirected large volumes of copper into American warehouses, creating a substantial regional inventory build-up. That means elevated U.S. prices and visible supply tightness do not necessarily indicate a uniform global shortage.

Gold, meanwhile, remains relevant to Centenario's exploration portfolio. Spot gold fell to approximately US$4,091 per ounce on October 14, according to Reuters, as stronger-than-expected U.S. inflation supported expectations of tighter monetary policy.

For Centenario, the combination of copper, gold, and molybdenum mineralization at Los Reyes offers several metals to investigate, but their economic significance remains unestablished.

Technical Analyst Assigns Price Targets

On October 15, 2026, technical analyst Stewart Thomson told Streetwise Reports that he has assigned the following price targets to Centenario:

• Short-term: CA$0.26
• Medium-term: CA$0.46
• Long-term: CA$1.30

Company Claims Multiple Factors as Catalysts

In an exclusive statement to Streetwise Reports, VP of Exploration at Centenario, Alain Charest, stated, "The Los Reyes drilling program is only the beginning. The newly revived and well-funded Centenario Gold Corp, although it intends to primarily focus on its two main projects in Mexico and Canada, will keep looking and evaluating other opportunities. A small, manageable market cap, good mineral projects, and a loyal shareholder base make funding an easy task."

According to its investor presentation, Centenario's principal near-term catalyst is the maiden Los Reyes drill program, designed to test the Tueda gold-molybdenum target and copper zones at Jibosa. Additional sampling results may provide further geological context as the work progresses.

At Cabot, the company has outlined drill testing and trenching of four untested electromagnetic anomalies, alongside near-surface step-out drilling north of the Cabot prospect. Its February 2026 presentation said the step-out work was intended to evaluate a potential Phase 1 pit-constrained resource shape; that remains an exploration objective, not an established resource. The company also arranged a CA$1.5 million private placement on August 7, 2026, and reported closing the placement on August 28, 2026, for gross proceeds of CA$1.5 million. The company said it intended to use the proceeds for exploration and evaluation of its Cabot and Los Reyes projects, as well as general and administrative expenses.

Ownership & Share Information¹

Centenario Gold Corp. has a market cap of CA$5.64 million, with 34.33 million shares outstanding. The company's 52-week range is CA$0.10-CA$0.47.

Management & Insiders own 5.69% of shares, while the remaining 94.31% are held by Retail.

Frequently Asked Questions

What did the July 2026 sampling at Jibosa reveal?

The program confirmed the presence of high-grade copper-zinc mineralization, including 7.19% Cu and 2.88% Zn from the historic stockpile sample and up to 27.9% Cu from underground fracture zones.

When did the maiden drill program at Los Reyes start?

Drilling commenced following the September 29, 2026, announcement, with holes designed to test depth extensions of the skarn zones.

Where is the Los Reyes Project located?

The project is in Chihuahua state, northwestern Mexico, a three-hour drive south of the city of Chihuahua.

What is Centenario Gold's current focus?

The company is advancing copper-gold exploration at Los Reyes in Mexico and holds an option on the Cabot project in Newfoundland, Canada.

What is a copper-gold skarn deposit?

 A copper-gold skarn deposit forms when hot fluids associated with intrusive rocks chemically interact with surrounding rocks, often limestone, creating mineralized zones. Skarn deposits can contain copper, gold, molybdenum, zinc, and other metals. At Centenario Gold Corp.'s Los Reyes project in Mexico, exploration is targeting copper-molybdenum-gold mineralization associated with intrusive rock and limestone contacts.

What is a maiden drill program in mineral exploration?

A maiden drill program is a company's first drilling campaign at a particular exploration project or target. Drilling helps geologists investigate the depth, thickness, continuity, and distribution of mineralization beyond what surface sampling and historical workings reveal. Centenario Gold's maiden drill program at Los Reyes is intended to test copper-rich zones and other mineralized targets beneath and around historic mine workings.

What is a grab sample in mining exploration?

A grab sample is a rock sample collected from a specific location to determine its mineral content. Grab samples can help identify areas with potentially significant mineralization, but they may not represent the grade of a larger deposit because they are collected from limited locations and may target visibly mineralized material. Drill results and additional geological work are needed to assess the extent and continuity of mineralization.

What is a Mineral Resource Estimate (MRE)?

A Mineral Resource Estimate (MRE) is an assessment of the quantity, grade, and geological characteristics of mineralization within a deposit, based on exploration data and geological interpretation. Mineral resources are generally classified as inferred, indicated, or measured according to geological confidence. An MRE does not automatically establish that a deposit can be mined economically, and Centenario Gold has not yet established an MRE for its Los Reyes project.

What is copper equivalent (CuEq) in mineral exploration?

Copper equivalent (CuEq) is a calculated grade that expresses the combined estimated value of multiple metals as an equivalent copper grade. The calculation typically considers metal prices, metallurgical recoveries, and other economic assumptions. CuEq can help investors compare polymetallic exploration results, but it depends on the assumptions used and does not establish that all metals can be recovered or sold economically.