Montero Mining Announces Lithium Discovery at the Avispa Lithium Discovery in Chile
TSX VENTURE: MON
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TORONTO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero”) is pleased to announce the results from the Avispa Lithium discovery (“Avispa” or the “Property”) in northern Chile. Montero has been awarded 100% of the mining rights to 138 km2 (53 miles2) of Exploration Licenses over an area previously held by Spence Mining (BHP) that drilled the area extensively for copper–molybdenum. The property is located 130km from the lithium rich “Salar de Atacama” (forming part of the Chile-Bolivia-Argentina Lithium Triangle) and the nitrate-iodine rich “Caliche” deposits of the coastal range (Figure 1).
The lithium at Avispa occurs in extensive sedimentary evaporite salt deposits intercalated with fine grained clastic sediments over 30m thickness. These deposits are well developed and make up over 70% of the 138km2 Property covering over 10km north-south and over 5km in an east-west direction (Figure 2). The evaporites are horizontal and consist of three stratigraphic contiguous horizons termed L1, L2 and L3, these are between 2m to over 10m thickness. The L3 horizon occurs at the base of the exposed evaporite sequence and is overlain by the L2 and L1 horizons, respectively. The L3 horizon is the most consistently developed in terms of thickness and aerial extent on the Property. Montero is targeting a high tonnage low grade lithium deposit with iodine and K-Na nitrate credits.
Marcial Vergara conducted the geological reconnaissance of the area and initial channel sampling program over the Property. A total of 43 vertical channel samples from 24 sampling locations on the property. At each of the sampling locations the L1, L2 and L3 horizons were identified and each horizon sampled when exposed. Samples were taken as a vertical channel section over the total width of the evaporite horizon. Channel samples were taken using hammer and chisel and collected in plastic bags which were then secured and labeled. The samples weighed between 5–10 kgs and were submitted for lithium chemical analysis at SGS, Chile, with Iodine and nitrate determinations being undertaken by Sernageomin, Chile. Montero is waiting for the results of the nitrate analysis.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “I am pleased to announce reconnaissance channel sample results with lithium values of up to 760ppm Li2O from the Avispa Lithium Project, Chile. Iodine and strontium values are also anomalous. Montero has identified lithium bearing mineralization in an evaporite horizon over an area of 138km2 in the 100% held Exploration Licenses. The company intends to conduct further sampling and geological mapping to generate a high tonnage lithium drill target. Lithium and battery metals are forward-looking sectors in the high technology mining industry and Chile is a tier one global mining jurisdiction, both focus areas for Montero.”
The assay results show elevated values of lithium, iodine and other minerals in the L3 horizon with anomalous values in the less developed L1 and L2 horizons. A total of 20 channel samples were taken from the L3 horizon and lithium values range from 65 ppm Li2O to a high of 760 ppm Li2O. The L2 horizon gave lower lithium values from 19 ppm Li2O to 226 ppm Li2O. The L3 channel samples also show anomalous values of iodine up to 273 ppm iodine and strontium carbonate up to 3,621 ppm SrCO3. The results are provided in Table 1 below and the sample locations for lithium shown in Figure 2 and for iodine in Figure 3.
Table 1: L3 Horizon Channel Sample Results: Concentrations of lithium (Li2O), iodine (I) and strontium (SrCO3)
|L2: Lithium as Li2O 1.**||101 ppm||19 ppm to 226 ppm||101 ppm|
|L3: Lithium as Li2O 1.**||304 ppm||65ppm to 760 ppm||240 ppm|
|Iodine as I *||113 ppm||25 ppm to 273 ppm||101 ppm|
|Strontium as SrCO3 3. **||1567 ppm||0 ppm to 3621 ppm||1475 ppm|
|1. Li2O obtained by conversion factor of 2.153|
|2. SrCO3 obtained by conversion factor of 1.68|
|3. *Analysis undertaken at the Sernageomin (Chemical Laboratory, Servicio Nacional de Geología y Mineria), Santiago, Chile|
|4. ** Analysis undertaken at the SGS Laboratory, Santiago, Chile|
Figure 1: Location of Avispa Project Exploration Licenses in the Atacama of northern Chile
Figure 2. Avispa L3 Horizon Channel Sample Results: Sample location and Lithium values
Figure 3. Avispa L3 Horizon Channel Sample Results: Sample location and Iodine values
Montero has a binding agreement with a private geological consortium (“Founders”) that brought the initial concept to Montero. Montero has 15 months to complete due diligence and once completed the Founders shall be granted a 1.5% net smelter royalty and $100,000 Montero shares, subject to regulatory approval. The Founders shall be granted a further $600,000 of Montero shares, subject to authority, once Montero determines if the material can be mined and processed economically.
Montero appointed Sr. Marcial Vergara, a Qualified Person for the purpose of National Instrument 43-101, to review the geology and to undertake the sampling program to confirm assay results and expand into areas not yet sampled. Further updates will be provided.
Qualified Person's Statement
This press release was reviewed and approved by Mr. Mike Evans, M.Sc. Pr.Sci.Nat. and Sr. Marcial Vergara B.Sc. Geology who are qualified persons for the purpose of National Instrument 43-101. Sr Vergara is based in Santiago and has more than 30 years’ experience with lithium exploration experience in Chile, Argentina and Bolivia.
Montero is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties in Africa. Currently the company is focussed on advancing its battery metals exploration projects for lithium and tin-tantalum in Namibia. Montero also has phosphates in South Africa and rare earth elements (REE) in Tanzania. Montero trades on the TSX Venture Exchange under the symbol MON.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President and Chief Executive Officer
Tel: +1 416 840 9197 | Fax: +1 866 688 4671
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, completion of the agreement, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: an inability to complete the agreement on the terms as announced or at all; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Montero’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Montero’s forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.