TORONTO, March 14, 2022 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) continues to consolidate its property holdings at the Avispa copper molybdenum project located in the Atacama Desert of northern Chile. The company has finalized the regulatory process for 200.8 km2 of exploration concessions that includes the original Avispa and recently awarded Abeja exploration concessions that were registered in 2021.
The company is also finalizing the regulatory process on an additional 270.5 km2 of Abeja concessions. The company expects the remaining regulatory processes to be completed during Q2 2022. Once completed the company would hold 100% ownership of a total of 473.3 km2 of exploration concessions in a well-defined late Paleocene to early Eocene Cu-Mo porphyry belt of northern Chile.
The Avispa property is located in a well-defined porphyry belt approximately 40 km north of BHP’s Spence Cu-Mo mine, KGHM’s Sierra Gorda Cu-Mo mine and the recently announced discovery at Sociedad Contractual Minera Búfalo (SCMB) Cerro Búfalo project in the Sierra Gorda district south of Avispa. The consolidated Avispa and Abeja concession are surrounded by major mining companies with exploration and mining concessions with groups including; Codelco Freeport, Glencor, Antofagasta, and SQM. Avispa is also 50 km west of Codelco’s Chuquicamata supergiant porphyry copper mine that occurs within a younger late Eocene – early Oligocene porphyry belt.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “With advancement of the regulatory process Montero will control a significant land package in this world class porphyry copper district. The presence of major companies such as Glencore, Freeport and Antofagasta actively exploring in the district makes Montero’s land package very prospective. The Company continues its mapping and sampling program and will provide updates.”
Figure 1. Location of the Avispa & Abeja Property and major copper mines in a regional and district context is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/38a822c4-4865-46e7-83ba-51b7e453e90d
Figure 2. Regional geological map (after Sernageomin) showing the Avispa Property exploration concession areas that have be granted and also those in the final stages of the regulatory process is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e26f300-4426-4d8b-bc46-562d146e63a8
Figure 3. Satellite image showing the location of previous drilling sites identified on the Avispa and Abeja Property and currently being sampled for geochemical studies is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c4e8e475-a383-43e8-b907-426e95b140f9
Figure 4. Satellite image showing the location of closely spaced drill sites completed by a previous holder on the Abeja Property, drill chips of which are currently being sampled for geochemical work is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9cb19d5d-61b8-470b-976c-f2f421e1e66b
Planned Exploration Program
Montero has completed a thorough investigation of historical information on exploration in this highly prospective area. The Company has planned an exploration program that includes; detailed geological mapping, surface sampling, ground and airborne geophysical surveys with the objective of defining drill targets. The Company has completed geological mapping and geochemical sampling transect along the San Salvador River at the southern margin of the Avispa and Abeja Property. This work will help establish the stratigraphic and structural framework to guide future exploration.
Previous companies to have explored Avispa include BHP that conducted limited drilling on the property at 2 km to 3 km spacing as part of a regional exploration program. Montero believes that there is potential for buried porphyry and porphyry-related deposits with smaller footprints than those sought by major companies.
Montero’s Chief Geologist, Marcial Vergara, has reviewed publicly available data on Avispa and has conducted a field visit. Marcial previously worked for Codelco and Anglo American, both major operating copper mining companies in Chile. Montero has adopted a prospect generator model at Avispa where it will de-risk the project and carry out limited exploration while seeking a partner to advance the project through the drill phase. This will provide Montero shareholders with exposure to the copper space while it continues to focus on the gold-silver potential of southern Chile.
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. 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 in copper exploration experience in Chile.
About Montero
Montero is a junior exploration company focused on finding, exploring, and advancing globally significant gold deposits in Latin America. The Company is in the process of relinquishing its portfolio of battery metal projects in Africa to focus on gold opportunities in Latin America. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 38,647,485 shares outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President and Chief Executive Officer
E-mail: ir@monteromining.com
Tel: +1 416 840 9197 | Fax: +1 866 688 4671
www.monteromining.com
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 with respect to the Share Consolidation. 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.
