TORONTO, Nov. 17, 2021 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V:MON) (“Montero” or the “Company”) has started a detailed field work program on its Avispa copper-molybdenum exploration concessions in Chile, following its successful completion of reconnaissance exploration on the property. The Avispa project covers 17,000-hectares (170 km2) in the Atacama Desert of northern Chile. It is situated within the well-defined north to south trending Paleocene-Eocene copper porphyry belt which hosts giant operating copper-molybdenum mines.
Montero’s reconnaissance exploration work has shown extensive surface areas of Tertiary evaporites with intercalated sediments and gravels overlaying older volcanic and intrusive rocks that could potentially host the target copper-molybdenum deposits at Avispa.
The reconnaissance exploration process involved a detailed investigation of historical geological, geophysical, remote sensing, hydro-geological and Landsat data, reconnaissance mapping and sampling of the Avispa project area. The work has provided a basis for Montero’s Phase One field exploration program that will include detailed geological mapping, drill chip sampling at previous drill sites, surface lithological sampling and geophysical surveys. The Company will use the information obtained in this phase to develop drilling targets with the aid of innovative exploration technology.
The prospective porphyry target geology of the Avispa project lies below a sequence of cover rocks consisting of gravels and fine-grained clastic sediments intercalated with evaporite deposits of Tertiary age. The target lithologies are the underlying Paleogene volcanic, Cretaceous monzodiorite, and diorite porphyry rocks (Figure 1).
Avispa is located approximately 40 km north of BHP’s Spence copper-molybdenum mine and KGHM’s Sierra Gorda copper-molybdenum mine. It is 50 km west of Codelco’s massive Chuquicamata porphyry copper mine. The property is surrounded by exploration and mining concessions held by major mining companies, including Codelco in the north and Freeport and Glencor to the south, with Antofagasta and SQM exploring to the east and west, respectively (Figure 2). The Avispa district was previously the target of wide-spaced exploration drilling by BHP and other major mining companies but they only explored part of Montero’s Avispa property.
Dr Tony Harwood, President and CEO of Montero commented: “Montero’s 17,000-hectare landholding is clearly in the proximity and in the same geological setting as world-class operating copper-molybdenum mines. Our reconnaissance exploration has revealed positive detail on the geology, structure, geochemistry and the location of previous drilling sites. The Phase One field exploration program, now underway, will set out to discover mineralized copper-molybdenum deposits with smaller exploration footprints than that targeted by major mining groups.”
Phase One Field Exploration Program
During the Phase One field exploration program, detailed mapping at a scale of 1:10,000 will further outline the location of exposed volcanic and intrusive rocks on the property. Importantly, it will also assist Montero in understanding the depth of the gravels at Avispa. The rock chip and soil sampling program will be undertaken on selected lithologies to help define geochemical signatures of any potential buried mineralization.
“Our geologists have located further surface reverse circulation drill stockpiles left by companies that previously drilled the area that will be sampled,” says Harwood. “The planned geophysical work will include magnetics and electrical methods over selected areas of the property to define an anomaly pattern that might identify any buried mineralized targets and controlling structural features. Based on this information, potential drill targets will be prioritized for further testing.”
Montero’s consulting geologist, Marcial Vergara, has reviewed publicly available data on Avispa and conducted site field visits. Vergara previously worked for Codelco and Anglo American in Chile, two of the largest mining companies operating in the country and is familiar with the geological setting of the major occurrences of mineralization in the region.
“Montero remains focused on exploring for gold, silver and base metals in the highly prospective southern Andes area,” says Harwood. “The company has adopted a prospect generation strategy at Avispa whereby 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 and position ourselves favourably for the expected long-term demand for copper.”
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 in Chile.
Montero is a junior exploration company focused on finding, exploring, and advancing globally significant gold and base metals deposits in Latin America. The company is in the process of relinquishing its portfolio of battery metals 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
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 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.