TORONTO, Nov. 01, 2017 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V:MON) (“Montero”) has completed an initial grab sampling program on its Soris Lithium Project in central Namibia.
On October 24, 2017, Montero announced entering into a Letter of Intent (LOI) with Frovio Investment, a Namibian company, to acquire up to an 80% interest in its wholly owned Soris Lithium Project in the De Rust pegmatite field in Namibia (the “Property”). Montero is currently in a 3-month legal and technical due diligence period. Under the terms of the LOI, Montero immediately earns an 80% interest in the Property by committing to spending C$1 million and completing a feasibility study in 3 years.
Nico Scholtz Pr.Sci.Nat., an expert on pegmatite geology, carried out the sampling program for Montero. A total of 16 grab samples were submitted for full chemical analysis and 3 mineralogical samples for investigation at SGS Laboratories in Johannesburg, South Africa. The chemical assay results have been reported to Montero while the 3 mineralogical samples remain outstanding.
The 16 grab samples were collected along approximately 2.4km strike of the known pegmatite intrusions. The samples vary in Li2O content from 0.07 % Li2O to 5.32 % Li2O. The samples retrieved also contain anomalous tin and tantalum values and are provided in Table 1 below. The samples are selective and not necessarily representative of the mineralization hosted in the pegmatites on the property. Further confirmatory work including mineralogical investigations, geological mapping, channel sampling and lithium analysis on RC chips from a previous drill program is planned as part of the due diligence program.
|Table 1: Concentrations of lithium (Li2O), tantalum (Ta2O5) and tin (SnO2)|
|Component||Average Concentration||Range of
|Lithium as Li2O a.||1.37 %||0.07% to 5.32%||0.6 %|
|Tantalum as Ta2O5 b.||809 ppm||15 ppm to 10,831 ppm||124 ppm|
|Tin as SnO2c.||1,766 ppm||105 ppm to 8,798 ppm||615 ppm|
|a.||Li2O obtained by conversion factor of 2.153|
|b.||Ta2O5obtained by conversion factor of 1.2211|
|c.||SnO2obtained by conversion factor of 1.2696|
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “Montero has identified lithium bearing spodumene mineralization in pegmatites over a 2.4km strike length from the Soris Lithium Project where our most recent sampling program returned values of up to 5.32% Li2O Lithium Oxide. Tantalum and tin values are also anomalous. Further due diligence is underway to include channel sampling and analysis of RC chips from a previous drill program where lithium was not analyzed. Montero is looking to confirm tantalum and tin values and establishing the lithium content of the pegmatites.”
The Soris Lithium Project is in central Namibia, north west of the town Uis which is 220km north of Walvis Bay, Namibia’s largest commercial deep-water port. The project is in the Erongo Region and is connected by dirt and asphalt road to the port of Walvis Bay.
The De Rust pegmatite field is hosted in the metasedimentary units of the Damara Mobile Belt of the Pan African Damara Orogen in Namibia. The zoned pegmatites at the Soris Lithium Project belong to a group of highly fractionated, tantalite-cassiterite, lithium-rich rare metal pegmatites known as Lithium-Cesium-Tantalum (LCT) pegmatites. Lithium mineralization occurs in the form of spodumene crystals developed virtually over the whole length of the pegmatite, although the relative abundance of spodumene varies from one location to another spodumene crystals of up to 80cm long are observed.
The Soris Lithium Project pegmatites encompass several outcrops, varying in length between 100m up to 470m over 2.4km and measured in places to be more than 30m wide. The pegmatites were previously mined on a small scale for tin and tantalum (Diehl, 1992). More recently exploration for tantalum and tin, including Reverse Circulation (RC) drilling was undertaken until 2015. The pegmatite has not been mined or systematically sampled or assayed for lithium.
Qualified Person’s Statement
This press release was reviewed and approved by Mr. Mike Evans, M.Sc. Pr.Sci.Nat., who is a qualified person for the purpose of National Instrument 43-101 and a Consulting Geologist to Montero. A review was also undertaken by Nico Scholtz, Pr.Sci.Nat., a qualified person for the purpose of National Instrument 43-101 and is a Namibian based geologist with more than 10 years’ experience. He has extensive experience in rare metal pegmatite exploration in Namibia having worked on many Lithium-Cesium-Tantalum (LCT) pegmatite intrusions.
Montero is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties in Africa. Currently these include Lithium, Tantalum and Tin in Namibia, Phosphates in South Africa and Rare Earth Elements (REE) in Tanzania. Montero is reviewing and evaluating other opportunities from its operating base in South Africa. 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
E-mail: [email protected]
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, 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: 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.