TORONTO, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V:MON) has completed an initial channel sampling program at the Soris Lithium Project in central Namibia which returned an average lithium grade of 0.76% Li2O with values up to 3.66% Li2O from all channel samples. The best result from channel sampling returned 14 metres of 1.93% Li2O. The channel sampling program was designed to test lithium bearing spodumene mineralization in a number of pegmatites on the property where prior operators mined for tantalum and tin and did not test the lithium potential of the property.
On October 24, 2017, Montero entered into an agreement and is currently in a legal and technical due diligence period whereby Montero may at any time elect to acquire an 80% interest in the Property by committing to spending C$1 million and completing a feasibility study within 3 years of transfer of the mining rights to Montero. Montero is awaiting mineralogical sample analysis and lithium assay results of RC chips from a prior drill program before electing to acquire an 80% interest.
A total of 4 channel sample traverses were collected as representative sections of the pegmatite mineralization along approximately a 2.4 km strike length. Channel samples were taken every 1 metre across the exposed and accessible portions of the pegmatite with a total of 53 samples submitted for full chemical analysis to SGS Laboratories in Johannesburg, South Africa.
Channel sample results returned lithium values up to 3.66% Li2O, tantalum values up to 1,917ppm Ta2O5 and tin values up to 12,696ppm SnO2. The samples within the selected channels are representative of those channels but may not necessarily be representative of the overall mineralization hosted in the pegmatites on the property. Spodumene has been identified as the major lithium bearing mineral. Results from channel sampling were returned as follows:
|RESULTS OF THE CHANNEL SAMPLING PROGRAM|
|Channel||Width in||Lithium a||Tantalum b||Tin c|
|Location||Metres||Li2O %||Ta2O5 ppm||SnO2 ppm|
|a. Li2O obtained by conversion factor of 2.153|
|b. Ta2O5 obtained by conversion factor of 1.2211|
|c. SnO2 obtained by conversion factor of 1.2696|
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “Montero’s first channel sampling program has confirmed lithium, tantalum and tin mineralization over a 2.4 km strike length of exposed pegmatite. Channel MC1 returned 14m at an average grade of 1.93% Li2O where the best individual sample assayed 3.66% Li2O. Montero’s primary interest at Soris is to test the lithium content of the spodumene bearing pegmatites to establish a lithium resource. Prior operators never tested for lithium. Initial Lithium assay results from prior operator RC drill holes are expected shortly which will provide Montero an understanding of the lithium potential in a third dimension. These, along with mineralogical test results designed to understand metallurgy, will enable Montero to decide whether to proceed with trying to define a lithium resource.”
The lithium, tantalum and tin values from Channel MC1 and Channel NC1 returned the best lithium values. The width of exposed pegmatite at Channel MC1 is 24m and Channel NC1 is 16m although all the pegmatite was not necessarily sampled due to surface rubble. Nico Scholtz Pr.Sci.Nat. carried out the channel sampling program for Montero and the locations are outlined below.
A photo accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f052d761-d17b-4467-96e0-1b5a12c620ce
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 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. The Soris pegmatites were previously mined on a small scale for tin and tantalum (Diehl, 1992). The pegmatite has not been mined or systematically sampled or assayed for lithium.
A photo accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e458ef9e-4b89-40a6-9d03-d269b3b2a296
The pegmatites at Soris have narrow border-zone comprised of fine to medium grained feldspar-quartz-muscovite rock, succeeded inwards by a narrow similar wall-zone. Inwards from here, the pegmatite is a mixture of feldspar, quartz, spodumene and green muscovite. The pegmatite contains spodumene throughout this internal zone varying in volume from about 10% to >30% of the pegmatite. The spodumene occurs as coarse-grained large prismatic crystals up to 0.8 m in length and as smaller plate-like crystals 1 cm in length. The crystals are randomly arranged in a matrix of variably coarse-grained microcline and albite feldspars. The spodumene is pale green to white or grey in colour.
Lithium assay results from a previous 31-hole RC drill program as well as mineralogical analysis from samples taken are yet to be received.
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 has extensive experience in rare metal pegmatite exploration and Lithium-Cesium-Tantalum (LCT) pegmatites.
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
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.