Montero Acquires Isabella Gold Silver Project in Chile
August 05 2020 - 1:16PM
Montero Mining and Exploration Ltd. (TSX-V: MON)
(“
Montero” or the “
Company”) has
signed a Binding Purchase and Sale Agreement (“Agreement”) to
acquire a 100% interest in a private Chilean company (“ChileCo”)
which holds various mineral rights to exploration claims that make
up the Isabella Gold Silver Project (“Project”) in Chile.
Isabella’s exploration claims cover an area of 67km2. The
Agreement is subject to corporate and legal process in Chile and
regulatory approval.
Dr. Tony Harwood, President and Chief Executive
Officer of Montero commented, “Montero has secured the highly
prospective Isabella Gold Silver Project in Chile where the Company
can utilize its gold silver exploration, discovery and development
expertise in a tier one mining jurisdiction. The Company is
assessing previous exploration data with a view to carrying out a
drill program in the fall of 2020. ”
The Isabella Gold Silver Project is located in
the Southern Coastal Range of Chile approximately 200 km south of
Santiago and has excellent year-round access. The Coastal Range
contains numerous gold and copper occurrences hosted within a
package of intermediate intrusives, sediments and volcanics of
Mesozoic age.
The Isabella Gold Silver Project is located
regionally south of Yamana’s Minera Florida gold mine and north of
an extensive regional gold area being explored by Fresnillo.
However, these operations do not confirm the mineral potential of
the Isabella properties. The Isabella region has seen little modern
exploration and most occurrences remain undrilled.
The Isabella Gold Silver Project area hosts
numerous structurally controlled quartz veins that have been mapped
over an area of approximately 12 km long and 4 km wide. A review of
field reports on mapping and sampling prepared by the previous
owner indicate high gold - silver concentrations within quartz
veins with values of up to 48 g/t gold and 629 g/t silver.
The samples collected where grab samples of
exposed vein material and are not considered representative of the
overall concentration of mineralization in any particular vein.
Samples were collected in accordance with industry best practices
and analyzed by ALS Chile under the supervision of a qualified
person. No independent sampling has been completed by Montero.
The veins form part of an extensive regional
polymetallic Au-Ag vein and breccia system occurring in dilational
fractures in the granite and along contacts with older sediments.
Prior exploration at Isabella by the previous operator includes
surface mapping, rock sampling, trenching, and airborne
magnetics. No drilling in the Isabella district has been
carried out to date.
Under the terms of the Agreement, Montero has
acquired a 100% interest in ChileCo which holds all the mineral
interests to the Isabella Gold Silver Project. ChileCo was
purchased for a nominal amount and by taking over the earn-in
obligations of cash payments totaling US$ 450,000 to be made by
August 2022. ChileCo directly holds 100% of the mineral rights to
18 km2 of mineral claims and has two subsidiaries with 49
km2 under option agreements. In Subsidiary 1 Montero has an
85% interest in Isabella West mineral claims while in Subsidiary 2
Montero is earning an 85% interest in Isabella East mineral claims.
The mineral claims held by both subsidiaries are subject to joint
venture and mining option agreements with local parties. Montero is
reviewing several drill target areas that have been identified and
permitted for drilling by the previous owners in order to commence
a drill program.
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 Ing. Marcial Vergara B.Sc. and Mr.
Michael Corey P.Geo. both of whom are qualified persons as defined
by NI 43-101 and have extensive experience in gold exploration in
Chile.
About MonteroMontero 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 projects. Montero trades on the TSX Venture Exchange
under the symbol MON and has 21,880,818 shares outstanding.
For more information, contact:
Montero Mining and Exploration Ltd. Dr.
Tony Harwood, President and Chief Executive OfficerE-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. 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 HOA, 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
HOA 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.
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