Montero Secures Option to Acquire Highly Prospective Gold Projects in Chile’s Maricunga Belt
Montero Secures Option to Acquire Highly Prospective
Gold Projects in Chile’s Maricunga Belt
Toronto, Ontario – October 2, 2025 – Montero Mining and Exploration Ltd. (TSX -V: MON) (OTCPK: MXTRF)
(“Montero” or the “Company”) is pleased to announce that Minera Joy SpA, a wholly owned subsidiary of Montero,
has entered into two option agreements (the “Agreements”) to acquire a 100% interest in each of the Elvira Gold
Project (“Elvira”) and the Potrero Gold Project (“Potrero”) (together the “Projects”) located in Chile’s Maricunga
Belt, a recognized mining district hosting Kinross’ La Coipa mine, Gold Fields’ Salares Norte mine, and Rio2’s Fenix
gold project.
Under the terms of the Agreements, Montero has the right to acquire a 100% interest in each of the Elvira and
Potrero Projects from Compañía Minera Atahualpa SpA (the “ Vendor”) by making staged payments totaling US$7
million per Project over six years. The option payment schedule is the same for each Project as follows: US$40,000
within ten days following receipt of approval from the TSX Venture Exchange (the “ TSXV”) regarding the
Agreements ; US$100,000 on or before September 15, 2026 ; US$150,000 on or before September 15, 2027;
US$260,000 on or before September 15, 2028 ; US$400,000 on or before September 15, 2029 ; US$550,000 on or
before September 15, 2030 ; and US$5,500,000 on or before September 15, 2031 .
Montero’s ownership in either project will vest on completion of all payments and satisfaction of customary
conditions. Montero may terminate the Agreements at any time. The Vendor will retain a 2% Net Smelter Return
(“NSR”) royalty per Project, of which Montero may repurchase 50% for US$5 million within nine years of signing.
No additional royalties apply to the Projects.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented: “The acquisition of the Elvira
and Potrero gold projects positions Montero at the heart of Chile’s Maricunga Belt, one of the world’s most
productive and prospective gold regions. Historical drilling conducted over a decade ago outlined significant gold
mineralization potential, where both projects show strong epithermal and porphyry -style signatures . With modest
initial staged payments, limited upfront capital, low holding costs, and low royalties, Montero has secured a low -
cost entry into highly prospective projects at a time of historically robust gold price s. These projects provide the
potential for new discoveries that gold Majors are actively seeking .”
Project Highlights
The Elvira and Potrero projects are located in Chile’s Maricunga Belt, road accessible and approximately 170 km
northeast of Copiapó at elevations of ~3,800 –4,700 m etres above sea level. The Projects are characterized by
Miocene-aged stratovolcano systems with well -preserved high -sulphidation epithermal alteration and gold -
bearing breccia systems. Historical exploration has demonstrated significant gold mineralization and potential for
underlying porp hyry Au-(Cu) systems.
Elvira Project Maricunga Belt, Chile
• Access & Infrastructure : 1,000-hectare license area located ~170 km northeast of Copiapó at ~3,900 m
elevation; good road access and established infrastructure.
• Geology: High-sulphidation epithermal system hosted in an eroded Miocene stratovolcano, with dacite
domes/dykes /breccias possibly acting as feeders or host rock .
• Alteration & Geochemical Anomalies: 4.5 km × 3 km alteration zone with pervasive quartz -alunite ±
jarosite; rock chip anomaly 1.5 km × 0.75 km (peak 2.33 g/t Au); soil anomaly 3.5 km × 1.2 km.
• Historical Drilling : The project was previously held by Anglo American (from 1987) before being optioned
to Buenavista Gold, which reported variable results, including a drill intercept of 39 m @ 0.66 g/t Au *.
• Exploration Potential : Multiple preserved hydrothermal breccia bodies with potential transition to
underlying Au -(Cu) porphyry system.
*Buenavista Gold presentation (March 2016) .
Potrero Project Maricunga Belt, Chile
• Access & Infrastructure : 3,200-hectare license area located ~170 km northeast of Copiapó at ~3,800 –
3,900 m elevation; good road access and regional infrastructure .
• Geology: Preserved epithermal system with minimal erosion; alteration zone 5.5 km × 2.5 km and
extensive quartz vein system exposed at surface.
• Alteration & Anomalies: Rock sampling up to 1.67 g/t Au; soil anomaly measuring 4 km × 1.5 km;
geochemistry indicates gold -bearing diorite intrusions .
• Historical Drilling: RC drilling programs were completed by Caracal Gold Chile (2009) and Hochschild
(2011). Caracal reported intercepts include 126 m @ 0.44 g/t Au , with higher -grade intervals of 18 m @
0.80 g/t Au . These results are referenced by Verde Resources **.
• Exploration Potential : Largely u nderexplored , with a preserved mineral system and intact epithermal
halo, offering potential for a porphyry system at depth.
** Verde Resources Corporate Presentation (April 2011) .
Exploration Plans
Montero has approved an initial exploration budget of CAD$140,000 for each Project. The programs will
commence immediately and will involve confirmatory mapping, sampling, and geophysical surveys aimed at
defining drill targets as quickly as possible .
Qualified Person’s Statement
This press release was reviewed and approved by Mr. Marcial Vergara, B.Sc. , and Mr. Mike Evans, M.Sc. Pr.Sci.Nat.
both Qualified Person s for the purpose of National Instrument 43 -101 and consulting geologist s to Montero.
About Montero
Montero Mining and Exploration Ltd. is a Canadian exploration company with a focus on mineral exploration and
discovery of precious and critical mineral projects in Latin America. The Company recently concluded a US$27 million
settlement with the Government of Tanzania, bringing closure to the dispute over the expropriated Wigu Hill rare
earth project. The Company distributed approximately CAD$15 million of the proceeds to shareholders in July 2025.
Montero holds 100% interest in the Avispa copper-molybdenum project in northern Chile and is currently advancing
the project through exploration. The Company’s board and management have a strong track record in discovering
and developing precious metal and base metal projects with a local team based in Chile.
Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,353,833 Common Shares and
741,667 stock options outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President, and Chief Executive Officer
E-mail: [email protected]
Tel: +1 604 428 7050
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.
All figures are in Canadian dollars unless otherwise noted.
CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION: This news release includes certain "forward -looking information"
within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “do es 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”. Forward-looking information in this press release includes statements with
respect to the Projects, the receipt of TSXV approval, the projects provide the potential for major new discoveries that gold Majors are actively
seeking, the exploration potential of the Projects and the exploration plan of the Projects. 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, the Corporation’s deployment of capital , business prospects, strategies, regulatory developments, future commodity prices, exchange
rates, satisfactory arrangements for the payment of legal expenses , the ability of the Company to find suitable exploration projects , results of
exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, all of
which could differ materially from those currently anticipated in such statements for many reasons such as: in ge neral 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.