Montero Acquires Isabella GOLD Silver Project IN Chile
MONTERO ACQUIRES ISABELLA GOLD SILVER PROJECT IN CHILE
Toronto, Ontario – August 5, 2020 – 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 I sabella Gold Silver Project in Chile where the Company can util ize its gold silver
exploration, discovery and dev elopment 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 Sa ntiago and has excellent year -round access. The Coastal Range contains numerous gold and
copper occurrences hosted within a package of intermediate in trusives, sediments and vol canics 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 collect ed where grab samples of exposed vein material and are not considered
representative of the overall concentration of mineralizat ion in any particular vein. Samples were
collected in accordance with industry best practices and analyzed by ALS Chile under th e supervision of
a qualified person. No independent sampling has been completed by Montero.
The veins form part o f 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 previ ous operator in cludes surface mapping, rock sampling, tre nching, 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 h as two subsidiaries
with 49 km2 under option agreeme nts. 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 reviewin g several drill target areas that have be en identified and
permitted for drilling by the previous owners in order to commence a drill program.
Qualified Person's Statement
This press release was re viewed and appro ved by Mr. Mike Evans, M.Sc . Pr.Sci.Nat., who is a qualif ied
person for the purpose of National Instrument 43-101 and a Consulting Geologist to Montero. A review
was also u ndertaken by Ing. Marcial Vergara B.Sc. and Mr. Michae l 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 Montero
Montero 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 portfoli o of battery
metal projects in Africa t o focus on gold opportuni ties in Latin America. Montero’s board of directors
and management have an impressive track recor d of successfu lly 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 Officer
E-mail: [email protected]
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 "f orward-looking information"
within the meaning of applicable Can adian securities laws. Forward looking information includes, but is not limited to, statements, p rojections
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”, “antici pates” or “doe s not anticip ate”, or
“believes”, or variations of such words and phrases or stat e 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 a ssurance
that actual results will meet management's expectat ions. 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 capit al costs of Montero’s mineral properties, and financial condition an d 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 o r at all; changes in general economic condi tions and conditions in the financial markets; changes in de mand and prices f or
minerals; litigation, legislative, environmental and other judi cial, regulatory, political and competitive developments ; technologica l 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 an y 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.