Montero Advances Exploration at the Avispa Copper-Molybdenum Project in Chile
Montero Advances Exploration at the Avispa Copper-Molybdenum Project in Chile
Toronto, Ontario – November 17, 202 1 – Montero Mining and Exploration Ltd. (TSX-V:MON)
(“Montero” or the “ Company”) has started a detailed field work program on its Avispa copper-
molybdenum exploration concessions in Chile, following its successful completion of reconnaissance
exploration on the property. The Avispa project covers 17,000-hectares (170 km 2) in the Atacama
Desert of northern Chile. It is situated within the well-defined north to south trending Paleocene-Eocene
copper porphyry belt which hosts giant operating copper-molybdenum mines.
Montero’s reconnaissance exploration work has shown extensive surface areas of Tertiary evapor ites
with intercalated sediments and gravels overlaying older volcanic and intrusive rocks that could
potentially host the target copper-molybdenum deposits at Avispa.
The reconnaissance exploration process involved a detailed investigation of historical geological,
geophysical, remote sensing, hydro-geological and Landsat data, reconnaissance mapping and sampling
of the Avispa project area. The work has provided a basis for Montero’s Phase One field exploration
program that will include detailed geological mapping, drill chip sampling at previous drill sites, surface
lithological sampling and geophysical surveys. The Company will use the information obtained in this
phase to develop drilling targets with the aid of innovative exploration technology.
The prospective porphyry target geology of the Avispa p roject lies below a sequence of cover rocks
consisting of gravels and fine-grained clastic sediments intercalated with evaporite deposits of Tertiary
age. The target lithologies are the underlying Paleogene volcanic, Cretaceous monzodiorite, and diorite
porphyry rocks (Figure 1).
Avispa is located approximately 40 km north of BHP’s Spence copper-molybdenum mine and KGHM’s
Sierra Gorda copper-molybdenum mine. It is 50 km west of Codelco’s massive Chuquicamata porphyry
copper mine. The property is surrounded by exploration and mining concessions held by major mining
companies, including Codelco in the north and Freeport and Glencor to the south , with Antofagasta and
SQM exploring to the east and west, respectively (Figure 2). The Avispa district was previously the target
of wide-spaced exploration drilling by BHP and other major mining companies but they only explored
part of Montero’s Avispa property.
Dr Tony Harwood, President and CEO of Montero commented : “Montero’s 17,000-hectare landholding
is clearly in the proximity and in the same geological setting as world-class operating copper-
molybdenum mines. Our reconnaissance exploration has revealed positive detail on the geology,
structure, geochemistry and the location of previous drillin g sites. The Phase One field exploration
program, now underway, will set out to discover mineralized copper-molybdenum deposits with smaller
exploration footprints than that targeted by major mining groups.”
Figure 1. Regional geological map showing the Avispa exploration concessions. (after Sernageomin)
Figure 2. Project area divided by company (left) and exploration or exploitation concession type (right)
(after Sernageomin).
Phase One Field Exploration Program
During the Phase One field exploration program, d etailed mapping at a scale of 1:10,000 will further
outline the location of exposed volcanic and intrusive rocks on the property . Importantly, it will also
assist Montero in understanding the dept h of the gravels at Avispa . The rock chip and soil sampling
program will be undertaken on selected lithologies to help define geochemical signatures of any
potential buried mineralization.
“Our geologists have located further surface reverse circulation drill stockpiles left by companies that
previously drilled the area that will be sampled ,” says Harwood. “The planned g eophysical work will
include magnetics and electrical methods over selected areas of the property to define an anomaly
pattern that might identify any buried mineralized targets and controlling structural features. Based on
this information, potential drill targets will be prioritized for further testing.”
Montero’s consulting geologist, Marcial Vergara , has reviewed publicly available data on Avispa and
conducted site field visits. Vergara previously worked for Codelco and Anglo American in Chile, two of
the largest mining companies operating in the country and is familiar with the geological setting of the
major occurrences of mineralization in the region.
“Montero remains focused on exploring for gold, silver and base metals in the highly prospective
southern Andes area ,” says Harwood. “The company has adopted a prospect generat ion strategy at
Avispa whereby it will de -risk the project and carry out lim ited exploration while seeking a partner to
advance the project through the drill phase. This will provide Montero shareholders with exposure to
the copper space and position ourselves favourably for the expected long-term demand for copper .”
Qualified Person's Statement
This press release was reviewed and approved by Mr. Mike Evans, M.Sc. Pr.Sci.Nat. and Sr. Marcial
Vergara B.Sc., who are qualified persons for the purpose of National Instrument 43 -101. Sr Vergara is
based in Santiago and has more than 30 years’ experience in copper exploration in Chile.
About Montero
Montero is a junior exploration company focused on finding, exploring, and advancing globally
significant gold and base metals deposits in Latin America. The company is in the process of
relinquishing its portfolio of battery metal s 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 advanci ng precious metal and copp er projects. Montero trades on the TSX Venture
Exchange under the symbol MON and has 38,647,485 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.
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