Montero Announces Ni 43-101 Mineral Resource Estimate ON the Uis Lithium-TIN Tailings Project, Namibia
MONTERO ANNOUNCES NI 43-101 MINERAL RESOURCE ESTIMATE
ON THE UIS LITHIUM-TIN TAILINGS PROJECT, NAMIBIA
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
Toronto, Ontario – January 14, 2019: Montero Mining and Exploration Ltd (TSX.V: MON) (“Montero”) has completed
a maiden lithium and tin Mineral Resource estimate for the Uis Tailings Project and will file the NI 43-101 Mineral
Resource estimate on SEDAR and add this estimate to the Company’s website within 45 days . The Uis Lithium Tin
Tailings Project is located in Namibia and consists of large coarse sands and fine slimes tailings deposits on surface.
The tailings material represents the waste processed material derived from the Uis pegmatite tin mine and process
plant prior to its closure in 1990.
The NI 43-101 Mineral Resource estimate is based on the preliminary drilling program of 63 air core drill holes on
the coarse and fine tailings material located on the Uis mine site.
The quantity and grade of coarse and fine material for six tailings deposits (Zones A to E is shown in Figure 1) were
estimated by ordinary kriging. Two commodities were considered in the estimation of the Mineral Resources, lithium
(Li2O) and tin (SnO2). Zone A represents the largest tailings deposit and contains coarse tailings material, whilst
Zones B to E and Zone A fines represents the fine tailings material.
A total Inferred Mineral Resource of 14.4 million tonnes at 0.37% LiO2 and 17.1 million tonnes at 0.05% SnO2 were
estimated for the Uis Lithium Tin Tailings Project. This resource consists of 14.4 million tonnes at 0.37% Li2O and
0.05% SnO2 in the coarse tailing material (Zone A or A1 to A3) and 2.7 million tonnes at 0.06% SnO2 in the fine tailing
material (Zone B to E and Zone A4 for Zone A fines). Insufficient test work has been completed on lithium extraction
from the fine tailings material to include this material as a Mineral Resource at this time. Commodity price, product,
mining and processing costs and recoveries, and mining parameters and assumptions informed the determination
of the cut-off grades.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “Montero’s initial
Resource estimate is reported as 14.4 million tonnes at 0.37% lithium as Li2O and 17.1 million tonnes at
0.05% tin as SnO2. Further drilling, in-fill drilling and metallurgical test-work will be required to upgrade
the Inferred resource announced today to an Indicated resource. Montero will also be evaluating early
production scenarios in tandem with upgrading the resource in order to meet expected lithium and tin
demand.”
The independent Mineral Resource estimate was prepared by independent qualified person (QP) Dr. Heather King,
Pr. Sci. Nat. of Deloitte Technical Mining Advisory (Deloitte) assisted by other Independent QP’s; Mr. Nico Scholtz,
Pr. Sci. Nat. (geology) and Mr. Peter Hand, FSAIMM (metallurgy). The Inferred Mineral Resource estimate at Uis
Lithium Tin Tailings Project is encouraging as it has been established to have reasonable prospects of eventual
economic extraction.
The report details the following Inferred Mineral Resources:
Table 1. Inferred Mineral Resource Coarse material (Zone A) Li2O and SnO2 at a cut-off 0.35 % Li2O
Zone
Density
(t/m3)
Million
Tonnes
Average grade Metal Content
Li2O (%) SnO2 (%) Li2O (t) SnO2 (t)
Zone A
Coarse
1.6 14.4 0.37 0.05 53 280 7 200
TOTAL 14.4 0.37 0.05 53 280 7 200
Table 2. Inferred Mineral Resource Fines material (Zones B to E and Zone A Fines) at a cut-off 47ppm SnO2
Zone
Density
(t/m3)
Million
Tonnes
Average grade Metal Content
Li2O (%) SnO2 (%) Li2O (t) * SnO2 (t)
Zone A4 1.6 0.44 - 0.09 - 396
Zone B 1.6 0.56 - 0.06 - 336
Zone C 1.6 0.98 - 0.06 - 588
Zone D 1.6 0.32 - 0.06 - 192
Zone E 1.6 0.41 - 0.06 - 246
TOTAL 2.71 - 0.06 - 1 758
Notes:
• The effective date for the Mineral Resource estimates is 14 October 2018
• Mineral Resource estimate reflects 100% of material/asset; Montero has a b inding Heads of Agreement to purchase 95% of the Uis
Tailings material
• The Mineral Resource for Li2O in the coarse tailings material (Zone A) is based on a grade cut-off of 0.35% Li2O at 5% product grade
• The Mineral Resource for SnO2 in the fine tailings deposits (Zones B to E and Zone A4) is based on a grade cut-off of 47ppm SnO2 * No
lithium resources have been reflected in the fine tailings material due to insufficient or no test work on his material. (Zon e B to E and
Zone A4)
• As the process flow for the material will extract the SnO 2 via shaking tables before the Li2O circuit for the Zone A coarse material, no
cut-off has been applied to the SnO2
• A Mineral Resource for Li 2O is not reported for the fines material (Zones B to E and Zone A 4) as the average Li 2O grade of the fines
material does not hurdle the cut-off of 0.82% Li2O
• The product price applied to the coarse and fine tailings material was the Li2O spodumene price of US$925/t
• A SnO2 price of USD23,500/t was applied, based on consensus forecast information
• A processing recovery of 70% for Li2O of the coarse material was applied and a 30% recovery for the fines material of Zones B to E
• A processing recovery of 60% for SnO2 for both the coarse and fine material was applied
• The QP for the Mineral Resources considers the existing estimation database and information available from Montero and the QP
Geology and QP Metallurgy to be adequate to support reporting a low confidence Mineral Resource, that being an Inferred Mineral
Resource. As per the CIM Definitions Standards (May 10, 2014) , an Inferred Mineral Resource is that part of a Mineral Resource for
which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological eviden ce is
sufficient to imply but not verify geological and grade or quality continuity
Figure 1. Aerial view of the Uis Lithium Tin Tailings Project showing locations of Zone A coarse tailing and Zones B -E
fine tailing material. Zone A fines are annotated as A4.
A full copy of the Mineral Resource estimate report will be available on the SEDAR website and Montero website
within 45 days.
Metallurgical test work on samples from the property , in-fill drilling on the tailings material and further drilling is
planned. These results will form the basis for an updated Mineral Resource estimate.
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 Dr Heather King, PhD, Pr. Sci. Nat., Mr. Nico Scholtz, M.Sc., Pr. Sci. Nat. and Mr. Peter Hand, B.Sc. (Hons), FSAIMM
as Qualified Persons for the purpose of National Instrument 43-101.
About Montero
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 and tin in Namibia, phosphates in
South Africa and rare earth elements 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
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 t he TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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