Montero Consolidates Property Holdings at the Avispa Copper-Molybdenum Property, Chile
Montero Consolidates Property Holdings at the
Avispa Copper-Molybdenum Property, Chile
Toronto, Ontario – March 14. 2022 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the
“Company”) continues to consolidate its property holdings at the Avispa copper molybdenum project located in
the Atacama Desert of northern Chile . The company has finalized the regulatory process for 200.8 km 2 of
exploration concessions that includes the original Avispa and recently awarded Abeja exploration concessions that
were registered in 2021.
The company is also finalizing the regula tory process on a n additional 270.5 km2 of Abeja concessions. The
company expects the remaining regulatory processes to be completed during Q2 2022. Once completed the
company wo uld hold 100% ownership of a total of 473.3 km2 of exploration concessions in a well-defined late
Paleocene to early Eocene Cu-Mo porphyry belt of northern Chile.
The Avispa property is located in a well-defined porphyry belt approximately 40 km north of BHP’s Spence Cu -Mo
mine, KGHM’s Sierra Gorda Cu -Mo mine and the recently announced disco very at Sociedad Contractual Minera
Búfalo (SCMB) Cerro Búfalo project in the Sierra Gorda district south of Avispa . The consolidated Avispa and Abeja
concession are surrounded by major mining companies with exploration and mini ng conce ssions with groups
including; Codelco Freeport, Glencor, Antofagasta, and SQM. Avispa is also 50 km west of Codelco’s Chuquicamata
supergiant porphyry copper mine that occurs within a younger late Eocene – early Oligocene porphyry belt.
Dr. Ton y Harwood, President and Chief Executive Offi cer of Montero comment ed, “With advancement of the
regulatory process Montero will control a significant land package in this world class porphyry copper district. The
presence of major companies such as Glencore, Freeport and Antofagasta actively exploring in the dist rict makes
Montero’s land package very prospective. The Company continues its mapping and sampling program and will
provide updates.”
Figure 1. Location of the Avispa & Abeja Property and major copper mines in a regional and district context.
20 km
N
Figure 2. Regional geological map (after Sernageomin) showing the Avispa Property exploration concession areas
that have be granted and also those in the final stages of the regulatory process.
Figure 3. Satellite image showing the location of previous drilling sites identified on the Avispa and Abeja Property
and currently being sampled for geochemical studies.
N
Figure 4. Satellite image showing the location of closely spaced drill sites completed by a previous holder on the
Abeja Property, drill chips of which are currently being sampled for geochemical work.
Planned Exploration Program
Montero has completed a thorough investigation of historical information on exploration in this highly prospective
area. The Comp any has planned an explora tion program that includes; detailed geological mapping, surface
sampling, ground and airborne geophysical surveys with the object ive of defining drill targ ets. The Company has
completed geological mapping and geochemical sampling transect along the San Salvador River at the southern
margin of the Avispa and Abeja Property. This work will help establ ish the stratigraphic and structural f ramework
to guide future exploration.
Previous companies to have explored Avispa include BHP that conducted limited drilling on the property at 2 km to
3 km spacing as part of a regio nal exploration program. Montero beli eves that there is potential for buried
porphyry and porphyry-related deposits with smaller footprints than those sought by major companies.
Montero’s Chief Geologist, Marcial Vergara, has reviewed publicly available data on Avispa and has conducted a
field visit. Marcial previously wo rked for Codelco and Anglo American , both major operating copper mining
companies in Chile. Montero has adopted a prospect generator model at Avispa wh ere it will de-risk the project
and carry out limited exploration while seeking a partner to advance the project through the drill phase. This will
provide Montero shareholder s with exposure to the copper space while it continues to focus on th e gold -silver
potential of southern Chile.
Qualified Person's Statement
This press release was reviewed and approve d by Mr. Mike Evans, M.Sc. Pr.Sci.Nat. and Sr. Marcial Vergara B.Sc.
who are qualified p ersons for the purpose of National Instrument 43-101. Sr Vergara is based in Santiago and has
more than 30 years’ experience in copper exploration experience in Chile.
About Montero
Montero is a junior exploration company focused o n finding, exploring, and a dvancing globally significant g old
deposits in Latin America. The Company is in th e process of relinquishing its p ortfolio of battery metal projects in
Africa to focus on gold op portunities in Latin A merica. Montero’s board of di rectors and managemen t have an
impressive track record of successfully di scovering and advan cing p recious met al and c opper 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.
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 with respect to the S hare Consolidation. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as “plans”, “expects” o r “does not expect”, “is ex pected”, “budget”, “scheduled”, “estimates”, “ forecasts”, “intend s”,
“anticipates” or “does not anticipate”, or “b elieves”, or variations of such words and phr ases 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 t hose expressed or i mplied by such forward-looking information. Actual results relating to, among other things,
completion of the agreement, results of exploration, project development, reclamation and capital co sts of Montero’s mineral properties, and
financial condition and prospects, co uld differ materially from those curr ently anticipated in such s tatements for m any reasons such as: an
inability to complete the agreement 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 mine rals; litigation, leg islative, envi ronmental and ot her judicial, r egulatory, po litical and
competitive developments; technological and operat ional difficulties encountered in connection with Montero’s activities; and ot her matters
discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the fac tors 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 forwa rd-looking information, except in accordance with
applicable securities laws.