Montero sampling and trenching returns positive TREO values at the Nyati Target area at the Wigu Hill Rare Earth Project, Tanzania.
Toronto, Ontario (January 17th, 2012): Montero Mining and Exploration Ltd. (TSX.V: MON) (“Montero”) is pleased to announce the results from further grab sampling and trenching on the new Nyati Target upslope from the Tumbili Target area. Building on the results from prior sampling (see News Release dated 11/10/2011), these results confirm the presence of higher-grade mineralization at the Nyati target. Sampling has returned an average of 12.15% TREO from a total of 26 samples including
values up to 26.58% TREO.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “The results from further sampling and trenching obtained from the Nyati target confirm consistent mineralization and high-grade values as seen at the Twiga and Tembo Zones but in bastnaesite bearing carbonatite dikes of greater dimensions. The exploration work at the Nyati target will build on our initial resource estimate to prove Wigu Hill’s true potential as a sizeable rare earth deposit. Assays from 2 drill holes to test the continuity at depth are expected in the short term.
The Nyati target (surface dimensions of 400m x 800m), located upslope and to the north of the Tumbili Target, has returned positive results from additional mapping and sampling. Grab sampling at 26 new locations within this area returned results ranging from 5.12% TREO to 26.58% TREO, for an average of 12.15% TREO.
Results from 3 trenches were also received and are listed as follows:
| Trench | From (metres) | To (metres) | Apparent Width (metres) | TREO (%) |
|---|---|---|---|---|
| Trench Nyati 1 | 0 | 61.60 | 61.60 | 1.96% |
| Including | 0 | 35.00 | 35.00 | 2.56% |
| Trench Nyati 2 | 0 | 77.00 | 77.00 | 2.64% |
| Including | 24.00 | 46.00 | 22.00 | 4.52% |
| Including | 50.00 | 71.00 | 21.00 | 3.80% |
| Trench Nyati 3 | 0 | 49.50 | 49.50 | 2.14% |
| Including | 0 | 25.70 | 25.70 | 3.84% |
Table 1. Graded average values for trenching at Nyati
The bastnaesite carbonatite mineralization occurs in a sheeted dike and stockwork complex with coarse burbankite crystals. These mineralized intrusives occur in narrow centimetres veinlets and dikes up to 3 metres in width. Carbonatite dikes have been traced over distances of up to 800m in a zone 400m wide with mineralized dike zones separated by areas of gneiss, dolomitic carbonatite or carbonatite breccia where the degree of rare earth mineralization still needs to be established. This exploration is currently in progress.
To view detailed geology over the central zone showing the distribution of the grab samples and the upper portion of the Tumbili target click here: http://www.monteromining.com/projects/pdf/nyatisampling.pdf
To date, 5 trenches have been completed on the Nyati target and core drilling has commenced to assess the nature of the mineralization at depth, with 2 holes completed for 453 metres. Initial assay results from these holes are expected in the shortterm.
QA/QC: Montero has used internal blanks, pulp duplicates and one analytical standard to monitor the sampling and analytical quality. Results to date for the blank and the pulp duplicates show acceptable quality for the main REEs of interest. The standard used was prepared on behalf of Montero using material from Wigu Hill and has certified analytical values for Ce, La, Pr and Sm based on analyses from 16 different laboratories. A review of the results reported by ALS Chemex, indicates that these meet the required level of analytical quality. Grab samples are selective by nature and are unlikely to represent average grades on the property.
Qualified Person’s Statement
The technical information contained in this press release has been reviewed 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.
About Montero Mining and Exploration
Montero Mining and Exploration Ltd. Is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada respectively. Montero is focused on adding value for all shareholders through the acquisition and exploration on properties, which have the highest potential for future discoveries or development of existing mineral resources into mineable reserves. We remain engaged in the development of our flagship Wigu Hill Rare Earth Element Project in Tanzania, which is a high-grade, undeveloped Light Rare Earth Element deposit. The Company’s current focus is on updating the initial NI 43-101 Mineral Resource Estimate and advancing the hydro-metallurgical testwork with Mintek. With the rising prices of REEs and China's control over export quotas, it is becoming imperative that the rest of the world develops new rare earth resources to meet the increasing demand from “green” technology and high-tech applications.
Montero’s growth strategy is to develop the Wigu Hill Rare Earth Element project and to bring this to account through eventual rare earth production and cash flow, while operating in an environmentally and socially responsible manner. We will continue to add value through the development of our portfolio of properties. Montero trades on the TSX Venture Exchange under the symbol MON.
Signed. Dr. Tony Harwood - President and CEO
For more information, contact:
Montero Mining and Exploration Ltd. Renmark Financial Communications Inc.
Richelle Chapman, IR Communications Peter Mahzari : [email protected] E-mail: [email protected] Arash Shahi: [email protected] Tel: +1 416 840 9197 | Fax: +1 866 688 4671 Tel.: (514) 939-3989 or (416) 644-2020 www.monteromining.com www.renmarkfinancial.com
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