Montero Defines Large Mineralized Zone at the Nyati Target, Wigu Hill Rare Earth Project, Tanzania
03 April 2012 - 11:00PM
Marketwired Canada
Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") has received
encouraging results from additional surface sampling and exploration trenching
of the Lower Nyati Target upslope from the Tumbili Target area, at the Wigu Hill
Rare Earth Project in Tanzania. (See News Release dated 03/10/2011). At Nyati,
surface mapping and sampling has outlined a much larger mineralized zone with
dimensions of 800m by 1,000m. The area has subsequently been divided into the
Lower Nyati (800m x 500m) and Upper Nyati (800m x 500m) targets and is located
at an elevation 400m above the base of Wigu Hill.
Highlights of the results returned to date may be summarized as follows:
-- Assays returned from 104 panel samples range from 0.21% to 19.41% TREO
and average 7.08% TREO
-- Trench WTRT002 averaged 3.87% TREO over 47.0m (Including 5.25% TREO over
12m and 6.95% TREO over 8.0m)
(All widths listed are apparent widths and trenches are as close as possible
to right angles to the strike of the carbonatites).
Previous exploration work at the Nyati target returned consistent high-grade
TREO values from carbonatite grab samples. Follow-up exploration programs have
been focused on identifying drill targets and outlining the extent of the rare
earth mineralization at Nyati. This work has achieved significant results
showing a much larger area of consistent high-grade mineralization. A total of
26 grab and 104 panel samples and three trenches totaling 188m in length are
reported. In addition five diamond core boreholes have been completed for a
total of 1,030m drilled with results expected shortly.
Dr. Tony Harwood, President and Chief Executive Officer of Montero
commented, "The lower and upper Nyati target areas have become an
exciting exploration focus where mineralization occurs within a 800m x
1000m zone. Results to date show consistent elevated rare earth values
from surface outcrops and over extensive widths as seen in surface
trenching results of 3.87% TREO over 47m including higher-grade zones of
6.95% TREO over 8m and 5.25% TREO over 12m. Both zones exhibit good
coarse mineralization at surface that we hope will be confirmed with the
diamond drilling results."
Sample Results
Assay results have been returned for two sets of grab samples (fragments taken
from a single site) and one set of panel samples (fragments taken over an area
of 1m2 in the mineralised outcrop). The selective sampling program and surface
geological observations have demonstrated the extent of the mineralisation
within the carbonatites at both the Lower and Upper Nyati zones and has defined
them as extensive targets for ongoing exploration. The results returned to date
can be summarized as follows:
----------------------------------------------------------------------------
Average
Amount Location Range Value
----------------------------------------------------------------------------
100 grab
samples 55 NE Section 2.51% - 18.21% TREO 10.43% TREO
----------------------------------------------------------------------------
45 SW Section 1.95% - 13.30% TREO 5.85% TREO
----------------------------------------------------------------------------
26 grab
samples 26 5.12% - 26.58% TREO 12.15% TREO
----------------------------------------------------------------------------
104 panel
samples 104 0.21% - 19.41% TREO 7.08% TREO
----------------------------------------------------------------------------
Grab samples are selective by nature and are unlikely to represent average
grades on the property.
To view sampling and trenching location maps for the Nyati targets please visit:
http://www.monteromining.com/projects/pdf/nyati-geology-march2012.pdf
Trenching at the Lower Nyati target
Three long trenches were positioned across the central section of Lower Nyati
where partial outcrops of bastnaesite-rich carbonatite indicated the potential
for more extensive buried carbonatite occurrences. The trenches were 61.60m,
77.0m and 49.5m long, respectively (total length 188m). Surface outcrops at
Nyati and elsewhere on Wigu Hill are limited in extent and the area is mostly
soil and scree covered. Thus, the value of trenching in defining the underlying
geology and mineralisation is clearly evident from the results below:
----------------------------------------------------------------------------
Apparent
From To width
Trench number (metres) (metres) (metres) TREO % SrO %
----------------------------------------------------------------------------
WTRT001 0.00 35.00 35.00 2.56 1.14
----------------------------------------------------------------------------
- Including 6.00 17.00 11.00 3.61 1.67
----------------------------------------------------------------------------
35.00 61.60 26.60 1.19 0.83
----------------------------------------------------------------------------
WTRT002 0.00 24.00 24.00 0.63 0.73
----------------------------------------------------------------------------
24.00 46.00 22.00 4.52 1.38
----------------------------------------------------------------------------
- Including 32.00 44.00 12.00 5.23 1.63
----------------------------------------------------------------------------
46.00 50.00 4.00 0.65 1.33
----------------------------------------------------------------------------
50.00 71.00 21.00 3.80 1.24
----------------------------------------------------------------------------
- Including 56.00 64.00 8.00 6.95 1.41
----------------------------------------------------------------------------
- Also 24.00 71.00 47.00 3.87 1.31
----------------------------------------------------------------------------
71.00 77.00 6.00 1.01 1.00
----------------------------------------------------------------------------
WTRT003 0.00 25.70 25.70 3.84 1.52
----------------------------------------------------------------------------
- Including 19.70 23.70 4.00 9.27 1.44
----------------------------------------------------------------------------
Table 1. Graded assay results from 3 trenches on the Lower Nyati target
A full table of results can be viewed at:
http://www.monteromining.com/projects/pdf/nyati-sampletrench-table.pdf
The results of the exploration carried out at Lower Nyati (800m x 500m) to date
have delineated an extensive target drill zone which at this stage is only
partially explored. Exploration is limited by steep slopes, thick soil and scree
cover and by thick vegetation. Additional trenching and a program of infill
sampling along section lines in between the current trench locations should
contribute to establish drilling locations with a more detailed understanding of
the continuity of the TREO mineralisation at the Lower Nyati Target.
Geology
Abundant bastnaesite mineralization occurs within coarse burbankite crystals in
the intrusive carbonatite veins and dikes. At Lower Nyati the matrix to the
burbankite is dominated by siderite in places and in other areas by dolomite. A
number of the dikes observed are similar to those mapped at the high-grade Tembo
and Twiga Zones to the east. To view photos of burbankite crystals in the
material please visit: http://www.monteromining.com/projects/pdf/nyatiphoto.pdf
The bastnaesite dikes are intruded into foliated gneisses, which are now altered
and carbonated, hence the altered gneiss material remains as low grade
interstitial fragments and zones within the dolomitic carbonatites. The
carbonatite dikes lie in two major orientations concluded to be due to
pre-existing fractures within the Usagaran gneissic rocks. A conjugate set of
fractures approximately ENE and NNW in direction seem to be the predominant
trends of the fractures and of the carbonatites at Wigu Hill.
QA/QC: Montero has used blanks, field duplicates and one analytical standard to
monitor the sampling and analytical quality. Results to date for the blank and
field 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.
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. Grab samples
are selective by nature and are unlikely to represent average grades on the
property.
About Montero Mining & Exploration
Montero Mining and Exploration Ltd. Is a mineral exploration and development
company engaged in its flagship Rare Earth Elements (REE) Project Wigu Hill in
Tanzania and has phosphate assets in South Africa and uranium assets in Tanzania
and Quebec, Canada. Montero is focused on adding value through the exploration
on properties, which have the highest potential for future discoveries or
development of existing mineral resources into mineable reserves. The flagship
Wigu Hill REE Project is a high-grade, undeveloped Light Rare Earth Element
deposit where the current focus is on updating the initial NI 43-101 Mineral
Resource Estimate and advancing the hydro-metallurgical testwork with Mintek.
Montero has a fast-track strategy to advance a portion of the Wigu Hill deposit
to the mining and production stage in the short-term while further defining a
larger deposit. 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 and de-risk 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. Montero trades on the TSX Venture Exchange under the symbol
MON.
Dr. Tony Harwood - President and CEO
CAUTIONARY STATEMENT: 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. This News
Release includes certain "forward-looking statements". These statements are
based on information currently available to the Company and the Company provides
no assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements for many
reasons such as: changes in general economic conditions and conditions in the
financial markets; changes in demand and prices for minerals; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological and operational difficulties encountered
in connection with the activities of the Company; and other matters discussed in
this news release. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. These and other factors should
be considered carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not undertake to update
any forward-looking statement that may be made from time to time by the Company
or on its behalf, except in accordance with applicable securities laws.
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