Montero Mining and Exploration Ltd. (TSX-V: MON) has initiated
exploration of the Isabella gold silver project located
approximately 200 km south of Santiago and 125 km south of Yamana’s
Minera Florida mine in the Southern Coastal Range of Chile. The
Company has tied up mineral rights to exploration claims that cover
an area of 67 km2 and make up the Isabella Gold Silver Project. To
date Montero has defined four high grade Au-Ag priority targets for
initial drill testing and a sedimentary polymetallic geophysical
target within the Isabella West and Isabella East claims. On August
30, 2020 Montero completed a US$50,000 option payment on the
Isabella East claims. No drilling has ever been carried out at
Isabella.
Dr. Tony Harwood, President and Chief Executive
Officer of Montero commented, “Montero has initiated a confirmatory
sampling program at the Isabella gold project. The program is
designed to better define the extent of the gold silver vein
structures and to investigate a geophysical target in the sediments
recently identified by Montero. A diamond drilling program is
planned.”
Isabella Gold - Silver Vein
TargetsA total of four target areas have been identified
and are slated for drilling using a track-mounted diamond drill
(Figure 1). A 2,600m drill program is planned to test the
vein targets. Initial drilling will test one mineralized quartz
vein array within the Isabella West property (Target A) and three
vein arrays within the Isabella East property (Targets B, C, and
D).
Drill Target A (Isabella West):
Multiple high grade Au-Ag quartz veins have been defined within a
75m wide zone of altered granite extending 600m along strike.
Surface samples of vein material returned assays up to: 8.53 g/t
Au, 11.2 g/t Ag and 7.56 g/t Au, 16.8 g/t Ag. Trenches
completed over 300m strike length of the vein array returned: 6.92
g/t Au over 1m, 2.88 g/t over 2m, and 1.42 g/t Au over 12m (incl.
3.53 g/t Au over 3m). The vein array is contained within a
broader zone of anomalous Pb defined as >100 ppm which is
characteristic of the high-grade Au veins in the area.
Drill Target B (Isabella East):
Multiple high-grade quartz veins identified over a zone 100m wide x
250m in length. Surface samples of vein material returned
assays up to: 26.76 g/t Au, 31.8 g/t Ag. Several veins have been
mapped over a distance of 250m. An assay of 21 g/t Au, 70 g/t Ag
was also obtained from a 1.5m wide vein exposed in an exploration
adit completed by the property owner. Trench sampling
returned 6.5 g/t Au over 5m, incl. 21.85 g/t Au over 1m.
Drill Target C (Isabella East):
Multiple high-grade quartz veins over 200m wide zone. Surface
assays up to 48 g/t Au and 362 g/t Ag were returned from vein
material sampled along 250m strike length.
Drill Target D (Isabella East):
Multiple high-grade quartz veins defined over area 50m wide and
150m in length. Surface samples of vein material returned assays up
to 12.55 g/t Au, 629 g/t Ag. Trench sampling returned 2.72
g/t Au, 204 g/t Ag over 1m.
Isabella Sediment Hosted Polymetallic
Target Identified
Processing of data from the 101 line kilometer,
drone-supported aerial magnetic survey completed by the previous
owner has identified an extensive area of high magnetics within
sediments proximal to the granitic contact. Montero
contracted John Coggan of Mines Geophysical Services to reinterpret
the magnetic data and magnetic high anomaly at depth (Figure
2). Previous mapping over this area has identified discrete
zones of Fe-oxide breccia boulders (gossan) which have returned
assays up to 800 ppm Zn and 400 ppm Cu. Montero considers
such concentrations in gossan boulders to be anomalous and the
Company will further evaluate the area for potential sedimentary
polymetallic geophysical target by drilling. A 240m drill hole is
planned to test the newly identified magnetic target.
Montero has a 100% interest in a Chilean private
company (“ChileCo”) which holds all the mineral rights to the
Project. ChileCo directly holds 100% of the mineral rights to 18
km2 of claims and has two subsidiaries with 49 km2 under
option agreements: 1) ChileCo holds an 85% interest in the Isabella
West claims and; 2) ChileCo is earning an 85% interest in the
Isabella East claims. Montero paid US$50,000 on August 30, 2020
with further payments of US$400,000 due by August 2022 to complete
the 85% earn-in.
Qualified PersonThis press
release was reviewed and approved by Mr. Michael Corey P.Geo., whom
is a member of the Association of Professional Geoscientists of
Ontario (APGO) and is a Qualified Person for the purpose of
National Instrument 43-101 and a technical advisor to Montero. Mr.
Corey has visited the property and reviewed previous sampling
techniques and analysis. A data review was also undertaken by
Marcial Vergara B.Sc. who is based in Chile and also a Qualified
Person. The qualified persons have extensive experience in gold
exploration in Chile.
About MonteroMontero is a
junior exploration company focused on finding, exploring and
advancing globally significant gold deposits in Chile. The Company
is in the process of relinquishing its portfolio of battery metal
projects in Africa to focus on gold opportunities in Chile.
Montero’s board of directors and management have an impressive
track record of successfully discovering and advancing precious
metal projects. Montero trades on the TSX Venture Exchange under
the symbol MON and has 21,880,818 shares outstanding.
For more information,
contact:
Montero Mining and Exploration
Ltd. Dr. Tony Harwood, President and
Chief Executive OfficerE-mail: ir@monteromining.com 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.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases 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 those expressed or implied by such
forward-looking information. Actual results relating to, among
other things, completion of the HOA, results of exploration,
project development, reclamation and capital costs of Montero’s
mineral properties, and financial condition and prospects, could
differ materially from those currently anticipated in such
statements for many reasons such as: an inability to complete the
HOA 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 minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational
difficulties encountered in connection with Montero’s activities;
and other matters discussed in this news release and in filings
made with securities regulators. This list is not exhaustive of the
factors 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 forward-looking information, except in accordance with
applicable securities laws.
Figure 1: Isabella Gold–Silver
Property – Shows Priority Drill Target
Areashttps://www.globenewswire.com/NewsRoom/AttachmentNg/eaaefaec-332c-4db4-a2ed-b58e8a62c816
Figure 2: Processing of UAV
magnetic survey data has defined an area of high magnetics (view
vertically down above) in sediments adjacent to the granite
contact. Montero is proposing a drill hole to test the
magnetic body for potential sediment-hosted
mineralizationhttps://www.globenewswire.com/NewsRoom/AttachmentNg/11943e40-b89e-4fed-86ac-5048ff4d16b3
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