TORONTO, Jan. 09, 2018 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V:MON) has completed assaying for lithium of all of the available reverse circulation (RC) chips from a historical RC drill program conducted at the Soris Lithium project. The prior operator did not assay for lithium. The results have been assessed and positive lithium values from inclined and vertical drill holes have been returned from the spodumene pegmatite intercepts.
In 2015 a total of 31 RC drill holes were completed to test for tantalum and tin in the Main and Southern pegmatite occurrences on the Soris property. A total of 1,536 samples from these holes were sampled every metre where pegmatite was intersected. Of these, 1,097 samples have been matched to 24 of the historical RC holes. The pulps from the 1 metre sample intervals were originally submitted for chemical analysis for tantalum and tin at Genalysis in Perth, Australia. Montero has subsequently analysed for lithium, cesium and rubidium from sample pulps from the same laboratory.
The results reported support that lithium bearing spodumene mineralization sampled at the surface is continuous in places within the pegmatites and extends to depth in the Main Workings zone.
Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “Montero has completed its preliminary assay program and established significant concentrations of lithium mineralization within the spodumene pegmatites at surface and at depth on the Soris Lithium Project. Surface channel sampling conducted by Montero across the pegmatite returned lithium values over 14 metres of 1.93% Li2O. Re-assaying of the RC drill chips returned lithium oxide intercepts over 44 metres of 0.96 % Li2O, 25 metres of 1.26% Li2O, 22m at 1.05% Li2O and 21 metres at 1.12% Li2O. Montero is continuing its review of the data (including modeling of the existing drill data) and is designing an exploration and drill program to define a potential resource at Soris.”
Selected drill results from the re-assaying of RC chip samples in Main Workings zone are presented below:
| DRILL HOLE | FROM | TO | WIDTH | Lithium 1 | Tantalum 2 | Tin 3 | |
| metres | metres | metres | Li2O % | Ta2O5 ppm | SnO2 ppm | ||
| DRRC004 | 0 | 6 | 6 | 1.01 | 210 | 1234 | |
| 12 | 14 | 2 | 1.18 | 160 | 1302 | ||
| 23 | 27 | 4 | 0.88 | 239 | 728 | ||
| 0 | 57 | 57 | 0.44 | 169 | 674 | ||
| 57 | 93 | 36 | 0.94 | 131 | 824 | ||
| DRRC005 | 48 | 55 | 7 | 0.85 | 171 | 1114 | |
| 0 | 67 | 67 | 0.32 | 162 | 768 | ||
| 67 | 90 | 23 | 0.91 | 188 | 1148 | ||
| DRRC006 | 0 | 26 | 26 | 0.19 | 194 | 637 | |
| 26 | 46 | 20 | 1.21 | 142 | 798 | ||
| including | 26 | 34 | 8 | 1.85 | 169 | 1125 | |
| DRRC007 | 40 | 60 | 20 | 1.15 | 149 | 879 | |
| 1. Lithium Oxide obtained by conversion factor of 2.153 | |||||||
| 2. Tantalum obtained by conversion factor of 1.2211 | |||||||
| 3. Tin obtained by conversion factor of 1.2696 | |||||||
| DRILL HOLE | FROM | TO | WIDTH | Lithium 1 | Tantalum 2 | Tin 3 | |
| metres | metres | metres | Li2O % | Ta2O5 ppm | SnO2b ppm | ||
| DRRC008 | 21 | 25 | 4 | 1.13 | 110 | 1101 | |
| 37 | 57 | 20 | 1.05 | 113 | 556 | ||
| including | 37 | 42 | 5 | 1.64 | 88 | 402 | |
| DRRC009 | 9 | 35 | 25 | 1.26 | 166 | 912 | |
| including | 10 | 16 | 6 | 2.02 | 266 | 990 | |
| DRRC010 | 3 | 7 | 4 | 1.02 | 132 | 959 | |
| DRRC011 | 9 | 18 | 9 | 1.49 | 173 | 582 | |
| including | 14 | 17 | 3 | 2.06 | 109 | 697 | |
| DRRC014 | 5 | 8 | 3 | 1.40 | 254 | 838 | |
| DRRC016 | 27 | 35 | 8 | 1.54 | 224 | 747 | |
| including | 30 | 35 | 5 | 2.05 | 258 | 486 | |
| 76 | 96 | 20 | 0.83 | 129 | 617 | ||
| including | 84 | 86 | 2 | 2.09 | 90 | 142 | |
| DRRC017 | 16 | 18 | 2 | 1.43 | 254 | 1203 | |
| DRRC018 | 3 | 7 | 4 | 1.66 | 807 | 610 | |
| 69 | 95 | 26 | 0.83 | 124 | 893 | ||
| including | 84 | 86 | 2 | 1.62 | 83 | 329 | |
| DRRC019 | 57 | 58 | 1 | 2.38 | 164 | 745 | |
| DRRC020 | 5 | 27 | 22 | 1.05 | 248 | 1133 | |
| DRRC021 | 53 | 60 | 7 | 0.91 | 161 | 1124 | |
| DRRC022 | 3 | 47 | 44 | 0.96 | 174 | 692 | |
| including | 3 | 6 | 3 | 1.81 | 237 | 1434 | |
| including | 14 | 47 | 33 | 1.07 | 140 | 577 | |
| including | 23 | 27 | 4 | 1.68 | 148 | 811 | |
| including | 35 | 39 | 4 | 1.81 | 118 | 468 | |
| including | 42 | 46 | 4 | 1.83 | 150 | 1200 | |
| DRRC023 | 34 | 55 | 21 | 1.12 | 203 | 1099 | |
| including | 35 | 42 | 7 | 1.95 | 186 | 899 | |
| DRRC024 | 5 | 16 | 11 | 0.98 | 259 | 1256 | |
| 16 | 30 | 14 | No assays due to lack of RC chips* | ||||
| 30 | 41 | 11 | 1.13 | 174 | 1345 | ||
| DRRC025 | 8 | 12 | 4 | 1.14 | 370 | 672 | |
| 1. Lithium Oxide obtained by conversion factor of 2.153 | |||||||
| 2. Tantalum obtained by conversion factor of 1.2211 | |||||||
| 3. Tin obtained by conversion factor of 1.269 | |||||||
Note: Drill holes DRRC002, DRRC003 DRRC012, DRRC013 DRRC031 and DRRC015 in the Main Workings could not be assayed due to lack of complete drill hole information. No positive assay results were returned from the 5 drill holes (DRRC001, DRRC027, DRRC028, DRRC029 and DRRC030) drilled at the Southern Workings. Although no significant Li2O assay results were obtained in the Southern Workings from existing RC drill holes, this zone has good surface spodumene exposures and more work is planned to fully investigate the Li2O potential of the pegmatites at depth.
Re-assaying of RC drill chips for lithium returned very encouraging lithium values in the Main Workings. This is substantiated by surface channel sampling which returned 14 metres of 1.93% Li2O. The drill widths reported are not regarded as true widths and additional drilling will be required to test both the historical intercepts and reported widths of mineralization. The Northern and Central Workings have yet to be drill tested where surface channel sampling in the Northern Workings returned 16 metres of 0.68% Li2O. The focus of the resource delineation program will initially be applied to the Main Workings of the Soris Lithium Project. Additional drilling is planned to test the Northern and Central workings while further mapping and sampling will be carried out to further define additional spodumene mineralization over the 2.4km strike length of the pegmatites at Soris. A location map showing the positions of the drill holes reported (Fig 1) and a section showing lithium mineralization in the Main Workings (Fig 2) follows.
Fig 1: LOCATION OF PEGMATITES AND HISTORICAL RC DRILL POSITIONS AT SORIS
http://www.globenewswire.com/NewsRoom/AttachmentNg/0afee7e3-4a84-45b0-9fd6-7f2d57af2bed
Fig 2: LITHIUM VALUES ON A RC DRILL SECTION ACROSS THE MAIN WORKINGS.
http://www.globenewswire.com/NewsRoom/AttachmentNg/429b4b18-7f93-43a2-a9d8-3209038256de
Although Montero has its own internal QA/QC procedures when conducting a drilling and / or surface sampling campaign, the reporting of historical drilling results was not subject to any Montero QA/QC protocols apart from internal laboratory procedures which included the internal insertion of blanks, duplicates and CRMs. These internal laboratory checks included the following on a total of 6 sample submission sets for Li, Rb and Cs (54 duplicates, 54 CRMs and 51 Blanks). A review of laboratory internal QAQC procedures were completed and results returned were regarded as within the accepted confidence levels.
The Soris Lithium Project is located in central Namibia, north-west of the town Uis which is 220km north of Walvis Bay, Namibia’s largest commercial deep-water port. The project is in the Erongo Region and is connected by dirt and asphalt road to the port of Walvis Bay.
The zoned pegmatites at the Soris Lithium Project belong to a group of highly fractionated, tantalite-cassiterite, lithium-rich rare metal pegmatites known as Lithium-Cesium-Tantalum (LCT) pegmatites. The Soris pegmatites were previously mined on a small scale for tin and tantalum (Diehl, 1992). The pegmatite has not previously been mined or systematically sampled or assayed for lithium.
Montero has an option to acquire an 80% interest in the Soris Lithium Project whereby upon transfer of ownership will commit to spending C million and completing a feasibility study within 3 years of transfer of the mining rights.
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 Nico Scholtz, Pr.Sci.Nat., a qualified person for the purpose of National Instrument 43-101 and has extensive experience in rare metal pegmatite exploration and Lithium-Cesium-Tantalum (LCT) pegmatites.
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, Tantalum and Tin in Namibia, Phosphates in South Africa and Rare Earth Elements (REE) 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: 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 with respect to the Share Consolidation. 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, 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: 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.