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Montero Acquires Uis Lithium-Tin Tailings Project, Namibia
TORONTO, March 06, 2018 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V:MON) (“Montero” or the “Corporation”) has entered into a binding Heads of
About this update from Montero Mining And Exploration Ltd.
[{"type":"text","content":" TORONTO, March 06, 2018 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V:MON) (“Montero” or the “Corporation”) has entered into a binding Heads of Agreement (“HOA”) with Namib Base Minerals CC (“NBM”) and Namibia Silica CC (“NBS”) (collectively the “Owners”) to acquire a 95% interest in the Uis Lithium-Tin Tailings Project (“Project”) in Namibia. The agreement provides Montero two months to complete legal and technical due diligence to its satisfaction and is also subject to regulatory approval. Under the terms of the HOA, Montero would earn a 95% interest in the Project by committing to milestone payments totaling US$1.425 million to the Owners. A payment of US$10,000 has been paid on execution of the HOA and US$40,000 shall be paid on successful completion of due diligence, a further payment of US$275,000 shall be paid within 6 months and the remainder as staged milestone payments through to production. Montero will also issue C$125,000 of cash or shares in Montero to Lithium Africa 1 (“LA1”) for drilling and other data pertaining to the Project 4 months from successful completion of the due diligence. In 2016 LA1 completed 1,531m of aircore drilling in a 63-drill-hole program. The drill samples have been assayed for tin, lithium, tantalum and niobium and confirmed the continuous lithium and tin mineralization within parts of the Project. Preliminary analysis of the 2016 drill hole assay data shows that the samples range in lithium content from 0.07 % to 0.73 % Li2O, the tin content from 12 ppm to 1,752 ppm SnO2, and tantalum content from 1.5 ppm to 114 ppm Ta2O5. The drill hole assay data shows average values of 0.42% lithium (Li2O), 523 ppm tin (SnO2) and 55 ppm tantalum (Ta2O5). The average, range and median values for the 1,531 drill sample assays obtained are provided in Table 1 below. The Uis mine operated from 1924 to 1990 with confirmed ore tonnage production mined between 1966 and 1981 of 10,657,075 million tonnes (ISCOR 1982, US Bureau of Mines, 1992) and previous mining adding a total potential tonnage of tailings of up to 20 million tonnes derived from approximate surface measurements and density estimates from the 2016 drill program. A review of available surface and drill data is underway. Further work including tonnage and resource estimation, mineralogical investigations, and prelimin...