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Montero Mining and Exploration Ltd. Signs LOI to Acquire 80% Interest of Soris Lithium Project in Nambia
TORONTO, Oct. 24, 2017 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V:MON) (“Montero” or the “Corporation”) has entered into a Letter of Intent
About this update from Montero Mining And Exploration Ltd.
[{"type":"text","content":"TORONTO, Oct. 24, 2017 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V:MON) (“Montero” or the “Corporation”) has entered into a Letter of Intent (LOI) with Frovio Investment, a Namibian company, to acquire up to an 80% interest in its wholly owned Soris Lithium Project in the Soris pegmatite field, Namibia (the “Property”). The agreement provides Montero three months to complete legal and technical due diligence to its satisfaction and is also subject to regulatory approval. Under the terms of the LOI, Montero immediately earns an 80% interest in the Property by committing to spending C$1 million and completing a feasibility study in 3 years. Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, “The Soris Lithium Project pegmatites were intermittently mined for tantalum and tin between 1960 and 1990. Montero has identified lithium bearing spodumene mineralization in a number of pegmatites and intends to confirm initial lithium grades of up to 5.6 % Li2O with further sampling and mineralogical studies. The lithium, tantalum and tin market is currently one of the most promising and forward-looking sectors in the high technology mining industry and a focus area for Montero.” The Soris Lithium Project is located in central Namibia north west of the town of Uis which is 220 km north of Walvis Bay, Namibia’s largest commercial deep-water port. The project is located in the Erongo Region and is connected by dirt and asphalt road to the port of Walvis Bay. The Soris pegmatite field is hosted in the metasedimentary units of the Damara Mobile Belt, the northeast-trending branch of the Neo-Proterozoic, Pan African Damara Orogen in Namibia. The zoned pegmatites at Soris belong to a group of highly fractionated, tantalite-cassiterite, lithium-rich rare metal pegmatites. Lithium mineralization occurs in the form of spodumene crystals developed virtually over the whole length of the pegmatite, although the relative abundance of spodumene varies from one location to another. Towards the pegmatite core zone spodumene minerals of up to 80 cm long are observed inter-grown with quartz. The Soris Lithium Project pegmatites encompass several outcrops, varying in length between 100m up to 470m over a distance of 2.4 km and has been measured in places to be more than 30 m wide. The pegmatites were mined on small ...