Montero Reports on Historical RC Drill Chip Assaying Which Includes 44 Metres of 0.96% Lithium Oxide at the Soris Lithium Project

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$1 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.

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