Canada Markets close in 2 hrs 28 mins

Montero Review Returns 14.21 g/t Au & 164 g/t Ag at the Isabella Gold Silver Project in Southern Chile

Montero Mining and Exploration Ltd.
·6 min read

Figure 1

Isabella Property Location Map
Isabella Property Location Map
Isabella Property Location Map

Figure 2

Location of Priority Drill Target Areas
Location of Priority Drill Target Areas
Location of Priority Drill Target Areas

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

TORONTO, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) has completed its first exploration campaign at the Isabella Gold Project in the Southern Coastal Range of Chile. Isabella is located approximately 200 km south of Santiago and is situated at approximately 500 m elevation (see Figure 1).

Montero recently completed the purchase of a 100 % interest in a Chilean corporation (“ChileCo”) that holds the mining rights to the Isabella Gold Project. The most recent sampling program was carried out to verify types and styles of mineralization and confirm prior assay results. The program consisted of chip sampling of selected exposed quartz veins previously sampled by ChileCo. Based on a positive review of the Montero and previous sample assay results and field observations, Montero intends to complete an initial drill program on 4 high grade Au-Ag priority vein targets; Target Areas A, B, C & D are permitted for drilling (see Figure 2).

Montero Verification Sample Program
From September 20-26th 2020, Montero collected twenty-two (22) chip samples across selected quartz veins from the 4 priority target areas and submitted them for assay to Andes Analytical Assay Ltda. in Santiago. Table 1A lists Montero’s results and Table 1B lists ChileCo results from the same target areas. Montero sampling confirms the results obtained from ChileCo’s prior sampling.

Table 1A: Montero Samples

Table 1B: ChileCo Samples

TARGET
AREA

SAMPLE
NUMBER

Au
g/t

Ag
g/t

TARGET
AREA

SAMPLE
NUMBER

Au
g/t

Ag
g/t

TARGET A

506368

0.25

<1

TARGET A

315502

0.47

2

506369

1.55

2

315505

0.35

0

506370

7.46

14

315506

1.87

3

506371

0.51

<1

315508

0.09

0

506372

0.95

<1

315663

1.49

3

506373

5.33

9

315664

1.54

4

506374

0.95

<1

315665

8.53

11

506375

0.07

<1

315666

7.56

17

TARGET B

506354

13.28

31

315667

2.33

3

506355

0.28

<1

TARGET B

313802

8.08

7

506356

0.06

<1

313803

1.21

11

TARGET C

506357

0.05

18

313804

1.60

8

506358

0.04

<1

313805

16.10

34

506359

0.24

6

313810

0.02

1

506360

1.07

3

313812

0.07

1

506361

11.08

196

313979

23.22

39

TARGET D

506362

0.11

3

313980

24.40

88

506363

4.11

156

313998

5.55

10

506364

14.21

164

314047

1.73

2

506365

7.25

31

315697

0.26

5

506366

1.08

34

TARGET C

313807

3.79

45

506367

0.68

7

313808

12.5

106

313809

0.4

15

313978

2.90

263

313988

4.99

4

315676

38.32

110

315677

48.69

83

315686

0.24

69

315687

3.67

262

315688

1.35

202

320790

0.02

1

TARGET D

313976

4.37

121

313977

12.55

629

313986

9.95

50

313987

5.40

213

313988

4.99

4

313989

6.27

28

313990

0.51

23

313996

0.01

1

313997

0.05

3

315683

7.58

66

315684

0.82

12


“Montero has successfully completed its initial sampling program at the Isabella gold project,” commented Dr. Tony Harwood, President of Montero. “Montero was able to repeat similar assay results and confirm styles of mineralization as previously reported. Our next step is to drill test the four vein target areas.”

Qualified Person
This press release was reviewed and approved by Sr. Marcial Vergara B.Sc. who is resident of Chile and a Qualified Person for the purpose of National Instrument 43-101 and a technical advisor to Montero. Mr. Vergara has visited the property and reviewed previous sampling techniques and analysis and supervised Montero sample collection and analyses. Sr. Vergara has extensive experience in gold exploration in Chile.

About Montero
Montero 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 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. 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.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/c0c074cb-6c82-4554-a9e9-b4baa394f1f2

https://www.globenewswire.com/NewsRoom/AttachmentNg/f2d264dd-cd31-4ff8-9a39-9d8062d12160