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TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) has given notice to terminate its option agreement over the Isabella East property which previously made up part of its Isabella gold-silver project in Chile. Assay results from 9 diamond drill holes (ISB20-11 to ISB20-19) testing vein targets on the Isabella East concessions were disappointing where no further work or property payments are justified. The Company is continuing to explore its remaining 85% and 100% owned Isabella exploration concessions which are only subject to yearly maintenance payments.
The Isabella district is host to an extensive system of mineralized quartz veins located at the granite sediment contact. The quartz veins at surface are often associated with elevated gold and silver values which also occur within sericite and pyrite altered leucogranite. The Company is currently carrying out additional mapping and sampling within the volcanic package on the eastern portion of its concessions. The Company has elected to abandon drill testing of the sedimentary target. The Company will provide updates on the next phase of exploration as they become available.
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.
Montero is a junior exploration company focused on finding, exploring, and advancing 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 38,647,485 shares outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President and Chief Executive Officer
Tel: +1 416 840 9197 | Fax: +1 866 688 4671
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.