TORONTO, ONTARIO--(Marketwire - Jan. 19, 2012) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero") announces the results from trenching and drilling completed on the Tumbili Target at Wigu Hill. Mineralization at the Tumbili target is extensive and consistently distributed within the massive intrusive carbonatite breccias and associated dolomitic carbonatite, indicating bulk tonnage potential. At the Nyati target, to the north of the Tumbili target, higher-grade carbonatite dikes zones with consistent widths have been identified and exploration is currently focused in this area.
| Dr. Tony Harwood, President and Chief Executive Officer of Montero commented, "The trenching and drilling results confirm that the Tumbili area hosts a wider zone of rare earth bearing bastnaesite mineralization with the potential to add significant tonnage to the existing resource. Tumbili remains open at depth and makes up only a portion of the core carbonatite intrusive in the central part of the Wigu Hill complex. Higher-grade carbonatite mineralization exists to the east at the Twiga and Tembo Zones and to the north at the Nyati target. Montero is focused on updating the initial NI 43-101 Resource Estimate this quarter and is targeting cash-flow from a small mining operation at the Twiga Zone." |
Assay results have been received for 10 trenches and for 3 deep drill holes completed on the Tumbili target in the second half of 2011. Both the trench and the drill hole results support the value distribution observed to date (See News releases dated 07/07/11 and 08/09/11) where rare earth mineralized grades occur in breccias from 5.0m to 17.50m in width.
Tumbili Drilling:
Highlights of the assay results for boreholes BH TUM004 to BH TUM006 are summarized in the table below.
| Drill hole | From (metres) |
To (metres) |
Apparent Width (metres) | Grade (TREO %)1 | |
| BH TUM004 | 0.00 | 334.10 | 328.10 | 0.59 | |
| Including | 17.65 | 23.00 | 5.35 | 1.42 | |
| Including | 50.00 | 61.00 | 11.00 | 1.27 | |
| Including | 81.20 | 98.10 | 16.90 | 1.56 | |
| Including | 161.80 | 166.80 | 5.00 | 1.93 | |
| Including | 254.45 | 257.50 | 3.05 | 1.32 | |
| BH TUM005 | 0.00 | 298.30 | 298.30 | 0.84 | |
| Including | 0.00 | 5.50 | 5.50 | 2.55 | |
| Including | 19.50 | 27.00 | 7.50 | 1.17 | |
| Including | 52.30 | 69.80 | 17.50 | 1.74 | |
| Including | 130.00 | 147.00 | 17.00 | 2.03 | |
| Including | 152.50 | 161.00 | 8.50 | 2.53 | |
| Including | 199.00 | 204.00 | 5.00 | 2.42 | |
| Including | 284.00 | 298.30 | 14.30 | 1.38 | |
| BH TUM006 | 0.00 | 270.00 | 270.00 | 0.42 | |
| Including | 0.00 | 10.00 | 10.00 | 1.74 | |
| Including | 24.00 | 34.00 | 10.00 | 1.12 | |
| 1Graded average values for BHs TUM004 to TUM006 |
Tumbili Trenching:
The trenching program has aided in the understanding of the geology of Wigu Hill through identifying areas of continuity of material grading >1.00% TREO. The results of 6 trenches have been received, assessed and are summarized below;-
| Trench | From (metres) |
To (metres) |
Apparent Width (metres) |
Grade (TREO %)1 | Maximum values (TREO %) |
|
| Trench 3 | 2.00 | 16.00 | 14.00 | 1.55 | ||
| Including | 4.00 | 8.00 | 4.00 | 4.54 | Maximum value 8.08% over 2.00m | |
| Trench 3 ext | 65.00 | 126.00 | 61.00 | 0.90 | ||
| Including | 67.00 | 70.00 | 3.00 | 4.49 | Maximum value 6.21% over 2.00m | |
| Including | 74.00 | 78.00 | 4.00 | 1.57 | Maximum value 2.12% over 2.00m | |
| Including | 109.70 | 118.70 | 9.00 | 2.22 | Maximum value 3.12% over 2.00m | |
| Trench 4 | 0.00 | 105.70 | 105.70 | 0.69 | ||
| Including | 16.7 | 19.9 | 3.20 | 1.82 | Maximum value 3.24% over 1.00m | |
| Including | 50.80 | 53.80 | 3.00 | 1.84 | Maximum value 2.20% over 2.00m | |
| Including | 60.50 | 66.10 | 5.60 | 1.27 | ||
| Including | 78.10 | 88.10 | 10.00 | 1.01 | ||
| Trench 6 | 0.00 | 35.00 | 35.00 | 1.57 | Maximum value 3.04% over 2.00m | |
| Trench 9 | 2.20 | 38.00 | 35.80 | 0.42 | Maximum value 1.21% over 2.00m | |
| Trench 10 | 0.00 | 17.00 | 17.00 | 1.20 | ||
| Trench 12 | 0.00 | 30.70 | 30.70 | 2.30 | ||
| Including | 13.70 | 17.70 | 4.00 | 5.30 | ||
| 1Graded average values for Trenching at Tumbili. |
The massive carbonatite breccia zone on the Tumbili Target returned consistent and extensive TREO values. In the eastern section, the grades in the breccia zone range from 0.20% to 0.60% TREO, with higher-grade mineralization in drilled zones up to 1.74% TREO over 10.00m, with narrow higher grade zones of 2.53% TREO over 8.50m. The TREO values appear to increase from east to west and this is reflected in the values received in Trenches 6 and 12. Trench 12 grades at an average of 2.30% TREO over 30.7m including 5.30% TREO over 4.00m. This indicates that significant zones of intermediate grade TREO mineralization can be found within this extensive carbonatite breccia zone.
Further exploration is warranted to investigate the bulk tonnage potential of the Tumbili zone at depth and along strike. While awaiting results from Tumbili, the exploration focus has been to the north in the Nyati zone where higher-grade carbonatite dikes and intrusive stockwork zones with consistent widths have been identified.
QA/QC: Montero has used internal blanks, pulp duplicates and one analytical standard to monitor the sampling and analytical quality. Results to date for the blank and the pulp duplicates show acceptable quality for the main REEs of interest. The standard used was prepared on behalf of Montero using material from Wigu Hill and has certified analytical values for Ce, La, Pr and Sm based on analyses from 16 different laboratories. A review of the results reported by ALS Chemex, indicates that these meet the required level of analytical quality. Grab samples are selective by nature and are unlikely to represent average grades on the property.
Qualified Person's Statement
The technical information contained in this press release has been reviewed 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.
About Montero Mining and Exploration
Montero Mining and Exploration Ltd. is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada respectively. Montero is focused on adding value for all shareholders through the acquisition and exploration on properties, which have the highest potential for future discoveries or development of existing mineral resources into mineable reserves. We remain engaged in the development of our flagship Wigu Hill Rare Earth Element Project in Tanzania, which is a high-grade, undeveloped Light Rare Earth Element deposit. The Company's current focus is on updating the initial NI 43-101 Mineral Resource Estimate and advancing the hydro-metallurgical testwork with Mintek. With the rising prices of REEs and China's control over export quotas, it is becoming imperative that the rest of the world develops new rare earth resources to meet the increasing demand from "green" technology and high-tech applications.
Montero's growth strategy is to develop the Wigu Hill Rare Earth Element project and to bring this to account through eventual rare earth production and cash flow, while operating in an environmentally and socially responsible manner. We will continue to add value through the development of our portfolio of properties. Montero trades on the TSX Venture Exchange under the symbol MON.
Dr. Tony Harwood - President and CEO
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: 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 the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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.
Contact Information:
Richelle Chapman
IR Communications
+1 416 840 9197
+1 866 688 4671 (FAX)
ir@monteromining.com
www.monteromining.com
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