Montero Consolidates Control of Avispa Copper-Molybdenum Deposit in Chile

Montero Mining and Exploration Ltd. consolidated its property holdings at its Avispa copper-molybdenum deposit in the Atacama Desert of northern Chile. The company has completed the regulatory process for 200.8 square kilometers of exploration concessions, including the original Avispa and the recently acquired Abeja exploration concessions, which were registered in 2021.

The company is also finalizing the regulatory process for an additional 270.5 square kilometers of the Abeja concession. The company expects the rest of the regulatory process to be completed in the second quarter of 2022. Once completed, the company will hold 100% ownership of a total of 473.3 square kilometers of exploration concessions in the Late Paleocene to Early Eocene copper-molybdenum porphyry belt in northern Chile.

The Avispa property is located in a well-defined porphyry belt approximately 40 km north of BHP’s Spence Cu-Mo mine, KGHM’s Sierra Gorda Cu-Mo mine, and the recently announced discovery at Sociedad Contractual Minera Búfalo (SCMB) Cerro Búfalo project in the Sierra Gorda district south of Avispa. The combined Avispa and Abeja are surrounded by a number of large mining companies that hold exploration and mining concessions including: Codelco Freeport, Glencor, Antofagasta, and SQM.

Avispa copper-molybdenum deposit is also 50 km west of Codelco's Chuquicamata supergiant porphyry copper mine, which is located in the younger Late Eocene-Early Oligocene porphyry belt.

Dr. Tony Harwood, President, and CEO of the company commented: "As the regulatory process moves forward, we will control a significant land package in this world-class porphyry copper district. Large companies such as Glencore, Freeport, and Antofagasta are actively exploring the area, making our company's land package highly prospective. The Company will continue its mapping and sampling program and will provide updates."

Montero has completed a thorough investigation of historical exploration information on this highly prospective area. The Company has planned an exploration program that includes: detailed geological mapping, surface sampling, ground and airborne geophysical surveys with the objective of identifying drill targets.

The Company has completed geological mapping and geochemical sampling transects along the San Salvador River at the southern margin of the Avispa copper-molybdenum deposit and Abeja properties. This work will help establish a stratigraphic and structural framework to guide future exploration.

Montero Mining & Exploration is a mineral exploration and development company focused on gold exploration, discovery and development in Chile. The company has acquired the Isabela gold and silver project located in the southern coastal mountains of Chile. Its management team and board of directors are experienced in gold and precious metals. Montero has previously discovered lithium in Namibia and Chile, rare earth elements in Tanzania and phosphates in South Africa and is divesting non-core assets.

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