Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) said that its wholly owned subsidiary, Minera Joy SpA, has entered into agreements to acquire 100% interests in two gold projects in Chile’s Maricunga Belt, a mining district home to operations such as Kinross’ La Coipa and Gold Fields’ Salares Norte mines.
The agreements cover the Elvira and Potrero gold projects, with Montero able to acquire full ownership through staged payments of US$7 million per project over six years.
Dr Tony Harwood, Montero’s CEO, said the acquisitions place the company “at the heart of Chile’s Maricunga Belt, one of the world’s most productive and prospective gold regions.”
Harwood noted that historical drilling highlights significant gold mineralization potential, with both projects showing epithermal and porphyry-style signatures.
The Elvira project covers a 1,000-hectare license area roughly 170 km northeast of Copiapó at about 3,900 metres elevation. It features high-sulphidation epithermal systems, quartz-alunite ± jarosite alteration, and historical drill intercepts including 39 m at 0.66 g/t gold.
The Potrero project spans 3,200 hectares at nearly 3,900 metres elevation, with a largely preserved epithermal system, surface quartz veins, and historical drilling reporting intercepts such as 126 m at 0.44 g/t gold, including higher-grade intervals.
Montero said it has approved an initial exploration budget of C$140,000 for each project, with programs set to begin immediately. Planned activities include mapping, sampling, and geophysical surveys to define drill targets.
Initial payments start at US$40,000 following regulatory approval, with a final US$5.5 million due in 2031. The vendor retains a 2% net smelter return royalty on each project, half of which Montero may repurchase for US$5 million within nine years.