Africa-focused explorer Montero Mining & Exploration Ltd (CVE:MON) has acquired an 80% interest in prospecting licence 6162 for lithium, base, rare and precious metals in Namibia.
The project is 20 km north of the town of Karibib, which is 211 km from Walvis Bay, Namibia’s largest commercial deep-water port.
There is known petalite mineralisation in the area and the licence is located 40km north of a major lithium producer.
Under the terms of the letter of intent, Montero immediately earns an 80% interest by committing to spend C$1mln in three years.
The agreement gives the company three months to complete due diligence.
"The acquisition of a lithium exclusive prospecting license, located on the Omaruru Lineament, has favourable geology to host Lithium-Caesium-Tantalum mineralisation," said Dr Tony Harwood, the president and chief executive of Montero.
"The license has not previously been explored for lithium and is located in close proximity to existing lithium producers. The demand for lithium is being driven by the need for clean energy storage devices in the auto and technology sectors and a focus for Montero," he added.
The property lies in one of the four belts of LCT-type (lithium-cesium-tantalum) pegmatite fields previously mined for lithium-tantalum-tin.
The area has never been investigated for lithium and has good potential for LCT-Type pegmatites in favourable Karibib marbles.
Montero Mining shares were unchanged at C$0.29.