Montero Mining and Exploration Ltd (CVE:MON) has boosted its lithium portfolio - with the award of exploration licenses known as the Avispa project in the Atacama desert of northern Chile.
The new licenses lie between the Salar de Atacama and the coastal range in northern Chile and could host a new lithium discovery.
READ THE BIG PIC: Montero Mining adds Chilean upside to existing lithium portfolio
"Montero has been awarded exploration licenses covering 13,800 hectares targeting a potentially new discovery of lithium mineralization in the Atacama Desert of northern Chile," said Montero president and CEO Dr Tony Harwood.
Lithium values of up 517 ppm (parts per million) and iodine values of up to 852 ppm are reported from reconnaissance sampling in the license area, with anomalous values of potassium and sodium nitrates, Montero noted.
"Montero has undertaken confirmatory and reconnaissance sampling over the license area and will provide further updates as results are obtained," said Harwood.
"The project adds to our portfolio of lithium projects in good mining jurisdictions. Chile is one of the foremost mining jurisdictions and a major source of global lithium supply."
Montero told investors it had inked a binding agreement with a private geological consortium (the founders), which has developed specialized concepts to explore unique lithium bearing deposits in specific target areas of the northern Atacama Desert.
Montero has 15 months to complete due diligence sampling program to its satisfaction and once completed, the founders shall be granted a 1.5% net smelter royalty (NSR) and $100,000 shares in Montero.
If Montero has enough confidence that sufficient grade material can be mined and processed economically, the founders shall be granted a further $600,000 Montero shares.
Shares in Toronto were unchanged at $0.08.
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