Montero Mining and Exploration Ltd (TSX-V:MON) announced that it has finalized the regulatory process for 200.8 square kilometres (km2) of exploration concessions, as it continues to consolidate its property holdings at the Avispa copper molybdenum project in Chile.
The company said the concessions include the original Avispa and recently-awarded Abeja exploration concessions that were registered in 2021.
“With advancement of the regulatory process Montero will control a significant land package in this world class porphyry copper district,” Montero Mining and Exploration CEO Tony Harwood said in a statement.
READ: Montero Mining and Exploration gets to work on its Avispa copper-molybdenum project in Chile
“The presence of major companies such as Glencore, Freeport and Antofagasta actively exploring in the district makes Montero’s land package very prospective,” Harwood added.
Montero noted that it is also finalizing the regulatory process on an additional 270.5 km2 of Abeja concessions and expects the remaining regulatory processes to be completed during the second quarter of 2022.
It added that once completed, the company would hold 100% ownership of a total of 473.3 km2 of exploration concessions in a well-defined late Paleocene to early Eocene copper molybdenum porphyry belt of Chile.
Montero also reported that it has planned an exploration program that includes detailed geological mapping, surface sampling, ground and airborne geophysical surveys, with the objective of defining drill targets.
The company said it believes there is potential for buried porphyry and porphyry-related deposits in the region with smaller footprints than those sought by major companies.
Toronto-based Montero is focused on exploring for gold, silver, and base metals in the highly prospective southern Andes area.
Contact Sean at sean@proactiveinvestors.com