Montero Mining and Exploration Ltd (TSX-V:MON) has reported assay results of surface geochemical sampling from areas of interest on its Avispa property in Chile.
The company collected lithological samples from the San Salvador River valley and from reverse circulation (RC) drill chip piles at drilling sites completed on the Avispa property.
Some of these samples returned anomalous copper and molybdenum values, which the company said require further investigation and support its belief that the project area has been only cursorily explored for potential concealed copper-molybdenum porphyry deposits beneath surficial sediments and gravels.
READ: Montero Mining and Exploration provides exploration update on its Avispa copper-molybdenum project in Chile
The Avispa project has an extensive cover of sedimentary and evaporite salt deposits underlain by gravel deposits of Miocene age, the company said. These sediments overlay and partially cover Cretaceous volcanics and sediments which are intruded by the target Palaeocene monzodiorite and diorite porphyries, as well as Cretaceous andesitic and diorite porphyries that potentially host copper porphyry mineralization.
“Montero is pleased to report that the strategy of increasing our land position has paid off with the results of mapping showing altered intrusive outcrop on the property,” CEO Tony Harwood said in a statement. “Geochemical sampling of these lithologies and samples taken from RC drill chip piles left by previous operators yielded exciting copper and molybdenum anomalies on the property.”
Specifically, copper anomalies of more than 100 parts per million (ppm) copper and between 10 and 25ppm molybdenum were returned from the program, Harwood noted.
“The company is further evaluating the geochemical results and has engaged a consulting company to undertake propriety algorithmic geochemical analysis of the results with a goal of generating 3-D targets indicating the location of possible copper-molybdenum porphyry mineralization,” he added. “Avispa is also assessing for its lithium, iodine, and nitrate mineral potential.”
Montero hired Fathom Geophysics to evaluate current project data with the goal of identifying potential vectors to buried porphyry-type copper-molybdenum. The results of this work are expected in the third quarter and will be integrated into the targeting program for an eventual initial drilling program at Avispa.
Montero is a junior exploration company focused on finding, exploring, and advancing globally significant gold, silver, and base metal deposits in Chile.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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