Montero consolidates holdings at the Avispa Property in Chile

Montero Mining and Exploration Ltd continues to consolidate its property holdings at the Avispa copper-molybdenum project, located in the Atacama Desert of northern Chile.

The company has finalised the regulatory process for 200.8 km2 of exploration concessions that includes the original Avispa and recently awarded Abeja exploration concessions that were registered in 2021.

The company is also finalising the regulatory process on an additional 270.5 km2 of Abeja concessions. The company expects the remaining regulatory processes to be completed during 2Q22. 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 Cu-Mo porphyry belt of northern Chile.

The Avispa property is located in a well-defined porphyry belt approximately 40 km north of BHP’s Spence Cu-Mo mine, KGHM’s Sierra Gorda Cu-Mo mine, and the recently announced discovery at Sociedad Contractual Minera Búfalo (SCMB) Cerro Búfalo project in the Sierra Gorda district south of Avispa.

The consolidated Avispa and Abeja concession are surrounded by major mining companies with exploration and mining concessions with groups including; Codelco Freeport, Glencor, Antofagasta, and SQM. Avispa is also 50 km west of Codelco’s Chuquicamata supergiant porphyry copper mine that occurs within a younger late Eocene – early Oligocene porphyry belt.

Dr. Tony Harwood, President and Chief Executive Officer of Montero, comments: “With advancement of the regulatory process Montero will control a significant land package in this world class porphyry copper district.

The presence of major companies such as Glencore, Freeport and Antofagasta actively exploring in the district makes Montero’s land package very prospective. The company continues its mapping and sampling program and will provide updates.”