Namibia : Montero to take hold of Soris lithium project

Publié le mardi 24 octobre 2017, par

Canadian company Montero Mining and Exploration Ltd reached agreement to acquire up to 80% interest in the Soris Lithium project, in the Erongo Region in central Namibia.

The TSX-V company on Tuesday said it has, to that effect, entered into the letter of intent with the Namibian company Frovio Investment that has whole ownership of the project located in the Soris pegmatite field.

Dr. Tony Harwood, President and CEO of Montero, said the Canadian company has identified lithium bearing spodumene mineralization in a number of pegmatites and intends to confirm initial lithium grades of up to 5.6 % Li2O with further sampling and mineralogical studies. “The lithium, tantalum and tin market is currently one of the most promising and forward-looking sectors in the high technology mining industry and a focus area for Montero”, he explained.

In fact, under the terms of the letter, Montero immediately earns an 80% interest in the property by committing to spending one million Canadian dollars and completing a feasibility study in three years. But the agreement provides Montero three months to complete legal and technical due diligence to its satisfaction and is also subject to regulatory approval.

The pegmatites, in the Soris lithium project, encompass several outcrops that vary in length between 100m up to 470 m over a distance of 2.4 km. They were mined on small scale for tin and tantalum between 1960 and 1990 with an estimated total production of 4 to 5 tonnes tantalite concentrate grading 54% to 61% Ta2O5 and about 4 tonnes of cassiterite concentrate grading 64% SnO2..

According to recent field investigations, the pegmatite should host more than 30% spodumene by volume with values of up to 5.6 % Li2O obtained from grab samples. The results showed concentration ranging from 4.5 % Li2O to 5.6 % Li2O, with an average and median value of 5.1% Li2O.

Montero Mining and Exploration is engaged in the identification, acquisition, evaluation and exploration of mineral properties in Africa. Currently the properties include phosphates in South Africa and rare earth elements (REE) in Tanzania.