MON Montero Mining and Exploration Ltd

Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) has received a positive report from Fathom Geophysics (“Fathom”) from the analysis of geochemical data on the Avispa property. The report entitled “3D footprint Modelling at Avispa” has generated a 3D conceptual target indicating the possible location of porphyry copper molybdenum mineralization at depth.

Company geologists collected reverse circulation (RC) drill chip piles from drilling sites believed to have been completed by BHP and Quantum Pacific Exploration Chile (“Quantum”) on the Avispa property (Figure 1). Some samples returned anomalous copper (>100 ppm Cu) and molybdenum (> 10 ppm Mo) values as previously reported (PR138 August 23, 2022) (Figure 2). Avispa is located 40 km to the west of the Chuquicamata copper porphyry deposit and is situated within the defined north-south trending Palaeocene–Eocene Cu-Mo porphyry belt and 40 km north of BHP’s Spence Cu-Mo mine and KGHM/South32’s Sierra Gorda Cu-Mo mine.

The drilling chip geochemical dataset from an area of close spaced drill holes was analysed by Fathom using proprietary software comparing it to idealised models of mineralized porphyry systems. The results show a significant coincident target modelled under the central part of the area that was processed (Figure 3). The success of the targeting has encouraged the Company to use the Fathom analysis on other areas of the Avispa property. RC drill hole samples obtained from the rest of the property and lithological samples obtained from the San Salvador River valley provide an additional dataset for analysis by Fathom. Fathom’s analysis has been successfully used to identify existing porphyry mineralization systems at depth such those explored by Solgold in Ecuador (Solgold,13 August, 2020).

Dr. Tony Harwood, President and Chief Executive Officer of Montero commented: “Independent modelling carried out using Fathom’s proprietary processing technology on geochemical samples, taken from drill chip piles at surface, have generated a significant copper molybdenum drill target area at depth. Avispa is being investigated for its potential to host a significant copper molybdenum porphyry deposit at depth and near other near surface deposits. The Company continues to evaluate other areas on the Property.”

 

Figure 1: Location map of BHP (red) and Quantum (yellow) RC drill chip sampling sites is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ab52c621-d2c1-4b9f-bc62-dd07b071c1b7

 Figure 2: Location map of anomalous Cu and Mo from RC drill chip sampling program is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5f181c40-fe39-40e4-af16-40553197bf6d

The Fathom study was commissioned to take advantage of an independently produced, model driven approach to targeting porphyries and associated mineralization. The results of Fathom’s modeling show a significant and coincident three-dimensional porphyry mineralization target as shown in Figure 3. The Fathom report states that this target scores high enough to merit follow-up work.

Figure 3: Plan image of the iso-surface results of Cu Mo porphyry target generated by Fathom at Avispa is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/18806b0f-05de-4a20-98d5-836b0906673e

The Company is evaluating other targets at Avispa with Fathom to define potential porphyry drill targets. The results of this work are expected in Quarter 4, 2022 and will be integrated into a drill targeting program.

About Fathom Geophysics

Fathom provides geophysical and geoscience data processing and targeting services to the minerals and petroleum exploration industries, from the regional scale through to the near-mine deposit scale. Fathom offers automated data processing, automated exploration targeting, and the ability to tailor-make data processing applications. Fathom’s automated processing is augmented by expert geoscience knowledge drawn from in-house staff and from details relayed by project clients.

Qualified Person's Statement This press release was reviewed and approved by Mr. Mike Evans, M.Sc. Pr.Sci.Nat. and Sr. Marcial Vergara B.Sc. Geology who are qualified persons for the purpose of National Instrument 43-101. Sr Vergara is based in Santiago and has more than 30 years’ experience in copper exploration experience in Chile.

About MonteroMontero is a junior exploration company focused on finding, exploring, and advancing globally significant gold, silver, and base metal deposits in Chile. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 38,647,485 shares outstanding.

For more information, contact:Montero Mining and Exploration Ltd. Dr. Tony Harwood, President and Chief Executive OfficerE-mail: ir@monteromining.com

Tel: +1 416 840 9197 | Fax: +1 866 688 4671www.monteromining.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates with respect to the Share Consolidation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, completion of the agreement, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: an inability to complete the agreement on the terms as announced or at all; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Montero’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Montero’s forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.