TSX-listed Montero Mining and Exploration has entered an agreement with Frovio Investment acquiring up to 80% interest in its Soris Lithium project in Namibia. Montero Mining and Exploration, under the terms of the letter of intent, immediately earns an 80% interest in the property by committing to spending C$1 million and completing a feasibility study in three years.
Montero Mining and Exploration is provided with a three month agreement to complete legal and technical due diligence to its satisfaction and is also subject to regulatory approval.
“The Soris Lithium project pegmatites were intermittently mined for tantalum and tin between 1960 and 1990," notes president and CEO of Montero Mining and Exploration , Dr Tony Harwood.
"Montero Mining and Exploration has identified lithium bearing spodumene mineralisation 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 Mining and Exploration ,” continues Harwood.
The Soris Lithium project is located in central Namibia north west of the town of Uis which is 220 km north of Walvis Bay, Namibia’s largest commercial deep-water port.
The project is located in the Erongo region and is connected by dirt and asphalt road to the port of Walvis Bay.
The Soris pegmatite field is hosted in the meta-sedimentary units of the Damara mobile belt, the north east-trending branch of the Neo-Proterozoic, Pan African Damara Orogen in Namibia.
The Soris Lithium project pegmatites encompass several outcrops, varying in length between 100 m up to 470 m over a distance of 2.4 km and has been measured in places to be more than 30 m wide.
The pegmatites were mined on small scale for tin and tantalum between 1960 and 1990 with an estimated total production of four to five tons tantalite concentrate grading 54% to 61% Ta2O5 and about 4 tons of cassiterite concentrate grading 64% SnO2. (Diehl, 1992).
More recently exploration for tantalum and tin, including reverse circulation drilling was undertaken until 2015.
The pegmatite has not been mined or systematically sample assayed for lithium.
Recent field investigations revealed the pegmatite to host more than 30% spodumene by volume with values of up to 5.6 % Li2O obtained from grab samples, these range from 4.5 % Li2O to 5.6 % Li2O, with an average and median value of 5.1% Li2O.
The grab samples are selective samples and not necessarily representative of the mineralisation hosted in the pegmatites on the property.
Further confirmatory work is planned as part of the due diligence.
Feature image credit: Wikimedia