Montero Mining and Exploration Ltd. (“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.”
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.
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.