The EPL6162 project is located in central Namibia, 20km north of the town of Karibib, which is 211km from Walvis Bay, Namibia’s largest commercial deep-water port.
Montero has an 80% interest in EPL6162 and a Namibian national holds the remaining 20%. The agreement provides Montero three months to complete legal and technical due diligence which has been completed to the company’s satisfaction and is subject to regulatory approval.
Recent field investigations revealed the license has lithium, gold and copper potential. The Navachab gold mine, located 20km south of EPL6162, was the first gold producer in Namibia. In 2012 the Navachab gold mine quoted a total inclusive mineral resource of 4.41Moz and a total ore Reserve of 2.01Moz (AGA 2012). The marble-hosted gold skarn mineralization is related to multi-stage mineralization and similar geology occur on the EPL.
EP6162 hosts metasedimentary units of the Damara Mobile Belt, the northeast-trending branch of the Neo-Proterozoic, Pan African Damara Orogen in Namibia. It occurs in one of the four belts of LCT-Type pegmatite fields previously mined for lithium-tantalum-tin. The area has never been investigated for lithium and has good potential for LCT-Type pegmatites in favorable Karibib marbles. There is known petalite mineralization in the area and the EPL is located 40 km north of a major lithium producer.
The target lithium mineral is petalite and spodumene and the initial phases of exploration will involve reconnaissance geological mapping and sampling to identify the size and extent of the pegmatite intrusions. More detailed work will follow to delineate and quantify any possible lithium, tantalum and tin mineralization and any gold or copper mineralization on the license.
Further confirmatory geological work is planned this year.