Isabella Gold Project

Location

Project Summary

Target Style

  • Orogenic & intrusive related gold systems
  • Granite hosted gold-silver quartz vein systems along sediment contact

Geology

  • Coastal Range geology of southern Chile
  • Mesozoic suite of intermediate intrusive, clastic sediments and volcaniclastics

Exploration Potential 

  • Region hosts numerous gold occurrences but has seen no modern exploration

Mine Comparable

  • Vein textures and mineralogy similar to Yamana’s Minera Florida Mine located 125 km to the north-west in the southern Coastal Range

Location

  • Administrative division of Maule, closest large town is Talca

Property Size

  • 6,731 hectares or 67 km2

Montero Ownership

  • Isabella West: 85 % interest in 3,875 ha, obtain 100 % with payment of US$100,000 by June 2021
  • Isabella East: Earn-in to 85 % interest in 1,056 ha with payments of US$450,000 by August 2022 (15 % may be converted to a 2 % NSR with an option to purchase for US$2 million)
  • Isabella Oriental: 100 % interest in 1,800 ha

Work Completed

  • Property consolidation, mapping, grab sampling, trenching and geophysics

Drill Targets

  • 4 drill ready targets defined to date

Permitting

  • Priority drill target areas fully permitted

Property Package

Highlights

Excellent Infrastructure: The town of Hualane lies to the south of the property and serves as a logistical base for exploration teams. The property is 70 km north of Talca which is linked by the national road network to Santiago 260 km to the north.

Excellent Perspectivity: High-grade gold and silver mineralization has been observed and assayed in grab samples and trenches.

The principle mineralogical, lithological and structural control required for economic orogenic gold-silver mineralization to occur are present.

Major equity interest in highly prospective area.

Identification of 4 drill ready targets that are fully permitted.

Geological (QP and project geologist) and administrative staff located in Chile and able to work immediately. Drill contractor and assay laboratories available.

 

Background

In July 2020, Montero acquired a 100 % interest in a private Chilean company (“ChileCo”) which holds various mineral rights to exploration claims that make up the Isabella Gold Silver Project in Chile. ChileCo was purchased for a nominal amount and by taking over the earn-in obligations of cash payments totaling US$450,000 to be made by August 2022.

Two subsidiary companies, Isabella East and Isabella West, are subject to joint venture and mining option agreements with local parties.

Montero is reviewing several drill target areas that have been identified and permitted for drilling by the previous owners to commence a drill program.


Work Completed to Date

Previous work: Private Chilean company consolidated land package and completed surface work and geophysics including:

  • Geological Mapping: 67 km2 completed
  • Surface sampling: 310 grab samples from quartz veins
  • Trenches: 200 m completed across quartz vein arrays
  • Geophysics:  101 line km of magnetometry completed
  • Drill Read: 4 priority drill target areas have been defined
  • Drill permitting : Drilling permits in place with landowners
  • Blue sky target: Sediment hosted mineralization

Results From Previous Work

Primary target: Structurally controlled quartz vein arrays containing gold & silver.


Results of Mapping

  • Structurally controlled quartz veins located along granite-sediment contact
  • High grade Au-Ag quartz veins along dominant NNW and NE structural trends
  • Extensive system of quartz veins
  • Parallel & individual veins up to 5 m wide over 25 km length along granite contact

Rock Chip and Grab sampling* of Quartz Veins

  • 310 surface samples taken
  • 30 % (96) provided values > 0.5 g/t Au eq*
  • 17 % (53) provided values > 3.0 g/t Au eq*

Including:

  • 26.76 g/t Au, 11.2 g/t Ag & 7.5 g/t Au, 16.8 g/t Ag
  • 26.76 g/t Au, 31.8 g/t Ag with electrum identified
  • 48.6 g/t Au, 83 g/t Ag & 3.6 g/t Au, 263 g/t Ag
  • 12.55 g/t Au, 629 g/t Ag and 6.4 g/t Au, 98 g/t Ag

Trench sampling* of Quartz Veins

Including :

  • 6.5 g/t Au over 5 m
  • 1.42 g/t Au over 12 m (incl. 3.53 g/t Au over 3 m), and
  • 6.92 g/t Au over 1 m (incl. 2.88 g/t Au over 2 m)
  • 2.7 g/t Au, 204 g/t Ag from 1 m wide vein

* Rock chip, grab & trench samples from exposed vein material are not considered representative of the overall concentration of mineralization in any particular vein. Samples were collected in accordance with industry best practices and analyzed by ALS Chile under the supervision of a qualified person. No independent sampling has been completed by Montero.


Geophysics

  • 101 line km magnetic survey completed
  • Elevated gold values in quartz veins are located proximal to magnetic lows & along major structural vein trends
  • Strong magnetic high zone proximal to the granite/sediment contact
  • High magnetic zones show potential for sediment-hosted mineralization at depth

Drilling Targets

Four fully permitted drilling targets have been developed based on the surface geological and geophysical exploration work competed to date.

A diamond drill hole program has been developed using the data generated from previous work. A total of 2,600 m of drill holes incorporating an 18 drill hole program to test the mineralized quartz vein targets over a total strike length of 1,350 m. The targets are as follows:

Drill Target A – 6 drill holes (900 m) targeting mineralized quartz veins over 600 m strike length

Drill Target B – 5 drill holes (250 m) targeting mineralized quartz veins over 250 m strike length

Drill Target C – 4 drill holes(600 m) targeting mineralized quartz veins over 350 m strike length

Drill Target D – 3 drill holes (350 m) targeting mineralized quartz veins over 150 m strike length