Montero Mining & Exploration Ltd (CVE:MON) said Monday that it has completed a lithium and tin mineral resource estimate for the Uis tailings project in Namibia.
The Toronto-based company said in a press release that a total inferred mineral resource of 14.4 million tons at 0.37% lithium oxide and 17.1 million tons at 0.05% of tin oxide was estimated.
READ: Montero Mining and Exploration boosts lithium portfolio with new exploration licenses in Chile
The tailings are waste material from the Uis pegmatite tin mine and processing plant, which was closed in 1990. The company plans to file its estimates on SEDAR and add them to the company’s website within 45 days.
“Further drilling, in-fill drilling and metallurgical test work will be required to upgrade the inferred resource to an indicated resource,” Dr Tony Harwood, president and CEO of Montero, said in a statement. “Montero will also be evaluating early production scenarios in tandem with upgrading the resource in order to meet expected lithium and tin demand.”
Under industry standards, the three categories in order of increasing geological confidence are inferred, indicated and measured.
Shares of Montero advanced C$0.01 to C$0.09 in Monday’s Canadian trading.
Last week the company said it had boosted its lithium portfolio with the award of exploration licenses in the Atacama desert of northern Chile.
Contact Dennis Fitzgerald at [email protected]