Montero Mining and Exploration (CVE:MON) filed Monday on SEDAR its NI 43-101 compliant resource estimate for the Wigu Hill rare earth project in Tanzania, announced in September.
The independent estimate, prepared by AMEC Earth & Environmental Services, is based on a preliminary drilling program of 21 boreholes at the Tembo and Twiga deposits on the eastern ridge of the property.
A total inferred mineral resource of 3.3 million tonnes at 2.6% LREO5 (Light Rare Earth Oxide) was estimated, with a higher-grade portion of 510,000 tonnes averaging 4.4% LREO5.
"The inferred mineral resource estimate at Wigu Hill is encouraging as it confirms the presence of a significant quantity of Rare Earth Oxide material that is amenable to extraction," the company said in a statement.
President and CEO, Dr. Tony Harwood, commented: "Our initial resource represents only a fraction of the large carbonatite complex at Wigu Hill and numerous mineralized structures remain to be tested.
"We are confident that through further exploration drilling, in-fill drilling and metallurgical test-work, currently underway, we will expand the tonnage at Wigu Hill and upgrade our resource from the inferred to the indicated category. Montero’s initial resource estimate combined with the results from other mineralized targets, indicate the potential for a sizeable Light Rare Earth deposit.”
Metallurgical test work on samples from the property, in-fill drilling at the Twiga and Tembo targets and further drilling on other identified targets is currently underway, with results to form the basis of an updated estimate.
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