Montero Mining & Exploration Ltd. said March 6 that it agreed to acquire a 95% interest in the Uis lithium-tin tailings project in Namibia from Namibia Base Minerals CC and Namibia Silica CC for about US$1.4 million in staged payments.
The company paid US$10,000 upon the execution of the heads of agreement while another US$40,000 is due on completion of due diligence. A further US$275,000 payment will be made within six months and the remaining amount will be settled in stages through to production.
Montero will also pay C$125,000 in cash or shares to Lithium Africa 1 for drilling and other data related to the project four months after due diligence. Lithium Africa 1 completed 1,531 meters of drilling in 63 holes at the property in 2016.
According to the statement, the Uis mine operated from 1924 to 1990, with confirmed ore tonnage production of 10.7 million tonnes mined between 1966 and 1981. Previous mining also added a total potential tonnage of tailings of up to 20 million tonnes.
Montero recently agreed to buy an 80% stake in a lithium exploration license in Namibia.
