Montero Mining & Exploration Ltd. secured exploration licenses for the lithium-prospective Avispa project in Chile's Atacama desert.
The licenses cover 13,800 hectares located between Salar de Atacama and northern Chile's coastal range.
Under the terms, Montero has 15 months to complete a due diligence sampling program. Once completed, a private geological group will be granted a 1.5% net smelter royalty and C$100,000 worth of Montero shares.
Montero will issue additional shares worth C$600,000 once the company determines that sufficient grade material can be mined and processed economically.
Previous reconnaissance channel sampling in Avispa revealed anomalous values of lithium and iodine, as well as potassium, sodium and calcium as nitrates and sulfates that are generally encountered in the caliche deposits of the Chile nitrate fields.
The company said Jan. 9 that it will undertake a reconnaissance sampling program to confirm previous assay results and expand into areas not yet sampled.