I'd say that it would definitely work. As a matter of fact, once I had a mentor, whose mentor was located in a different continent.
One of the most important elements of mentoring, is to actually "match" with the mentor. From my point of view, a mentorship relationship works when both persons match, there needs to be some kind of "chemistry" so that the whole thing works. (Note: I don't mean like romantic matching obviously!)
So, under this perspective, the initial encounters could be focused on figuring out if both persons match, how the whole thing will be set up, how often to meet, goals, and so on.
Then the rest might come easier :)
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