VANCOUVER, BC / ACCESSWIRE / October 23, 2019 / International Montoro Resources Inc. (TSXV:IMT)(Frankfurt:O4T1), (the “Company”).
Camping Lake – Red Lake Mining District, Northwest Ontario:
Montoro is pleased to announce that we have signed a Property Acquisition Agreement with Falcon Gold Corp. (TSX.V: FG) to acquire a 51% interest in five claims comprising 109 cell units (approx. 2,250 hectares/5,559 acres) in the Red Lake mining district in Northwestern Ontario.
The claims are contained within the Birch-Uchi-Confederation Lakes greenstone belt which host the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources Ltd.
The Camping Lake properties are located approximately 20 km southerly, of Great Bear Resources recent Dixie Lake high-grade gold discoveries. Great Bear Resources has recently reported exciting drill results with mineralized intersections commonly returning bonanza gold intersections in association with coarse visible gold grains.
Throughout 2010 to 2013 the Camping Lake property area saw extensive programs completed by Laurentian Goldfields Ltd., Kinross Gold Corporation, and Anglo Gold which included petrographic studies; diamond drilling; rock, soil, and lake sediment samples; IP/Ground Geophysics, etc.
“We are pleased to have been able to sign an Agreement in the Red Lake mining district, one of the most active exploration areas in Ontario at this time” stated Gary Musil, Chief Executive Officer/Director. The Company intends to immediately compile all of the available assessment work to assist in the planning of its inaugural exploration program.
Option Agreement Terms:
To earn a 51% interest, Montoro agrees to issue 1,000,000 million common shares upon TSX Venture Exchange (the “Exchange”) approval; and 500K shares on the first anniversary of Exchange approval. Montoro will also assume Falcon Gold’s payments totaling $65,000 over a four-year period.
Montoro also agrees to complete $100,000 in exploration expenditures -on or before October 31, 2020; and a further $200,000 (total $300K) in exploration on or before October 31, 2021. Any additional work completed in the first year will be credited to the 2nd year work commitment.
Upon Montoro acquiring the initial 51%, they have the option to acquire a further 24% interest (total 75%) for $500K in cash.
The Agreement contains a 2% NSR, with the original vendor holding 1.5% and Falcon Gold 0.5%.
The technical content of this news release has been reviewed and approved by Robert T. Chataway, P.Geo., who is a member of the Association of Professional Geoscientists of Ontario and is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Properties.
About International Montoro Resources Inc.
(i) In February 2019 Montoro entered into acquisition agreements with various vendors, to acquire claims in the Cariboo Mining Division, British Columbia, and following Exchange approval on the Wicheeda North claims (1,444 ha.), the Company has increased the claim blocks by a further (694 ha) for a total 2138 ha. The claim block adjoins the well-known Wicheeda REE discovery on the north and northwest.
(ii) Montoro will continue to focus on advancing its 100%-owned Serpent River – Elliot Lake, Northern Ontario, Pecors magnetic anomaly – a potential Ni-Cu-PGE discovery. The southwestern portion of the property has located Uranium/REE mineralization from previous drilling in the general area where Rio Algom discovered uranium. The property comprises 10 mineral claims (115 units), or approximately 1,840 ha. Final 2D ZTEM Inversion results were completed by Geotech Ltd. in September 2018; followed by a 3D interpretation of the ZTEM helicopter EM (conductive) & Magnetic Survey in October 2018.
(iii) In February 2018 Montoro received approval for the acquisition of the Duhamel, Quebec property. The Ni-Cu-Co prospect consisted of nine (9) mineral claims comprising 500 ha. Additional staking of thirty-two (32) adjoining mineral claims and compiling of data has been underway since February; and the expanded property now totals approximately 2,300 ha and prospective for Titanium, Vanadium, and Chromium.
(iv) In addition the Company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 ha, 2,427 acres) Uranium properties in the Uranium City District, Northern Saskatchewan, and is seeking a joint venture partner to continue development of this advanced property.
ON BEHALF OF THE BOARD
President/CEO and Director
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: International Montoro Resources Inc.
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