VANCOUVER, BC / ACCESSWIRE / October 14, 2020 / International Montoro Resources Inc. (TSXV:IMT)(Frankfurt:O4T1), ("Montoro" or the "Company") is pleased to announce the recent acquisition of an additional 1,200 hectares of land on the western boundary of Marathon Gold's Valentine Lake Project Boundary (Figure 1). The Company's land holding is increased to 7,800 hectares along the Exploits Subzone and covers a large highly prospective structural zone along the contact of Cambrian-Ordovician siliciclastic sediments, metavolcanic, and granitoid rocks. The Company previously acquired two projects, Slip Gold and Victoria Lake (IMT Press Release September 23rd 2020), totaled 6,600 hectares and confirmed up to 44.5 g/t gold and 139.9 g/t silver in various grab samples hosted in quartz-tourmaline veins with additional evidence suggesting a potential orogenic epizonal-type deposit. Preliminary work on the newly acquired claims has outlined a 6.55-kilometer structural trend that has returned +1000-meter long gold soil anomaly sampling up to 1530 ppb gold. The new acquisition lies 6 kilometers west of Marathon Gold's Leprechaun Deposit, that reportedly contains a Measured and Indicated "M+I" 43-101 resource of 1,078,700 ounces of gold with an average gold grade of 1.985 g/t.
Mr. Karim Rayani, Chief Executive Officer commented, "Newfoundland is North America's hottest exploration region. There is a staking boom happening, new companies are sprouting up looking for bits and pieces of the pie. Montoro was fortunate to acquire this strategic land position tying on to the largest undeveloped gold resource in Atlantic Canada, Marathon Gold's 4 million-plus ounce deposit. This Property covers a key component in the area where our recent gold in soil anomalies outline a huge potential for a new discovery and sets the pace for further development as our team organizes the best approach going forward."
Deal Terms
International Montoro Resources acquired the project for $10,000 cash and 350,000 common shares and 350,000 warrants exercisable at $0.12. The vendor will retain a 2% NSR with an agreed 1% buyback for $1million.
Figure 1: International Montoro's Victoria Lake Gold Project and Newly Acquired Claims
Victoria Lake Project
The Victoria Lake Gold-Silver project lies 18 kilometers west of Marathon Gold's Valentine Lake +4 million-ounce gold deposit and exhibits similar style gold-bearing veins and larger regional structures related to Cambrian to Ordovician, in age, altered mafic volcanics. Preliminary work on the project located serval quartz-arsenopyrite veins returning grab samples:
- 15.5 to 24.9 g/t gold
- 18.6 g/t to 139.9 g/t silver
The newly acquired claims lie further east along the eastern peninsula of Victoria Lake and tie directly onto the 100% owned Marathon Gold claims. The claim group lies 6 kilometers west of the Leprechaun open pit gold resource and 14 kilometers southwest of the Marathon Pit (Valentine Lake Deposit). Preliminary work by the vendor highlighted:
- Anomalous soil samples ranging from 600 ppb to 1530 ppb gold over a +1000-meter length
- 1,200 hectares covering 6.6 kilometers of strike length along a regional geological contact and structural zone
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Alexander Pleson, P.Geo. consulting geologist and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About International Montoro Resources Inc.
Int. Montoro Resources Inc. listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Exploits Zone, Newfoundland (Slip and Victoria Lake Projects - Au prospects)
- Atikokan, Ontario (BlackFly - Au prospect)
- Red Lake, Ontario (Camping Lake - Au prospect)
- Elliot Lake, Ontario (Serpent River/Pecors -Ni-Cu-PGE discovery) & (Uranium- REE's)
- Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements prospect)
ON BEHALF OF THE BOARD
International Montoro Resources Inc.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: [email protected]
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.