- Assets in favorable mining jurisdictions
- Experienced management team
- Aiming to build regional relationships with continued emergence as a nickel, cobalt, copper metals firm
What International Montoro Resources does:
International Montoro Resources Inc (CVE:IMT)(FRA:O4T1) has been listed on the TSX Venture Exchange, formerly known as the Vancouver Stock Exchange, for more than 25 years and is also listed in Frankfurt.
It describes itself as looking for the next gold, nickel, cobalt and copper, vanadium deposit in Ontario and Quebec, while also being on the hunt for rare earth elements (REE) in British Columbia, and it has an extensive property portfolio.
The group's goals are to identify targets via airborne surveys and sampling, initiate targeted drilling and develop projects through to compliant resource status.
It has 2,250 hectares via its Camping Lake gold prospect claims in the famous and active Red Lake mining district of Ontario, where it is earning a 51% interest in five claims. It has also acquired 2,138 hectares at the Wicheeda North rare earth claims in the Rocky Mountain rare metal belt of British Columbia.
A simple breakdown of its portfolio looks like this:
- The Camping Lake gold prospect in Red Lake, Ontario
- The Serpent River/Pecors, a nickel-copper-platinum group elements discovery and uranium-rare earth elements in Elliot Lake, Ontario.
- The Duhamel nickel-copper-cobalt prospect, and titanium, vanadium and chromium prospect in Quebec.
- The Wicheeda North rare earth elements prospect in Prince George, Quebec.
- The Slip and Victoria Lake gold prospects in Newfoundland.
- The BlackFly gold prospect in the town of Atikokan, Ontario.
How is it doing:
It has been a busy few weeks for International Montoro Resources. On October 14, the firm revealed it had added to its ground in Newfoundland, currently a hot exploration region, by acquiring a further 1,200 hectares in a cash-and-stock deal on the western boundary of Marathon Gold Corp's Valentine Lake project for around $10,000 cash, 350,000 shares and 350,000 warrants exercisable at C$0.12 each.
The firm's new Victoria Lake gold-silver project lies 18 kilometers (km) west of Marathon Gold's Valentine Lake 4 million-plus ounce gold deposit and exhibits similar style gold-bearing veins.
Preliminary work has identified serval quartz-arsenopyrite veins returning grab samples of 15.5 grams per ton (g/t) to 24.9 g/t gold, and 18.6 g/t to 139.9 g/t silver, the firm said. It has also shown anomalous soil samples ranging from 600 parts per billion (ppb) to 1,530 ppb gold over a more than 1,000-meter length.
In September, the group announced the acquisition of the high-grade Slip and Victoria Lake gold projects in an area of central Newfoundland, which is potentially becoming a district scale camp.
Both projects lie within the so-called Exploits Subzone and the 3,700 hectare Slip asset lies 17.5 km northwest of New Found Gold's (CVE:NFG) Queensway project, which boasts historic drill intercepts of 92.96 grams per ton (g/t) gold over 19 meters and a high-grade historic gold resource of 78,000 ounces averaging an impressive 10.3 g/t.
International Montoro said it planned to get on the ground immediately to start prospecting along gold-bearing trends to provide potential drill targets for late fall and early 2021.
Also in September, the company said it had mobilized an exploration team to conduct follow-up geological mapping and sampling on the Blackfly Vein at its gold project near Atikokan, Ontario.
The project is situated west and immediately tied-on to Falcon Gold Corp's Central Canada Project which has reported outstanding recent drill intercepts of up to 10.17 g/t gold over 3 meters and a non-complaint "historic" resource of 230,000 ounces at 9.9 g/t gold.
Work at the International Montoro project will target the northern extension of the mineralized structure, which was identified by Terra-X Minerals Inc's 2010-2012 diamond drilling and subsequent recommendations made by Terra-X in 2012 to test chargeability anomalies.
The targeted area, known as the Blackfly Main, exhibited significant gold mineralization along the NNE trending vein and shear zone which returned values upwards of 15 g/t gold over 1.07 meters.
The firm also said it had started a 50-day approval and consultation process for an exploration permit with the Ministry of Energy, Northern Development, and Mines and local First Nations communities to allow for diamond drilling, surface overburden trenching, and survey grid line cutting to aid in geophysical surveying.
- Exploration permit for BlackFly gold prospect
- More exploration results from Slip and Victoria Lake gold projects
- Metals price moves
What the boss says:
In the statement revealing the additional ground acquired in Newfoundland, International Montoro Resources' chief executive Karim Rayani said the province was "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."
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