08:05:42 EDT Mon 22 Jul 2019
Enter Symbol
or Name

International Montoro Resources Inc (2)
Symbol C : IMT
Shares Issued 34,107,105
Close 2019-04-11 C$ 0.06
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Int'l Montoro orders Wicheeda North NI 43-101 report

2019-04-11 09:08 ET - News Release

Mr. Gary Musil reports


International Montoro Resources Inc. has provided an update.

Wicheeda North (rare earth element) project, British Columbia

Further to the company's news release of Feb. 6, 2019, International Montoro announced entering into three arm's-length acquisitions in the Cariboo mining division in British Columbia, with one claim block adjoining the well-known Wicheeda rare earth mineral discovery. The company has contracted Robert A. (Bob) Lane, MSc, PGeo, of Vernon, B.C., to complete a National Instrument 43-101 report on the Wicheeda North claim block.

The claim block comprises approximately 1,444 hectares, of which a large portion of the claim area was previously flown in 2010 by Aeroquest, when previously owned by International Montoro. It consisted of 654 line kilometres of AeroTEM helicopter-borne, time-domain electromagnetic plus radiometric surveying flown at high-resolution 50-metre line spacing.

Mr. Lane has extensive experience in this area as he previously managed the adjacent Wicheeda 19-hole drilling projects in 2008 and 2009 for Spectrum Mining and recently assisted in the compilation and completion of an NI 43-101 technical report for First Legacy Mining (now Defense Metals Corp.).

The company has also contracted Campbell & Walker Geophysics Ltd. (Christopher (Kit) Campbell and Sean Walker) to complete a 3-D inversion of the airborne electromagnetic and magnetic data previously acquired by International Montoro. This interpretation and modelling should assist in delineating the subsurface and provide a more reliable representation of subsurface geology. Both magnetic vector inversion and time-domain inversion modelling will be undertaken. The objective of this work will be to delineate prospective areas and establish greater confidence in planning drilling programs to test targets, in turn saving both time and money.

Defense Metals' news release dated March 14, 2019, on Wicheeda/SGS labs and bench test results reports "Wicheeda deposit 30-tonne bulk sample returns 4.81 per cent light rare earth oxide head grade." Select head assay results for the 30-tonne bulk sample include 1.77 per cent lanthanum oxide, 2.34 per cent cerium oxide, 0.52 per cent neodymium oxide and 0.18 per cent praseodymium oxide, which the company considers significant, for a total of 4.81 per cent LREO (light rare earth oxide).

Montoro returns Wichcika Creek and Wicheeda South properties, retains Wicheeda North ground

In further discussion with the vendors of the three properties announced Feb. 6, 2019, International Montoro and the vendors have mutually agreed to terminate the agreements on Wichcika Creek and Wicheeda South and concentrate further exploration on what it feels the most promising extension of the Wicheeda (Defense Metals) discovery -- that being the Wicheeda North property, which will be retained.

The company will not be issuing an aggregate of one million units (common shares and warrants) and cash payments of $50,000 for Wicheeda South; and it will not be issuing 700,000 units (common shares and warrants) and cash payments of $40,000 for Wichcika Creek. The company will be proceeding with the acquisition terms of Wicheeda North (as detailed in the Feb. 6, 2019, news release) upon exchange acceptance of the NI 43-101 report, which is expected to be filed this month.

In the news -- rare earths in the crosshairs of new high-tech arms race

"A decision by the Chinese government to slash production of rare earth elements (REEs) has spooked customers of the materials used in everything from cellphones to electric vehicles to smart bombs. And for those who follow the rare earths market, it's like deja vu back to 2009, when China suddenly reduced its exports of REEs by 40 per cent."

About International Montoro Resources Inc.

In February, 2019, International Montoro entered into acquisition agreements with various vendors to acquire claims in the Cariboo mining division in British Columbia and is proceeding to exchange approval on the Wicheeda North claims (1,444 hectares) adjoining the well-known Wicheeda REE discovery.

Montoro will continue to focus on advancing its 100-per-cent-owned Serpent River-Elliot Lake, Northern Ontario, Pecors magnetic anomaly -- a potential nickel/copper/platinum group element discovery.

In February, 2018, International Montoro received approval for the acquisition of the Duhamel, Que., property.

In addition, the company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 hectares; 2,427 acres) uranium properties in the Uranium City district in Northern Saskatchewan and is seeking a joint venture partner to continue development of this advanced property.

We seek Safe Harbor.

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