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International Montoro Resources Inc (2)
Symbol IMT
Shares Issued 27,757,105
Close 2018-10-16 C$ 0.05
Market Cap C$ 1,387,855
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Int'l Montoro adds claims to Duhamel project

2018-10-16 20:19 ET - News Release

Mr. Gary Musil reports

MONTORO UPDATES DUHAMEL - ADDS VANADIUM, TITANIUM & CHROMIUM CLAIMS CONTIGUOUS TO NICKEL, COBALT, COPPER PROJECT-QUEBEC

Further to the news release of Jan. 26, 2018, International Montoro Resources Inc. has received additional information from historical data recovered for the Duhamel property, located 200 kilometres northwest of the city of Saguenay, Que., in the Saguenay-Lac-Saint-Jean region.

The original Duhamel property consisted of nine contiguous mineral claims comprising 500 hectares located 13 kilometres west of Arianne Phosphate Inc.'s Lac a Paul world-class phosphate development-stage deposit. Montoro has recently been successful at staking an additional 32 mineral claims to the south and northwest following new data acquisition and compilation that include the Houliere Lake nickel-copper-cobalt (titanium, vanadium and chromium) property. The expanded Duhamel Ni-Cu-Co and titanium, vanadium and chromium property now totals approximately 2,300 hectares.

The Houliere-Duhamel (Duhamel) property currently contains seven occurrences of Ni-Cu-Co sulphides and one iron-titanium-vanadium iron oxide occurrence discovered between 1997 and 2001 by previous operators which defined a 13-kilometre-long mineralized rock corridor. The best drill intercept was 1.27 per cent nickel; 0.33 per cent copper; and 0.12 per cent cobalt over 3.0 metres from diamond drill hole drilled in 2000 within massive sulphides. Compilation of historical assessment reports to date reveals more than 30 nickel-copper (cobalt) and four iron-titanium (V, Cr) mineral occurrences, which confirm this corridor to be highly prospective for new Ni-Cu-Co discoveries, as well as Fe-Ti (Cr, V) discoveries.

Further to the compilation of previously filed assessment reports, Montoro recovered from historical data a grab sample (from massive iron-titanium oxides), the result assaying 0.28 per cent vanadium associated with 20.8 per cent TiO2 and 0.13 per cent Cr203 on the property, that might be of reasonable economic interest, which the company intends to further investigate.

All previous work is of a historical nature. The work was conducted prior to implementation of National Instrument 43-101 standards, and assay results cannot necessarily be relied upon. International Montoro Resources intends to confirm the reported mineralization with the company's own sampling program.

Conclusions

The company is planning a work program that will include:

  • Further historical work compilation and geology reinterpretation;
  • Geophysics;
  • Field exploration, mapping and soil geochemistry;
  • Trenching and sampling outcrops.

A PowerPoint summary of the compiled data has been prepared and will be posted on the company's website.

NI 43-101 disclosure

Jean-Paul Barrette, PGeo, independent geologist consultant, is the qualified person as defined by National Instrument 43-101, and has reviewed and approved the technical information in this news release as is referenced to the Duhamel property.

Battery demand drives nickel, cobalt and vanadium boom

The market is rife with potential: computers, smart phones, electric vehicles, and an array of other modern industries and technology that needs batteries.

As a result, there has been a huge surge in demand for key battery elements, such as nickel, cobalt, vanadium and lithium.

Ferrovanadium (FeV) prices reached a four-year high in May, 2017. In October, 2015, prices were approximately $9.07 (U.S.) per pound to a current $45 (U.S.) per pound -- a 10-year high. Vanadium pentoxide flake, 98 per cent (V2O5), prices ranged from $12.30 to $13 in August, 2017. That was an 88-per-cent increase from $6.40 to $7 just a month earlier, and it is now trading at approximately $25 (U.S.) per lb -- also an all-time high. Vanadium is used to produce high-strength steel and chemical catalysts, but much further demand excitement stems from its role in vanadium redox flow batteries (VRFBs).

"We think there's a revolution coming in VRFBs," said Robert Friedland to the Northern Miner in an April interview.

In a little more than a year, the price of cobalt has more than doubled from $10 per pound to $25 per pound ($50,000 per tonne), and it is still going higher. LME (London Metal Exchange) cobalt metal prices started the year at $75,000 (U.S.) per tonne and climbed 24 per cent to end the first quarter at $93,350 (U.S.). Demand for cobalt in batteries is expected to increase at a rate of 14.5 per cent per year to 2027.

In fact, cobalt is so integral to the defence, aerospace and energy industries that the United States, Japan, China and European Union have designated cobalt as a strategic metal.

Nickel also is a crucial element in the production of batteries for electric vehicles (EVs), and according to JP Morgan, demand for nickel is expected to increase significantly between now and 2025, with the EV battery sector predicted to become the second-largest consumer of nickel after the stainless steel market. Currently two-thirds of the world's nickel production are consumed in the manufacture of stainless steel. With global stainless steel output rising over 6 per cent last year, the market has seen a significant drop in nickel inventories and a corresponding rise in price.

About International Montoro Resources Inc.

Montoro is focused on advancing its 100-per-cent-owned Serpent River-Elliot Lake, Northern Ontario, Pecors magnetic anomaly -- a potential nickel-copper-platinum-group-element discovery. The southwestern portion of the property has located uranium/REE (rare earth element) 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 hectares.

In addition, the company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 hectares or 2,427 acres) and Orbit (11,109 hectares or 27,450 acres) uranium properties in the Uranium City district, Northern Saskatchewan, and is seeking a joint venture partner to continue development of this advanced property.

We seek Safe Harbor.

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