Mr. Gary Musil reports
MONTORO ACQUIRES INTEREST IN CAMPING LAKE -GOLD PROSPECT CLAIMS IN RED LAKE MINING DISTRICT-NW ONTARIO
International Montoro Resources Inc. has signed a property acquisition agreement with Falcon Gold Corp. to acquire a 51-per-cent interest in five claims comprising 109 cell units (approximately 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 hosts 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 kilometres to the south 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.
From 2010 to 2013, the Camping Lake property area saw extensive programs completed by Laurentian Goldfields Ltd., Kinross Gold Corp. and Anglo Gold, which included: petrographic studies; diamond drilling; rock, soil and lake sediment samples; and induced polarization/ground geophysics.
"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," commented 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-per-cent interest, Montoro agrees to issue one million common shares upon TSX Venture Exchange approval and 500,000 shares on the first anniversary of exchange approval. Montoro will also assume Falcon Gold's payments totalling $65,000 over a four-year period.
Montoro also agrees to complete $100,000 in exploration expenditures on or before Oct. 31, 2020, and a further $200,000 (total $300,000) in exploration expenditures on or before Oct. 31, 2021. Any additional work completed in the first year will be credited to the second-year work commitment.
Upon Montoro acquiring the initial 51-per-cent interest, it has the option to acquire a further 24-per-cent interest (total of 75 per cent) for $500,000 in cash.
The agreement contains a 2-per-cent net smelter return royalty, with the original vendor holding 1.5 per cent and Falcon Gold 0.5 per cent.
The technical content of this news release has been reviewed and approved by Robert T. Chataway, PGeo, a member of the Association of Professional Geoscientists of Ontario, a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Properties.
About International Montoro Resources Inc.
In February, 2019, International Montoro Resources 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 hectares), the company increased the claim blocks by a further 694 hectares for a total of 2,138 hectares. The claim block adjoins the well-known Wicheeda rare earth element discovery on the north and northwest.
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