10:46:48 EDT Thu 29 Oct 2020
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International Montoro Resources Inc (2)
Symbol IMT
Shares Issued 54,947,105
Close 2020-09-22 C$ 0.08
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Int'l Montoro acquires two Newfoundland gold properties

2020-09-23 07:30 ET - News Release

Mr. Karim Rayani reports

INT. MONTORO RESOURCES AQUIRES 6,600 HECTARES OF LAND IN NEWFOUNDLAND

International Montoro Resources Inc. has purchased two high-grade gold properties in central Newfoundland. The company has acquired 100-per-cent interest in the Slip gold project and Victoria Lake gold project consisting of approximately 3,700 and 2,900 hectares of land, respectively. Both projects lie within the Exploits subzone, which is potentially becoming a district-scale gold camp. Historic work has indicated the projects are hosted in similar structural settings to Marathon Gold's Valentine Lake gold deposit and New Found Gold's Queensway project.

The Slip gold project is within the Exploits subzone and hosts gold mineralization within altered intrusive rocks and quartz veins historically sampling up to 44.5 grams per tonne gold on surface. The project is located 17.5 kilometres northwest of New Found Gold's Queensway gold project, which boasts historic drill intercepts of 92.96 g/t Au over 19 metres and a high-grade historic gold resource based on 14,325 m of drilling by Noranda in the 1980s totalling 78,000 ounces of gold averaging 10.3 g/t. The project lies along a major regional structural thrust feature known as the Dog Bay line and displays similar characteristics and gold values as the aforementioned historic values and recent lithological and structural data have identified possible orogenic epizonal-type deposits.

The Victoria Lake gold-silver project lies 18 kilometres west of Marathon Gold's Valentine Lake greater-than-four-million-ounce gold deposit and exhibits similar style gold-bearing veins and larger regional structures related to Cambrian to Ordovician altered mafic volcanics. Preliminary work on the project located serval quartz-arsenopyrite veins returning grab samples ranging in value from 15.5 to 24.9 g/t gold and 18.6 g/t to 139.9 g/t silver.

The company plans to immediately mobilize an exploration crew to site to conduct the first phase of prospecting along the gold-bearing trends. Based on the findings the company will utilize soil and rock geochemistry, and structural mapping to select the most prospective grids for airborne magnetic and TDEM geophysical surveys. The data collected in the initial phase of exploration will provide the company with potential drill targets for late fall and early 2021.

Karim Rayani, chief executive officer, commented: "This acquisition gives the company a tremendous land package next two to major players in Newfoundland's hottest gold camp making Montoro a significant landholder in both regions with two projects that boast high-grade gold and silver mineralization of up to 44.5 g/t gold and 139.9 g/t silver. The 2,900-hectare Victoria Lake project is located along similar structural and geological settings as Marathon Gold's Valentine Lake deposit, which is Atlantic Canada's largest undeveloped gold resource. We are looking forward to the moving these projects forward as we continue to watch the excitement of current developments at both Marathon Gold and New Found Gold."

Deal terms

International Montoro Resources can acquire the two projects for a $30,000 payment and by issuing 500,000 common shares and 500,000 share purchase warrants at a price of 12 cents for a two-year period. The vendors will retain a 2-per-cent NSR (net smelter return) with the option of a 50-per-cent buyback for $1-million.

Qualified person

The technical content of this news release has been reviewed and approved by Alex Pleson, PGeo, who is a member of the Association of Professional Geoscientists in Ontario and is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About International Montoro Resources Inc.

The company is a Canada-based emerging resource company. The company is systematically exploring its extensive property positions in:

  • Red Lake, Ont. (Camping Lake -- gold prospect);
  • Elliot Lake, Ont. (Serpent River/Pecors -- nickel-copper-platinum-group-element discovery and uranium/rare earth elements);
  • Quebec (Duhamel -- nickel-copper-cobalt prospect and titanium-vanadium-chromium prospect);
  • Prince George, B.C. (Wicheeda North -- rare-earth-element prospect).

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