10:34:49 EDT Thu 29 Oct 2020
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International Montoro Resources Inc (2)
Symbol IMT
Shares Issued 63,487,105
Close 2020-10-13 C$ 0.08
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Int'l Montoro acquires 1,200 ha in Newfoundland

2020-10-14 06:18 ET - News Release

Mr. Karim Rayani reports

MONTORO RESOURCES ACQUIRES ADDITIONAL GROUND ADJACENT TO MARATHON GOLD'S VALENTINE LAKE GOLD PROPERTY, EXPLOITS SUBZONE, CENTRAL NEWFOUNDLAND

International Montoro Resources Inc. has acquired an additional 1,200 hectares of land on the western boundary of Marathon Gold's Valentine Lake project boundary. The company's landholding is increased to 7,800 hectares along the Exploits subzone and covers a large highly prospective structural zone along the contact of Cambrian-Ordovician siliciclastic sediments, metavolcanic and granitoid rocks. The company previously acquired two projects, Slip gold and Victoria Lake (press release dated Sept. 23, 2020), totalling 6,600 hectares, and confirmed up to 44.5 grams per tonne gold and 139.9 g/t silver in various grab samples hosted in quartz-tourmaline veins with additional evidence suggesting a potential orogenic epizonal-type deposit. Preliminary work on the newly acquired claims has outlined a 6.55-kilometre structural trend that has returned a plus-1,000-metre-long gold soil anomaly sampling up to 1,530 parts per billion gold. The new acquisition lies six kilometres west of Marathon Gold's Leprechaun deposit, which reportedly contains a measured and indicated National Instrument 43-101 resource of 1,078,700 ounces of gold with an average gold grade of 1.985 g/t.

Karim Rayani, chief executive officer, commented: "Newfoundland is 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 four-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."

Deal terms

International Montoro Resources acquired the project for $10,000 cash and 350,000 common shares and 350,000 warrants exercisable at 12 cents. The vendor will retain a 2-per-cent NSR (net smelter return) with an agreed 1-per-cent buyback for $1-million.

Victoria Lake project

The Victoria Lake gold-silver project lies 18 kilometres west of Marathon Gold's Valentine Lake plus-four-million-ounce gold deposit and exhibits similar style gold-bearing veins and larger regional structures related to Cambrian- to Ordovician-age altered mafic volcanics. Preliminary work on the project located serval quartz-arsenopyrite veins returning grab samples:

  • 15.5 to 24.9 g/t gold;
  • 18.6 g/t to 139.9 g/t silver.

The newly acquired claims lie farther east along the eastern peninsula of Victoria Lake and tie directly onto the 100-per-cent-owned Marathon gold claims. The claim group lies six kilometres west of the Leprechaun open-pit gold resource and 14 kilometres southwest of the Marathon pit (Valentine Lake deposit). Preliminary work by the vendor highlighted:

  • Anomalous soil samples ranging from 600 ppb to 1,530 ppb gold over a plus-1,000-metre length;
  • 1,200 hectares covering 6.6 kilometres of strike length along a regional geological contact and structural zone.

Qualified person

The technical content of this news release has been reviewed and approved by Alexander Pleson, PGeo, consulting geologist and a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About International Montoro Resources Inc.

International Montoro, listed on the TSX Venture Exchange for over 25 years, is a Canadian-based emerging resource company. The company is systematically exploring its extensive property positions in:

  • Exploits zone, Newfoundland (Slip and Victoria Lake -- Au prospects);
  • Atikokan, Ont. (BlackFly -- Au prospect);
  • Red Lake, Ont. (Camping Lake -- Au prospect);
  • Elliot Lake, Ont. (Serpent River/Pecors -- nickel-copper-platinum group elements discovery) and (uranium-rare earth elements);
  • Quebec (Duhamel -- nickel-copper-cobalt prospect, and titanium, vanadium and chromium prospect);
  • Prince George, B.C. (Wicheeda North -- rare earth elements prospect).

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