September 23, 2020 – Vancouver, B.C. – International Montoro Resources Inc. (TSX-V: IMT), (Frankfurt: O4T1), (the “Company”) is pleased to announce it has purchased 2 high-grade gold properties in Central Newfoundland. The company has acquired 100% interest in the Slip Gold Project and Victoria Lake Gold Project (together “the Projects”) 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 (Figure 1).
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 g/t Au on surface. The project is located 17.5 kilometers northwest of New Found Gold’s Queensway Gold Project which boasts historic drill intercepts of 92.96 g/t Au over 19 meters and a high-grade historic gold resource based on 14,325 m of drilling by Noranda in the 1980’s totaling 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 has identified possible orogenic epizonal-type deposits.
The Victoria Lake Gold-Silver project lies 18 kilometers west of Marathon Gold’s Valentine Lake >4 million-ounce gold deposit and exhibits similar style gold bearing veins and larger regional structures related to Cambrian to Ordovician, in age, 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.
Mr. Karim Rayani, Chief Executive Officer commented, “This acquisition gives the company a tremendous land package next to two major players in Newfoundland’s hottest gold camp making Montoro a significant land holder 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”.
Figure 1: Project Location Maps of the Slip Gold Project (Top) and the Victoria Lake Project (Bottom)
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% NSR with the option of a 50% buyback for $1,000,000.
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists on Ontario and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About International Montoro Resources Inc.
Int. Montoro Resources Inc. 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:
- Atikokan, Ontario (Blackfly – Au prospect)
- Red Lake, Ontario (Camping Lake – Au prospect)
- Elliot Lake, Ontario (Serpent River/Pecors –Ni-Cu-PGE discovery) & (Uranium- REE’s)
- Quebec (Duhamel –Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium prospect)
- Prince George, British Columbia (Wicheeda North – Rare Earth Elements prospect)
ON BEHALF OF THE BOARD
International Montoro Resources Inc.
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: email@example.com
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
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