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International Montoro Resources acquires added ground adjacent to Marathon Gold’s Valentine Lake gold property in Central Newfoundland

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International Montoro Resources Inc (CVE:IMT) (OTCMKTS:IMTFF) (FRA:O4T1) announced on Wednesday that it has acquired an additional 1,200 hectares of land in a cash-and-stock deal on the western boundary of Marathon Gold Corp‘s Valentine Lake project boundary, in Central Newfoundland. 

The Vancouver, Canada-based resource company acquired the project for $10,000 cash, 350,000 shares and 350,000 warrants exercisable at $0.12 each. The vendor will retain a 2% net smelter return (NSR) with an agreed 1% buyback for $1 million.

Montoro said its land holding has now 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.

READ: International Montoro Resources set for airborne geophysics survey of its Blackfly gold project in Ontario

The company previously acquired two projects, Slip Gold and Victoria Lake which totaled 6,600 hectares and confirmed up to 44.5 grams per tonne (g/t) of 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. Work on the newly acquired claims has outlined a 6.55-kilometer structural trend that has returned a nearly 1,000-meter long gold soil anomaly sampling up to 1530 parts per billion (ppb) gold.

Montoro said the new acquisition lies 6 kilometers west of Marathon Gold’s Leprechaun Deposit, that reportedly contains a measured and indicated resource of 1,078,700 ounces of gold with an average gold grade of 1.985 g/t.

Montoro Resources CEO Karim Rayani said: “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.”

He added: “Montoro was fortunate to acquire this strategic land position tying on to the largest undeveloped gold resource in Atlantic Canada, Marathon Gold’s 4 million-plus ounce deposit.”

The Montoro boss added that the property covers “a key component in the area” where the company’s recent gold in soil anomalies outline “a huge potential for a new discovery” and sets the pace for further development.

The company’s Victoria Lake gold-silver project lies 18 kilometers west of Marathon Gold’s Valentine Lake 4 million-plus ounce gold deposit and exhibits similar style gold-bearing veins.

Preliminary work on the project located serval quartz-arsenopyrite veins returning grab samples of 15.5 g/t to 24.9 g/t gold, and 18.6 g/t to 139.9 g/t silver.

The newly acquired claims lie further east along the eastern peninsula of Victoria Lake and tie directly onto the 100% owned Marathon Gold claims. Preliminary work has shown anomalous soil samples ranging from 600 ppb to 1530 ppb gold over a more than 1,000-meter length.

In addition, 1,200 hectares “covers 6.6 kilometers of strike length along a regional geological contact and structural zone,” said the company.

Montoro explores for copper, nickel, cobalt, vanadium, titanium, chromium, uranium, gold, PGE, and rare earth elements.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors


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