Oct 22 2015
International Montoro Resources Inc. (the "Company" or "Montoro") is pleased to report an update of the Pecors - Serpent River, Elliot Lake exploration program.
Serpent River Property
Gary Musil, CEO/President comments: "Montoro's Serpent River property, located 15km east of Elliot Lake, Ontario has been a very fruitful (geologically speaking) acquisition. The property hosts both a historical resource of U3O8 (Pecors East Zone estimated 20 million tons @ .037% or 14.8 million lbs. U308) and a REE discovery. For further information review our website property page at www.MontoroResources.com." However, as a result of work completed by the Ontario Geological Survey (OGS) in 2009, our attention shifted to the northwest on the Serpent River property and the reexamination of a strong geophysical anomaly defined as "Pecors".
Pecors - Review the following reports on our website www.MontoroResources.com - Serpent River property page.
The Pecors Anomaly was initially defined by two coincidental government surveys (magnetic and gravity). Geochemical values and recommendations from reports authored by the OGS, (See OGS Survey - Elliot Lake-Sault Ste. Marie Area Lake Sediment Geochemical Survey, Northeastern Ontario-2010) lead Montoro to commission a geophysical specialist to further interpret the VTEM airborne survey data. Two reports: Reed, L.E. 2011. Notes on the Response of the Pecors Magnetic Anomaly; and Reed, L.E. 2014. Report on A Review of Airborne EM and Magnetic Surveying on the Pecors Magnetic Anomaly afforded Montoro information to position the first two drill holes.
L.E. Reed's 3D modelling indicated that the Pecors MAG anomaly (which has a NNE-SSW orientation with the inversion block indicating an approximate length of seven km and width of three km, and a maximum estimated depth of almost two km), was shallowest at the southern end.
Everett Makela, P.Geo., formerly Vale SA's principal geologist for North America and current Advisor to Montoro states that; "The highly anomalous copper, nickel, platinum, palladium and gold values obtained (Pecors Hole #1) from sampling of weak sulphide mineralization hosted by inclusion bearing gabbro indicates that sulphur saturation occurred at a stage when sulphide liquid had significant opportunity to scavenge metals from the surrounding silicate melt. In particular, the nickel concentrations indicate an early saturation event, before silicate crystallization tied up available nickel. Centimeter-scale sulphide blebs consisting of pyrrhotite rimmed by chalcopyrite witness coalescence of the sulphide liquid, lending encouragement for the discovery of massive sulphide deposits with economic tenors." For further reference the reader is referred to USGS Open File Report 2012-1010 (by Michael L.Zientek, 2012) http://ow.ly/TmF6h.
The positioning of PDH-2 was designed to test an area of higher magnetic intensity and where an interpreted possible feeder dyke entered the gabbro.
Pecors Hole #2 ("PDH-2")
Crone Geophysics & Exploration Ltd. ("Crone") of Ontario completed the probing to the bottom of hole PDH-2 at 1317m utilizing its 3-D Borehole Pulse EM System. The system has a 400m radius or more from the probe. This data set combined with information from PDH-1 gives Montoro continuous below surface geophysical coverage for an area 1400 m long, 600-800m wide, as well as a further 400m below PDH-2.
Results of the probing indicated that two distinct conductive anomalies were detected and modelled at a depth of about 580 to 590 metres down the hole and 975 to 1021 metres down the hole. The shallow anomaly is 75 metres from the hole and it coincides with the contact between Huronian conglomerate and basalt. Concentrations of up to 10% disseminated pyrite were noted in the logs at this point.
The second anomaly is about 70 metres from the hole and it coincides with a thick gabbro unit containing numerous older volcanic xenoliths <1 to 11 metres thick. The xenoliths consist of chert, pyritic exhalite, basalt and sulphide facies iron formation and in the host gabbro 1-8% disseminated pyrrhotite, chalcopyrite and pyrite were noted. These xenoliths indicate that the magma had access to a source of sulphur a factor that is considered important to the formation of magmatic sulphide deposits. It should be noted that the hole was stopped at a depth of 1317 metres due to the capacity of the drill rig and before the prospective lower contact area of the gabbro was reached. Review the 3D Video: http://ow.ly/TEwrh. Full details of the report can be reviewed on our website at www.MontoroResources.com - Serpent River page titled: Crone Pulse - EM Geophysical Survey & Logistics Report by Crone Geophysics - September 2015.
The Company collected 22 samples covering the interval from 864m to 883.7m. Only one sample from this interval returned anomalous results and the assays are tabulated below.
| FROM (m) |
TO (m) |
Au ppm |
Pt ppm |
Pd ppm |
Cu ppm |
Ni ppm |
| 880.7 |
881.7 |
0.09 |
0.12 |
0.08 |
1410 |
147 |
The main objective of this drilling and probing program was to better understand the geology and the nature of the VTEM magnetic anomaly identified during the airborne survey and the 3-D interpretation of the anomaly. Don Hawke comments; "The program was successful and the information obtained from this drill program will be very useful in the planning of a further exploration program. Although only anomalous values for Ni-Cu-PGEs were received in the two holes, I remain optimistic that the results obtained throughout the recent programs give further evidence that the Pecors target may host a new deposit type (Ni-Cu-PGEs) in the Elliot Lake mining camp." Don Hawke, P. Geo., along with advisory board members Everett Makela, P.Geo. and Greg Campbell, MSc., will be reviewing the complete results in recommending the next phase of exploration.
Qualified Person
The above information has been reviewed and approved by Don Hawke, MSc., P.Geo, consulting geologist for Montoro and a Qualified Person as defined by National Instrument 43-101 regulations.