October 5th 2020: International Montoro Resources Inc. (TSX.V:IMT) has entered Newfoundland’s two hottest Gold Camps becoming a significant landholder in both regions.
Key Points
- Acquires 6,600 Hectares Newfoundland sampling up to 44.5 grams per tonne gold on surface.
- District Scale Gold Camp close proximity to Newfound Gold and Marathon Golds recent discoveries.
- Results as high as 24.9 g/t Gold and 139.9 g/t Silver near Marathon Gold
- Results as high as 44.5 g/t Gold near New Found Gold
Marathon Gold TSX:MOZ trading at $2.25 as of October 5th 2020
New Found Gold Corp. TSX-V:NFG trading at $2.95 as of October 5th 2020
Montoro’s 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.
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.
Figure 1. Acquired from Montoro’s September 23rd 2020 News Release
Montoro’s 3,700 hectare 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.
Figure 2. Acquired from Montoro’s September 23rd 2020 News Release
Future Plans
Montoro 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.
The Chief Executive Officer, Karim Rayani stated that, “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”.
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