VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 1, 2014) - International Montoro Resources Inc. ("Montoro") (TSX VENTURE:IMT)(IMTFF)(O4T.F) The Malachite Property, 60 km west of Bathurst, New Brunswick, consists of 62 contiguous claim units covering approximately 1,000 hectares, located in Restigouche County along paved Highway 180; has received renewed interest.
As reported by Metals Bulletin on February 28, 2014 - 'Cobalt Prices Hit Two-Year Highs'. Low-grade cobalt prices hit $14.10 -$15.25 per lb. on Friday, February 28, 2014, after stabilizing on Wednesday February 26, 2014 at $14 - $14.90 per lb. This was the highest low-grade price since February 22, 2012.
In other news, the announcement of Tesla Motors that it plans to construct a $5 billion lithium-ion battery "gigafactory" in the Southwest United States, sent shockwaves through the graphite and lithium markets. Cobalt, another metal will be also be affected. The announcement to build a massive lithium-ion battery factory to lower manufacturing costs for batteries to meet the anticipated expansion of electric vehicles (EVs) has important implications for cobalt as a critical ingredient in these batteries. This battery has developed into the key power supply for consumer electronics and its application is the single largest use of cobalt. The demand for cobalt from its usage in rechargeable batteries has grown from 1 percent of the cobalt market in the mid -1990s to over 40 percent today, primarily as a result of the use of these batteries in smartphones and other portable electronic devices, and the additional demand resulting from the production of batteries for Tesla's EV's would be significant, given that lithium-ion batteries contain 2 to 6 kilograms of cobalt. It is expected to be the most important driver of the cobalt market for the foreseeable future.
Exploration & Development of the Malachite Property - Bathurst, New Brunswick
- In 1989 a discovery was made of chalcopyrite bearing altered "rhyolite" boulders on an old logging road north of Highway 180 near Ramsey Brook. Over the next 4-5 years intermittent work was performed on the property including trenching exposing elevated values in excess of 3% Cu and 2,620 ppb Au. One sample collected from a strongly mineralized veinlet assayed at 29% Cu.
- During the summer of 2001, consulting geologist Mr. Doug Clark (employed at the time by Hudson Bay Exploration & Development) carried out a site visit to observe the geology of the open trenches dug in the fall of 2000. Along with numerous areas of mineralized gabbro and rhyolite, Clark observed a number of large angular boulders that showed a pinkish oxide bloom. Samples taken returned values up to 233 ppm Co and 21,324 ppm Cu. Other samples taken from further trenches returned values of 2,496 ppm Co, 395 ppm Cu and 5,386 ppm As.
- During 2002 the property was optioned by Montoro (See April 12/02 NI 43-101 Geological Report by Doug Clark, P. Geo.) and work included line cutting (15 km grid), soil sampling, magnetic-VLF survey, geological mapping, trenching and further sampling. The soil survey return results indicated two significant areas of anomalous cobalt and copper. The VLF-EM survey defined numerous multi-line anomalies trending grid north-south.
- During January/February 2004 Montoro complete four (4) shallow drill holes totaling 446.5 meters. Two holes (M04-01 & M04-03) were drilled in the Main Zone which contained previous assays of up to 0.1% cobalt and 2.06% copper; another hole (M04-02) was drilled 100 meters grid north of the Main Zone and the last hole (M04-04) was drilled 530 meters grid north of the Main Zone along a property scal VLF coincident with the Main Zone.
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Significant Drill Intersections & Assays reported at that time were: |
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M04-01 drilled 130.5 metres |
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From 33.3 to 36.3 metres ( 3.0 metres) |
0.19% Co & 0.21% Cu |
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M04-02 drilled 111 metres |
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From 32.6 to 33.1 metres (0.5 metres) |
0.24% Co |
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M40-03 drilled 110 metres |
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This hole was drilled behind M04-01 and most probably stopped before intersecting the Main Zone |
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M04-04 drilled 95 metres |
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From 24.0 to 48.8 metres (24.8 metres) |
0.176% Co, 0.176% Cu |
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Includes |
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From 43.0 to 47.8 metres (4.8 metres) |
0.35% Co |
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Includes |
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From 45.0 to 47.8 metres (2.8 metres) |
0.51% Co |
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From 33.0 to 33.5 metres (0.5 metres) |
2.07% Cu |
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From 50.0 to 50.5 metres (0.5 metres) |
3.03% Cu |
- In May 2004, the grid and subsequent Magnetic & VLF surveys were extended northeast along strike. A further five (5) hole drill program was completed totaling 675 metres to follow-up the down dip and strike potential of the Main Zone, the Smith Zone and to test a newly delineated VLF anomaly from the recent survey.
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Significant Drill Intersections & Assays: |
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M04-05 drilled 197.7 metres, located 50 metres grid east of M04-04 |
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From 28.4 to 34.5 metres (6.1 metres) |
0.31% Co, 0.05% Cu, 0.11% Ni & 105 ppb Au |
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From 95.4 to 103.7 metres (8.3 metres) |
0.11% Cu & 172 ppb Au |
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Includes |
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From 102.7 to 103.7 metres (1.0 metre) |
0.59% Cu |
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M04-06 drilled 143.5 metres, located 78 metres along strike northeast of the Smith Zone (hole M04-04) |
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From 21.0 to 22.0 metres (1.0 metre) |
0.31% Co, 0.11% Cu & 116 ppb Au |
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From 38.0 to 39.0 metres (1.0 metre) |
0.14% Co, 0.57% Cu & 311 ppb Au |
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From 59.0 to 67.0 metres (8.0 metres) |
0.16% Cu |
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From 75.0 to 76.0 metres (1.0 metre) |
0.13% Co, 0.11% Cu |
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From 84.0 to 90.0 metres (6.0 metres) |
0.20% Co, 0.11% Cu |
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From 102.4 to 110.5 metres (8.1 metres) |
0.29% Cu |
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Includes |
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From 102.4 to 103.8 metres (1.4 metres) |
0.95% Cu & 222 ppb Au |
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M04-07 drilled to a depth of 93.5 metres, located 110 metres along strike southwest of M04-04 |
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From 65.0 to 68.0 metres (3.0 metres) |
0.19% Cu & 81 ppb Au |
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M04-08 drilled to a depth of 147.5 metres to test the down dip extension of the Main Zone uncovered in previous trenching. |
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From 55.0 to 58.0 metres (3.0 metres) |
0.04% Co & 0.21% Cu |
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M04-09 drilled to a depth of 93.0 metres, located 68 metres west of M04-04. Designed to under-cut holes M04-04 and M04-05 from the opposite direction. |
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From 62.0 to 65.0 metres (3.0 metres) |
170 ppb Au |
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From 67.0 to 70.0 metres (3.0 metres) |
0.20% Cu |
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From 72.0 to 74.3 metres (2.3 metres) |
0.09% Co & 0.15% Cu |
Based on these results Montoro has confirmed an extension of the previously reported presence of significant cobalt mineralization. Drilling indicated that the cobalt, copper and gold mineralized zone within the altered rhyolite has a strike length of at least 600 metres and a vertical depth of approx. 70 metres. This last round of drilling was concentrated around the Smith Zone and Main Zone. Analysis of the drill core indicates the mineralized zone is also anomalous in nickel and gold. This zone is untested at depth and further along strike, as reported by Doug Clark, P. Geo.
A Phase III exploration program consisting of deep penetrating EM Survey with follow-up drilling is recommended.
Int. Montoro is seeking interested parties in continuing the development of this Malachite cobalt property.
Options Granted:
The Company has granted incentive stock options to its consultants to purchase up to 1.0 million common shares of the Company, exercisable at a price of $0.05 per share for three years. The stock options will be granted in accordance with the Company's SOP and will have the required four (4) month hold period pursuant to the policies of the TSX Venture Exchange.
About International Montoro Resources Inc.
Montoro is focused on advancing its 100% owned Serpent River - Elliot Lake, Northern Ontario, Uranium/REE project & Pecors magnetic anomaly - potential Ni-Cu-PGE. The property comprises 10 mineral claims (115 units) approx. 1,840 ha.
Montoro has also acquired a 100% interest in 23 mineral claims prospective for Rare Earth Elements, in 2 separate claim blocks covering 18,743 acres (7,585 ha) in the new Tacheeda Lake camp; and 3,330 acres (1,348 ha) Carbo area. Montoro also holds a 100% interest in 5,604 acres (2,268 ha, 5 claims - the Chuchinka property) contiguous to and adjoining the Wicheeda, a previously reported Rare Earth discovery, northeast of Prince George, B.C.
In addition the Company will continue the development with Belmont Resources Inc. (50/50) of its Crackingstone - 2,.427 acres (982 ha) and Orbit -27,450 acres (11,109 ha) Uranium properties in the Uranium City District - Northern Saskatchewan.
For further information, watch the Smartstox interview with President Gary Musil (www.smartstox.com/interviews/imt).
ON BEHALF OF THE BOARD OF DIRECTORS,
Gary Musil, President
CEO/Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.