RED LAKE PROPERTIES UPDATE
Montoro Resources Inc. (TSXVE “MNQ”) and Belmont Resources
Inc. (TSXVE “BEO”) have received a technical report
on the companies Red Lake mining division properties located in
Bateman & Shaver Townships.
The four claims comprising 736 hectares are adjacent to properties
currently under extensive exploration by AngloGold/Rubicon to the
west, and Goldcorp/MetalCORP’s Black Bear property to the
north.
Mr. James G. Burns, B.Sc., P.Eng. of Timmins, Ontario, a qualified
person under National Instrument 43-101 reports the following.
“The properties have the potential to host one or more
gold deposits. Favorable factors include:
- Both properties display lineaments related to bedrock structures.
The strongest and most prevalent lineaments parallel the direction
of the Northeast Bay Deformation Zone. One past producer, the
Abino, and one developed prospect, the McFinley, lie within this
deformation zone.
- Both properties are underlain by rock units of the Walsh
Lake pluton. Several gold occurrences are found in a magnetic
band that parallels the contact of this Walsh lake. This spacial
association plus the fact that at least one of the occurrences
within the magnetic band has a intrusive component suggests a
genetic relationship to the pluton.
- Other intrusive bodies in the Red Lake camp, such as the
McKenzie stock and the Howey diorite, are host to major gold deposits.
The properties most certainly merit a thorough evaluation.
Detailed magnetic and VLF-em surveys are recommended for a first
pass assessment of the properties. These surveys are required to
map any potential gold bearing structures that may exist on either
property. The full extent of both properties are to be covered.
Prospective structures identified / interpreted from the magnetic
and VLF-em data are to be covered by an IP (induced polarization)
survey. All anomalous situations identified are to prioritized and
tested by core drilling."
The companies expect to mobilize exploration personnel to commence
the first phase programs in early January 2004. The timing of the
exploration efforts coincides with a much more favourable outlook
for gold and increased interest in companies with good quality exploration
prospects in established greenstone belts from which a large percentage
of the world’s gold production is derived.
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