|
POSITIVE PRELIMINARY DRILLING RESULTS- COBALT/COPPER
VERY ENCOURAGING IN THE BATHURST, NEW BRUNSWICK CAMP
Further to our February 11/04 news release, Montoro Resources Inc.
(TSX Venture Exchange – “MNQ”) is pleased to provide
a summary of the significant intersections defined in its recently
completed four hole drilling program.
Significant Drill Intersections
M04-01
From To Interval
33.3 36.3 3.0 metres 0.19 % Co & 0.21 % Cu over 3.0 metres
M04-02
From To Interval
32.6 33.1 0.5 metres 0.24 % Co over 0.5 metres
M04-03
This hole was drilling behind M04-01 and most probable stopped before
intersecting Main Zone.
M04-04
From To Interval
24.0 48.8 24.8 metres 0.176 % Co, 0.176 % Cu over 24.8 metres
includes
From To Interval
43.0 47.8 4.8 metres 0.35 % Co over 4.8 metres
includes
From To Interval
45.0 47.8 2.8 metres 0.51 % Co over 2.8 metres
From To Interval
33.0 33.5 0.5 metres 2.07 % Cu over 0.5 metres
From To Interval
50.0 50.5 0.5 metres 3.03 % Cu over 0.5 metres
The preliminary value calculation for the above 24.8 metre interval
in Hole M04-04, based on current prices for cobalt at USD $27 -
$29 per pound (Mar.1/04) is:
0.176% Cobalt x 2000 lbs. = 3.52 lbs. of Cobalt per short ton
$27 - $29 per lb Cobalt gives $95 - $102 per short ton value
for comparison - 0.3 oz/t Au at $400 per troy ounce gives a value
of $120 per ton.
The initial phase of drilling has confirmed the presence of significant
cobalt mineralization on the Malachite Property. Drill hole M04-04
intersected 24.8 metres of highly altered and mineralized rhyolite
containing an average grade of 0.176% Co & 0.176% Cu (Smith
Zone). Also, drill hole M04-01 (drilled under the Main Zone) confirmed
the presence of significant cobalt mineralization (i.e. 0.19% Co
& 0.21% Cu over 3.0 metres) down dip of anomalous cobalt and
copper values encountered in previous trenching. Drilling indicates
that this altered and mineralized zone within the rhyolite has a
strike length of at least 500 metres. This zone is untested at depth
and along strike.
Based on these results Montoro has expanded the property adding
16 claims to the northeast along strike of the Smith Zone. The grid
and subsequent Magnetic & VLF surveys will be extended northeast
as well. A Phase II drill program consisting of 5 drill holes totalling
750 metres will be initiated to follow-up the down dip and strike
potential of the Main Zone, the Smith Zone and to test any newly
delineated VLF anomalies from the upcoming survey.
The above information was provided by our independent project supervisor
Mr. Doug Clark. Mr. Clark is a qualified person under the definition
established by National Instrument 43-101, is an accredited Professional
Geoscientist and a member in good standing with the Association
of Professional Engineers and Geoscientists in New Brunswick.
|