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MONTORO RECEIVES NI 43-101 REPORT ON SERPENT RIVER-ELLIOTT
LAKE
International Montoro Resources Inc. (“IMT”) is pleased
to announce that it has received and will file on SEDAR a NI 43-101
compliant Technical Report (click
here for report) (the “Report”) on its Elliot Lake
uranium properties, more commonly known as the Serpent River property
(“Serpent”) in northern Ontario, authored by Scott Wilson
Roscoe Postle Associates Inc. (“Scott Wilson RPA”) dated
March 20, 2007.
The Serpent River property is located about 13 kilometres east
of the town of Elliot Lake on the south limb of the Quirke syncline
and covers approximately 4,000 m of the contact between the Matinenda
Formation and the underlying basement rocks. The Elliot Lake mining
camp was once known as “the Uranium Capital of the World”
and has produced more than 270 million pounds of U308 from stratigraphically-bound
deposits that demonstrate remarkable consistency over extensive
areas. Highlights of the Report include:
- The major assets associated with the Project are two zones containing
Uranium mineralization with a bed of quartz-pebble conglomerate.
These zones are referred to as the “Pecors Channel”
and the “Whiskey Channel”.
- The presence of Uranium is indicated by the “ore estimate”
prepared by Rio Algom Mines Ltd., government reports and assay
data plotted on historic cross-sections.
- The Pecors Channel is defined by surface exposures of quartz-pebble
conglomerates and intersections of quartz pebble conglomerate
beds in the exploration drilling. The mapping and drilling have
defined a favourable zone with a strike length of approximately
600 m at surface. The channel has been drilled extensively along
strike to a depth of approximately 50 m to 100 m; however, the
limited amount of drilling carried out down-dip has not adequately
tested the potential for Uranium mineralization within this channel
at depth.
- Near surface, the Whiskey Channel is also characterized by a
thickening of the Matinenda Formation and extends over a strike
length of approximately 1800 m. The review of the results from
the historic drilling within the channel indicates that the boreholes
intersected a mineralized conglomerate bed, located 4 m to 40
m above the contact between the Matinenda Formation and the basement,
and this bed is correlated with the Main Conglomerate Bed in the
Pecors Channel, and is open down-plunge over a length of approximately
1,700 m.
Scott Wilson RPA has included in the Report recommendations for
a two-stage program to advance the Serpent River Project as follows:
- The $450,000 first stage of exploration is to verify the extent
of the channels, the presence of the favourable conglomerate beds,
and the presence of uranium mineralization within the conglomerate
beds. Sufficient reconnaissance mapping and drilling should be
conducted to identify potential mineral deposits on the property
that warrant further exploration.
- Conduct a search for previous borehole collars on the Serpent
to confirm their location and assess the potential to re-enter
the holes to conduct radiometric surveys.
- Drill five twin holes (three on Pecors Channel & two on
Whiskey Channel) to confirm the presence of the Upper Conglomerate
Bed and the mineralization, and sample the basal conglomerate
beds. These beds should be analyzed for uranium, thorium, rare
earth elements, gold and major silicates.
- Drill nine exploration holes down-dip from the historic surface
drilling along the plunge of the Pecors Channel. Three holes across
the channel at 100 m, 200 m, and 300 m intervals northwest of
the previous drilling.
- Drill three exploration holes to intersect the projection of
the Whiskey Channel at a depth of 150 m in a line across the channel
between previous boreholes.
The Qualified Persons under NI 43-101 for the Technical Report
are Lawrence B. Cochrane, Ph.D., P.Eng. and William E. Roscoe, Ph.D.,
P. Eng. This press release has been reviewed and approved by Messrs
Cochrane and Roscoe.
About International Montoro Resources Inc.
International Montoro Resources is focused on the advancement of
its 100-percent optioned Elliot Lake uranium project in northern
Ontario and Cup Lake/Donen uranium project in south-central British
Columbia. In addition the Company (50/50) with Belmont Resources
Inc. has acquired significant uranium properties located in the
Central Mineral Belt Uranium District in Labrador and the Uranium
City District in Northern Saskatchewan. The properties are positioned
such that, in addition to successful exploration by Montoro, successful
exploration by Montoro’s neighbours will likely raise Montoro’s
value by association. The uranium market continues to experience
a strong upward price trend due to uncertain supply and increasing
global demand. Through project generation and additional discoveries,
Montoro will provide shareholders with exposure and leverage to
this increasing global demand for uranium.
About Uranium
“The price of uranium is jumping again! This week, the white-hot
metal went from $91 to $95 a pound, according to TradeTech’s
Nuclear Market Review. Remember, this metal was trading at just
$75 per pound in January…$55 in October…and $45 last
July. That’s a ferocious uptrend!”
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