The Elliot Lake mining camp, once known as the "Uranium Capital of the World", has produced more than 300 million pounds of U3O8 from stratigraphically-bound deposits that demonstrated remarkable consistency over an extensive area. These deposits were mined by Rio Algom and Denison Mines from 1956 to 1996. Elliot Lake was also a global producer of the Rare Earth Element (“REE”) – Yttrium (“Y”) during the 1980’s as a by-product of uranium production.
The 1,840 ha Serpent River property is located approx. 13 km. east of the town of Elliot Lake and straddles the unconformity between Archean greenstones and younger Huronian sediments. Rio Algom outlined a historical resource (non NI-43-101 compliant) at Serpent River estimating the Quartz Pebble Conglomerate zone contained an indicated resource of 20 million tons grading 0.034% U3O8 (14.8 million pounds), with the potential to expand the zone through additional drilling.
International Montoro Resources Inc. (TSX.V -IMT) completed drilling 20 holes (2,755 m) in November 2007 encountering uranium intersections from 0.5 m to 7.65m thick in the same type of mineralization that was mined in the past in the Elliot Lake camp. During a small lithogeochemical study of the core the Quartz Pebble Conglomerates (QPC) were found to contain between 84 and 3029 ppm REE (0.0084 to 0.3029 % or 84 to 3029 g/t). However, the analytical method selected at the time only captured a portion of the total suite of Rare Earth Elements. We expect that the total would have been higher if the total suite of REE elements were assayed and taken into consideration. In view of the recent renewed interest in REE mineralization a total of 71 pulps from previously assayed samples were selected from storage and sent to Activation Laboratories Ltd. in Ancaster, Ontario for analysis by a method that will measure the total REE content. The results of this work will be reported upon when they are received from the lab.
REE’s are critical components in many high-tech applications including hybrid motor vehicles, flat screen monitors, high-power magnets, consumable electronics (Blackberries, iPods), green energy technology, and a wide range of military applications. Although demand for REE’s is growing rapidly, over 90 percent of global production is controlled by China, which has recently imposed restrictions on their exports.
This press release has been reviewed and approved by Don Hawke, M.Sc., P.Geo., consulting geologist and a qualified person as defined in NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
“Gary Musil”
Gary Musil, President
CEO/Director
International Montoro Resources Inc.
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