International Montoro Resources Inc. (“IMT”) has confirmed concentrations of the lanthanide series of rare earth elements (REE) in previously drilled holes on its 1,840 ha Serpent River Property located approx. 13 km. east of the town of Elliot Lake, Ontario. As announced on November 12, 2009, the analysis of certain drill intersections at Serpent River has confirmed the presence of elevated REE in conjunction with uranium (U) in the Quartz Pebble Conglomerates (QPC).
A total of 12 holes were drilled within a zone (Pecors channel) where Rio Algom had outlined a historical resource (non NI 43-101 compliant) estimating the QPC contained an indicated resource of 20 million tons grading 0.034% U3O8 (14.8 million pounds). Six of these holes, spanning an area of about 550m by 300m, returned TREE (total REE plus Y -Yttrium) results. A table of the significant assays are listed below.
Table 1 –Drill Results, Quartz Pebble Conglomerates
| Drill Hole | From |
To |
Length (M) |
TREE% |
TREEg/t |
| P07-03 | 115.57 |
116.22 |
0.65 |
0.2124 |
2124 |
| P07-04 | 146.45 |
151.10 |
4.65 |
0.1238 |
1238 |
| Incl. | 150.18 |
151.10 |
0.92 |
0.2519 |
2519 |
| P07-05 | 141.47 |
142.50 |
1.03 |
0.3067 |
3067 |
| P07-07 | 124.0 |
126.90 |
2.90 |
0.1906 |
1906 |
| P-07-08 | 122.14 |
123.58 |
1.44 |
0.1898 |
1898 |
| P-07-11 | 53.60 |
54.16 |
0.56 |
0.1997 |
1997 |
The samples were analyzed by Activation Laboratories Ltd. in Ancaster, Ontario, an independent ISO 17025 accredited lab.
The range of values for the various elements are: Y ( Yttrium) 8 to 222 ppm; La ( Lanthanum) 3.9 to 1290 ppm; Ce ( Cerium) 7.3 to 2350 ppm; Pr (Praseodymium) 4.2 to 249 ppm; Nd ( Neodymium) 3.3 to 579 ppm; Sm ( Samarium) 3 to 139 ppm; Eu (Europium) 0.3 to 7.9 ppm ; Gd ( Gadolinium) 2.5 to 87.7 ppm;; Tb (Terbium) 0.3 to 11.1 ppm; Dy (Dysprosium) 2 to 50.9 ppm and Ho (Holmium) 0.3 to 8.4 ppm
Prices for some of these REE’s range from - Ce: $2.43/kg; La: $3.57/kg; Pr: $19.45/kg; and Nd $20.19/kg.
Preliminary leach testing from adjoining Pele Mountain Resources (“GEM”) –Eco Ridge Mine uranium project has demonstrated good recoverability of REE’s (see Pele news releases of October 7 and November 4, 2009). We believe that similar results could be obtained from the Serpent River - QPC area because the lithologies at both properties are identical.
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. Although Yttrium was the primary REE produced historically at Elliot Lake, the development of many new applications has created a growing demand for the full range of REE’s.
REE’s are critical components in many high-tech applications including hybrid motor vehicles, flat screen monitors, high-power magnets, consumable electronics (Blackberries, iPods, DVDs, cellular phones), green energy technology, fibre optics, super alloys for the aerospace and building industries, medical and dental lasers, 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.
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.
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