May 7, 2001
April 5, 2001
November 30, 2000
November 22, 2000
September 25, 2000
September 11, 2000
June 28, 2000
June 5, 2000
February 24, 2000
January 6, 2000
August 5, 1999
July 27, 1999
May 3, 1999
March 16, 1999
March 15, 1999
November 3, 1998
August 19, 1998
Further Acquisitions in the Ungava Area - North Quebec
Montoro Resources Inc. is pleased to announce it has signed an agreement to acquire an 81 map - designated unit mineral block in the Ungava, Raglan Area of Northern Quebec.
This South Trend Prospect, encompassing approx. 33 square kilometers (3360 hectares) is in close proximity to the Falconbridge's Delta - Oasis property containing approximately 800,000 tons grading 3.05% Nickel, 1.26% Copper and 2.25 grams/tonne platinum group minerals (PGM's).
Montoro will acquire 100% interest for $10,000 cash, 100,000 shares and a 3% NSR. Montoro has applied for an exploration assistance grant from the Quebec Government and expects to complete a preliminary exploration program on this property during 2001. Montoro was a successful applicant last year receiving a similar grant for 50% of their $100,000 exploration program in the Raglan area.
The Raglan camp is expected to see renewed exploration interest this year with
the announcement by NovaWest Resources ("NVE") and Redmond Ventures
Corp. ("RMD") of $7.0 million in exploration expenditures over three
years. Some of Canada's most significant palladium and platinum values are from
the Raglan area, with NovaWest itself reporting palladium values up to 26.76
g/t and platinum values up to 9.3 g/t from 1997/98 samples of hard rock surface
outcrops. In addition, Canadian Royalties Inc. ("CZZ") has announced
an agreement with Ungava Minerals Exploration Inc. ("Ungava") to acquire
an interest in a 173 square-kilometer nickel and copper deposit to the east
of Montoro's South Trend prospect. Canadian Royalties expects to spend $1.75
million over 4 years on the Expo-Ungava project which hosts approximately 19
million tons at .47% Ni and .51% Cu. Canadian Royalties plans to conduct tests
and sample existing drill core for PGM potential of this property.
Further to our news release of November 22, 2000 the Company is completing negotiations on a further property acquisition in the area of Falconbridge's "Raglan" producing nickel, copper, and PGE properties - Northern Quebec, Ungava.
Falconbridge has expended approximately $1 billion to date in the Raglan, resulting in the discovery and development of the nearby Katinniq mine (7.5 million tons at 3.1% Ni and 0.89% Cu; the Cross Lake deposit (2.0 million tons @ 2.06% Ni, 1.05% Cu and 5.95 g/t PGE) and the Donaldson deposit (3.8 million tons @ 4.4% Ni, 1.0% Cu and 6.6 g/t PGE) to name a few.
Renewed interest in the Raglan area has surfaced with significant 2001 exploration programs already announced by Nova West Resources Inc. (CDNX - NVE), Redmond Ventures Corp. (CDNX-RMD) and Canadian Royalties Inc. (CDNX - CZZ).
Further details of the acquisition will be announced when an agreement has
been signed.
Further to our press release dated September 11, 2000 the Company has been unable to complete the private placements as announced. The placees are still interested in completing part of the financing. The Company will be revising the agreements and hope to complete the non-brokered private placements of 1,200,000 units at $0.10 for $120,000. Each unit will consist of one share and one warrant to purchase an additional share at $0.10 in the first year and $0.125 in the second year.
The funds will be used for working capital.
Montoro has completed the initial summer field program on its Nunavik (Ungava), Northern Quebec property.
The program was carried out on an exploration cost-sharing basis with Belmont Resources Inc. ("BEO"). The initial program consisted of helicopter-supported reconnaissance geological mapping, Beep-Mat geophysical prospecting, airborne magnetometer interpretation and sampling to follow up on targets identified from air photo's, enhanced images and regional airborne surveys. A total of 47 samples were collected and analyzed for gold, platinum, palladium, nickel & copper content. Anomalous values were not returned from the prospecting samples. The exploration located the pyroxenite sill that was targeted and a few others as well that were not known from earlier mapping. The Company is awaiting the final results of a remote sensing-satellite interpretation to help determine exploration priorities for the 2001 season on this property.
The Company is currently reviewing for option other prospects in the immediate
area. One prospect under review is adjacent to the boundaries of Falconbridge's
"Raglan" producing nickel, copper, and PGE properties.
Montoro Resources Inc. and its 50% partner Belmont Resources Inc. (“BEO”) is pleased to announce that field work has commenced on their Nunavik (Ungava), Quebec Project. A crew of 5 is now in place staging out of Kangirsujuaq (Wakeham Bay), Quebec. The property is located approximately 5-km south of a series of Ni-Cu-PGM deposits collectively referred to as the “Raglan Camp”.
The Company will be conducting a program consisting of helicopter-supported reconnaissance geological mapping, prospecting, and sampling to follow up on targets identified from air photo’s, enhanced images, and regional airborne surveys. Historical work (1957: Bagnal, F. - GM #10204; 1962: Gold, D.P. - R.P. #470) indicated that ultramafic sills occur within the property and host a Ni-Cu occurrence in the south central part of the permit.
The presence of Ni-bearing mineralization, potentially consistent with remobilization from primary magmatic sources, together with the kilometric scale of the ultramafic bodies are considered favourable geological conditions. The current program will examine selected structural targets, lineaments, ridges, and outcrop areas identified in the image analysis in addition to the historical mineral showing. Samples will be analyzed for PGM’s as well as nickel and copper.
The Company is also pleased to announce it has been awarded a Mineral Exploration Assistance Grant from the Quebec Ministere des Ressources Naturelles in the amount of $73,250. This amount is approximately 50% of the total cost of the current program.
The Company is pleased to announce it has arranged a non-brokered private placement of 2,000,000 units at $0.10 for $200,000. One unit will consist of one share and one warrant to purchase an additional share at $0.10 in the first year and $0.125 in the second year.
The funds will be used for working capital and the Ungava work program.
UNGAVA PROPERTY AGREEMENT COMPLETED
Further to the News Release dated February 16, 2000 announcing the acceptance
for filing an option assignment agreement dated January 4, 2000 between the
Company and Montoro Resources Inc. (“MNQ”) the Company has issued
the 50,000 shares to MNQ as required in the agreement. This completes the cash
and share consideration for the property acquisition. The shares did not have
a hold period as they were issued four months after CDNX approval and the Company
is a qualified issuer in accordance with BOR #98/7.
Change of Officers
Effective May 30, 2000 the Officers of the Company are as follows:
President/Director Gary Musil
Secretary/Director Roger Agyagos
Ungava/Raglan Region Update
The Company has accepted the budget received from Anglaumaque Explorations Inc. of Quebec pertaining to the summer exploration program on the property adjacent to Falconbridge’s well-known Cu-Ni-Platinum Group Elements deposit.
The program will consist of reconnaissance geological mapping, sampling, and prospecting. Satellite photos and air photo interpretation would be incorporated into target selection for the sampling program. It is expected the program will start mid July. The team would consist of 4-people; two teams of 1 geologist plus 1 assistant. The property is a joint venture with Belmont Resources Inc. (CDNX - “BEO”).
The Company has submitted an application for a $75,000 grant through the Quebec Mineral Exploration Assistance Program.
Montoro Resources Inc. (“CDNX-MNQ”) and Belmont Resources Inc. (CDNX-BEO) announce that they are about to begin the airborne geophysics in Quebec on the Ruza property, located within 5 Km of Falconbridge's Raglan Mine. In December 1997, Falconbridge commenced commercial production at the Raglan Mine at capital cost of CDN $580 million. The Raglan Camp is one of the top-ten nickel sulphide camps worldwide.
The first phase of exploration will consist of approximately 300 Km of helicopter-borne electromagnetic and magnetic surveying. Survey time should take less than one week, and preliminary maps are expected soon after. This will help outline the ultramafic bodies, trace both regional and local structures and identify areas for more detailed ground-base work.
The property is adjacent to a series of well known Cu-Ni-Platinum Group Elements ("PGE") deposits of the "Raglan Camp", host to Falconbridge's Donaldson (3,510,000 tons @ 3.75% Ni, 0.83% Cu, 6.6 g/t PGE), Katinik (8,970,000 tons @ 3.06% Ni, 0.89% Cu), Zone 2 (2,650,000 tons @ 2.62% Ni, 0.84% Cu) and Cross Lake Deposit (2,000,000 tons @ 2.06% Ni, 1.05% Cu, 5.95 g/t PGE) (Falconbridge, PDA, March 1998) as well as Novawest's new discovery (values up to 3.83% Cu, 9.3 g/t Pt, 7.46 g/t Pd, 3.39 g/t Au, 10.6 g/t Ag). The Katinik Deposit is located 3km northwest of Montoro's Permit. The Raglan Camp is one of the top ten nickel sulphide camps worldwide. Production began in December 1997 at a capital cost exceeding $550 million CDN.
In the summer of 1999 another significant company has also joined in the continued exploration in the Raglan area. The Hunter Dickinson Group has agreed to fund over 3 years up to $7.5 million of exploration activity on Dumont’s (CDNX – DNI) 100% - owned 178 square Km. Raglan properties which are located immediately east and west of the high-grade Donaldson deposit.
The Company is also pleased to announce that the Secretary of the company, Gary Musil, has accepted a position on the board as a director.
Montoro Resources Inc. is pleased to announce that it has entered into an agreement with Belmont Resources Inc. (CDNX-BEO), whereby Belmont will acquire a 50 percent interest in a property located in the Ungava Area, Quebec. Montoro holds an exploration permit in the Ungava region of Quebec recorded at the Ministère de l'Energie et des ressources du Québec as P.E.M. 1388.
Terms of the agreement with Belmont include cash payments of $55,000 and 50,000 shares of Belmont stock subject to regulatory approval. In addition, Montoro and Belmont plan a preliminary program for the 2000 field season. The proposed work includes a detailed assessment of the ultramafic rocks in the southern part of the Permit and regional mapping of the remainder of the property, particularly near the old showings and the possible extension of Novawest's shear zone.
The Montoro property is adjacent to a series of well known Cu-Ni-Platinum Group Elements ("PGE") deposits of the "Raglan Camp", host to Falconbridge's Donaldson (3,510,000 tons @ 3.75% Ni, 0.83% Cu, 6.6 g/t PGE), Katinik (8,970,000 tons @ 3.06% Ni, 0.89% Cu), Zone 2 (2,650,000 tons @ 2.62% Ni, 0.84% Cu) and Cross Lake Deposit (2,000,000 tons @ 2.06% Ni, 1.05% Cu, 5.95 g/t PGE) (Falconbridge, PDA, March 1998) as well as Novawest's new discovery (values up to 3.83% Cu, 9.3 g/t Pt, 7.46 g/t Pd, 3.39 g/t Au, 10.6 g/t Ag). The Katinik Deposit is located 3km northwest of Montoro's Permit. The Raglan Camp is one of the top ten nickel sulphide camps worldwide. Production began in December 1997 at a capital cost exceeding $550 million CDN.
The Montoro Property is located within the Ungava Trough consisting of a series of folded volcano sedimentary and plutonic rocks divided into two lithostratigraphic domains. The Permit is immediately east of Novawest’s Scoop Property, which has been mapped in 1997 and 1998. Novawest uncovered a strongly altered (chlorite-ankerite) shear zone near the northeastern part of their property.
In the summer of 1999 another significant company has also joined in the continued
exploration in the Raglan area. The Hunter Dickinson Group has agreed to fund
over 3 years up to $7.5 million of exploration activity on Dumont’s (CDNX
– DNI) 100% - owned 178 square Km. Raglan properties which are located
immediately east and west of the high-grade Donaldson deposit.
MONTORO CLOSES FINANCING
Montoro Resources Inc. has closed the private placement of 330,000 units at a price of $0.15 per share for gross proceeds of $49,500. The unit consists of one non-assessable common share in the capital of the Company and one non-assessable share purchase warrant. Each warrant entitles the holder to purchase one additional share in the capital of the Company at any time up to and including July 27, 2001 at a price of $0.15 per share if exercised on or before July 27, 2000 and at a price of $0.175 per share if exercised after July 27, 2000, but on or before July 27, 2001.
The net proceeds will be used for general working capital.
The Company is pleased to announce it has arranged a non-brokered private placement of 330,000 units at $0.15 for $49,500. One unit will consist of one share and one warrant to purchase an additional share at $0.15 in the first year and $0.17 in the second year. No finder's fee is payable.
The funds will be used for general working capital.
MONTORO STARTS EXPLORATION IN UNGAVA REGION, NORTHERN QUEBEC
Montoro Resources Inc. ("Montoro") announces that the airborne geophysics crew has arrived in Kangirsujuak, Quebec and exploration will begin this week on their 50 Km2 Ruza property located within 5 Km of Falconbridge's Raglan Mine. In December 1997, Falconbridge commenced commercial production at the Raglan Mine at capital cost of CDN $580 million. The Raglan Camp is one of the top ten nickel sulphide camps worldwide.
The first phase of exploration will consist of approximately 300 Km of helicopter-borne electromagnetic and magnetic surveying. Survey time should take less than one week, and preliminary maps are expected soon after. This will help outline the ultramafic bodies, trace both regional and local structures and identify areas for more detailed ground-base work.
Montoro has received confirmation from the Quebec Mining Exploration Assistance Program that their application for financial assistance will be reviewed in May. If successful Montoro could receive a 50% refund of their expected $100,000 Ungava exploration program.
Montoro also has an option to earn a 50% interest in 67 contiguous mineral
claims (1,072 hectares - 4.14 sq. miles) acquired by Belmont Resources Inc.
("BEO".V) in the Lac Rocher area of Quebec. A report is being compiled
on the property to outline an exploration program for these claims in 1999.
LAC ROCHER AREA, QUEBEC - PROSPECT
The Company is pleased to announce that it has entered into an agreement with
BELMONT RESOURCES INC. ("BEO".V), whereby the Company has an option
to earn a 50 percent interest in all 67 contingous mineral claims (1072 hectares
- 4.14 sq. miles) acquired by Belmont in the Lac Rocher area of northwestern
Quebec. The property is located approximately 10 Km NE of the Nuinsco discovery
and is adjacent to claims staked by Falconbridge. In order to earn its interest
Montoro must pay $30,000 over two months, the issuance of 50,000 shares upon
regulatory approval and incur a minimum $35,000 of exploration expenditures
by September 30, 1999.
The Lac Rocher area is the site of the recent massive sulphide Ni - Cu - Co
discovery by Nuinsco resource Ltd. As previously announced, the discovery hole
intersected 61.5 metres of 1.69 percent Ni, 0.49 percent Cu with cobalt, platinum
and palladium values. This intersection included a 3.2 metre massive sulphide
interval with 10.8 percent nickel.
Montoro is currently negotiating to acquire mineral claims in the Lac Rocher area, Quebec, near the recent massive sulphide Ni - Cu - Co discovery by Nuinsco Resources Ltd.
Montoro also holds property in northern Quebec. Montoro's Raglan property is within 5 km of Falconbridge's Raglan Mine. In December 1997, Falconbridge commenced commercial production at the Raglan Mine at a capital cost of CDN $580 million. The Raglan Camp is one of the top ten nickel sulphide camps worldwide.
OTHER BUSINESS
The Company's Annual General Meeting was held on February 16, 1999 and all matters presented to the Meeting were approved by the members. The Board of Directors for the ensuing year consists of Herbert Ackerman, Nicolo Bellanca, Roger Agyagos and Kenneth Liebscher. Following the Meeting, the Board of Directors re-elected Herbert Ackerman as the Company's President and appointed Gary Musil as Secretary.
The increase of the Company's authorized capital from 20 million to 100 million common shares, approved at the Meeting, has been implemented.
The Company also announces that 703,612 shares held pursuant to escrow agreements
have been cancelled pursuant to the terms of the agreements.
November 3, 1998
Further to our news release of August 19, 1998 the Company is pleased to announce
the completion of the agreement with Ruza Resources Ltd. for the acquisition
of 100% interest in the claims located in the Ungava area, Quebec.
Consideration is the issuance of 100,000 shares (50,000 shares have been issued which have a hold period until September 10, 1999 and 50,000 shares upon receipt by the VSE of an acceptable geological report) and $40,000 ($15,000 paid) and the balance payable over one year. The property is subject to a 2% nsr of which 1% may be purchased for $1,000,000. The purchase of the royalty is subject to the prior approval of the VSE.
The Company has engaged a geological firm to compile information on the property
and outline an exploration program.
The Company is pleased to announce that it has acquired 100% interest in a nickle /copper property in the Ungava Area, Quebec. The location of the 50 km2 (12,000 acres) property is within 5 km of the Falconbridge Ltd. Raglin mine operation.
The company is now compiling information on the property area and will determine an exploration program to begin as soon as possible.
Copyright © 2002, Montoro Resources Inc.