Slip Gold & Victoria Lake, Central Newfoundland

International Montoro Resources Inc. (the "Company") is pleased to announce it has purchased 2 high-grade gold properties in Central Newfoundland. The company has acquired 100% interest in the Slip Gold Project and Victoria Lake Gold Project (together "the Projects") consisting of approximately 3,700 and 2,900 hectares of land, respectively. Both projects lie within the Exploits Subzone which is potentially becoming a district scale gold camp. Historic work has indicated the projects are hosted in similar structural settings to Marathon Gold's Valentine Lake gold deposit and New Found Gold's Queensway project.

Slip Gold and Victoria Lake
Slip Gold and Victoria Lake
Figure 1: Project Location Maps of the Slip Gold Project (Top) and the Victoria Lake Project (Bottom)

The Slip Gold Project is within the Exploits Subzone and hosts gold mineralization within altered intrusive rocks and quartz veins historically sampling up to 44.5 g/t Au on surface. The project is located 17.5 kilometers northwest of New Found Gold's Queensway Gold Project which boasts historic drill intercepts of 92.96 g/t Au over 19 meters and a high-grade historic gold resource based on 14,325 m of drilling by Noranda in the 1980's totaling 78,000 ounces of gold averaging 10.3 g/t. The project lies along a major regional structural thrust feature known as the Dog Bay Line and displays similar characteristics and gold values as the aforementioned historic values and recent lithological and structural data has identified possible orogenic epizonal-type deposits.

Victoria Lake Project

The Victoria Lake Gold-Silver project lies 18 kilometers west of Marathon Gold's Valentine Lake +4 million-ounce gold deposit and exhibits similar style gold-bearing veins and larger regional structures related to Cambrian to Ordovician, in age, altered mafic volcanics. Preliminary work on the project located serval quartz-arsenopyrite veins returning grab samples:

  • 15.5 to 24.9 g/t gold
  • 18.6 g/t to 139.9 g/t silver

The newly acquired claims lie further east along the eastern peninsula of Victoria Lake and tie directly onto the 100% owned Marathon Gold claims. The claim group lies 6 kilometers west of the Leprechaun open pit gold resource and 14 kilometers southwest of the Marathon Pit (Valentine Lake Deposit). Preliminary work by the vendor highlighted:

  • Anomalous soil samples ranging from 600 ppb to 1530 ppb gold over a +1000-meter length
  • 1,200 hectares covering 6.6 kilometers of strike length along a regional geological contact and structural zone

Slip Gold and Victoria Lake

The company plans to immediately mobilize an exploration crew to site to conduct the first phase of prospecting along the gold bearing trends. Based on the findings the company will utilize soil and rock geochemistry, and structural mapping to select the most prospective grids for airborne magnetic and TDEM geophysical surveys. The data collected in the initial phase of exploration will provide the company with potential drill targets for late fall and early 2021.

Mr. Karim Rayani, Chief Executive Officer commented, "This acquisition gives the company a tremendous land package next to two major players in Newfoundland's hottest gold camp making Montoro a significant land holder in both regions with two projects that boast high-grade gold and silver mineralization of up to 44.5 g/t gold and 139.9 g/t silver. The 2,900-hectare Victoria Lake project is located along similar structural and geological settings as Marathon Gold's Valentine Lake deposit, which is Atlantic Canada's largest undeveloped gold resource. We are looking forward to the moving these projects forward as we continue to watch the excitement of current developments at both Marathon Gold and New Found Gold".

Long Lake/South Valentine Project

October 14, 2020. Vancouver, B.C. - International Montoro Resources Inc. (TSX-V: IMT), (Frankfurt: O4T1), ("Montoro" or the "Company") is pleased to announce the recent acquisition of an additional 1,200 hectares of land on the western boundary of Marathon Gold's Valentine Lake Project Boundary (Figure 1). The Company's land holding is increased to 7,800 hectares along the Exploits Subzone and covers a large highly prospective structural zone along the contact of Cambrian-Ordovician siliciclastic sediments, metavolcanic, and granitoid rocks. The Company previously acquired two projects, Slip Gold and Victoria Lake (IMT Press Release September 23rd 2020), totaled 6,600 hectares and confirmed up to 44.5 g/t gold and 139.9 g/t silver in various grab samples hosted in quartz-tourmaline veins with additional evidence suggesting a potential orogenic epizonal-type deposit. Preliminary work on the newly acquired claims has outlined a 6.55-kilometer structural trend that has returned +1000-meter long gold soil anomaly sampling up to 1530 ppb gold. The new acquisition lies 6 kilometers west of Marathon Gold's Leprechaun Deposit, that reportedly contains a Measured and Indicated "M+I" 43-101 resource of 1,078,700 ounces of gold with an average gold grade of 1.985 g/t.

Mr. Karim Rayani, Chief Executive Officer commented, "Newfoundland is North America's hottest exploration region. There is a staking boom happening, new companies are sprouting up looking for bits and pieces of the pie. Montoro was fortunate to acquire this strategic land position tying on to the largest undeveloped gold resource in Atlantic Canada, Marathon Gold's 4 million-plus ounce deposit. This Property covers a key component in the area where our recent gold in soil anomalies outline a huge potential for a new discovery and sets the pace for further development as our team organizes the best approach going forward."

Deal Terms

International Montoro Resources acquired the project for $10,000 cash and 350,000 common shares and 350,000 warrants exercisable at $0.12. The vendor will retain a 2% NSR with an agreed 1% buyback for $1million.

Victoria Lake Gold Project
Figure 1: International Montoro's Victoria Lake Gold Project and Newly Acquired Claims

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