Nov 21 2014
Montoro is pleased to announce receipt of the exploration permit for its Serpent River - Pecors Anomaly Project. This permit is subject to the requirements of the Mining Act, Ontario Regulation 308/12, the applicable Provincial Standards for Early Exploration, and additional Terms and Conditions in the permit that are specific to this project. The permit is effective for a period of three (3) years.
Previous geophysical reports commissioned by Montoro to review the VTEM survey conducted over the Serpent River property and in particular the Pecors Anomaly, have indicated that there is one electromagnetic response that could reflect a deep-seated conductor. In addition, the magnetic anomaly was further imaged (3D) so one better appreciates the shape and extent of the source body so that other potential sites of Cu-Ni-PGE, Co & Cr mineralization can be interpreted and proposed for drilling http://ow.ly/Ev9au. Data interpreted from the airborne geophysical survey suggests that the anomaly is an estimated 7 km long, 3 km wide, and 2 km deep http://ow.ly/Ev72S.
Drilling is anticipated as soon as possible. Helicopter drill site preparations will begin as soon as a suitable drilling contractor is secured. For a further project overview see http://ow.ly/EvbqF.
Further to our news release of July 25, 2014, the Company is continuing to receive subscriptions for its flow-through unit financing at $0.12 per unit. Each unit will consist of one flow-through common share and a one year transferable (non -flow through) share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company for a period of one year at a price of $0.18 per share. The Company will pay a finder's fee of up to 7.5% in cash or warrants. The financing will be subject to TSX Venture Exchange acceptance.
Source: http://www.montororesources.com/