Monterey Minerals Inc., a mineral exploration company, has announced that it has signed a Letter of Intent (LOI) to acquire Perth, Australia-based CTTR Mining Tenements Pty Ltd. (CTTR Mining).
Seven highly prospective tenements in the Pilbara Basin spanning 525 km2 are owned by CTTR Mining. As defined in the LOI, Monterey Minerals will purchase all CTTR Mining shares for 7,000,000 common shares of Monterey, and will plan to complete a definitive purchase and sale agreement in the second quarter of 2019.
With the signing of the LOI with CTTR Mining, our property portfolio in the Pilbara Basin will increase to 670 sq.km. of highly prospective exploration properties. We believe in the opportunity presented by the exploration potential of the Pilbara Basin and will continue to look for additional prospects in the area.
James Macintosh, President and CEO, Monterey Minerals Inc.
The following sections describe the highlights of the tenement package included in the LOI (see the above image).
CTTR Mining’s tenement E47/3891—containing about 155 sq.km.—is located next to Novo Resources/Pioneer Resources Egina Project and lies directly to the northeast of Kairos Mineral’s Croydon Project, in which Kairos has identified more than 390 nuggets in conglomerates in the last six months. Comprising of about 20 sq.km., tenement E45/5056 of CTTR Mining is surrounded by Pilbara Gold and Turner River Base Metals Projects of De Grey Mining Ltd. (DeGreey). The lease is inside the Central Pilbara Tectonic Zone, located between the Tabba Tabba Shear Zone to the south and the Indee Fault to the north. De Grey’s Wingina Mining Centre is adjacent to the property.
CTTR Mining’s tenement E45/5063, containing approximately 85 sq.km., lies directly south of the Indee Fault, transecting part of the tenement, and 4 km to the north of the Tabba Tabba Shear Zone. This property is next to and immediately northeast of Arrow Minerals Joint Venture’s Pacton Gold, and a 5 km to the north of the Pilbara Gold Project of De Grey Mining along the Tabba Tabba Thrust.
Tenements E45/5064 and E45/5065 of CTTR Mining collectively cover more than 245 sq.km., approximately 20 km to the west of Port Hedland. The property is surrounded by granitoids of the Split Rock Supersuite and the Sisters Supersuite and also the Mallina Basin sediments, which form part of the De Grey Superbasin inside the Pilbara Craton. Prominent occurrences of the Constantine Sandstone Formation, forming part of the Croyden Group, have been observed. A large group of tenements immediately to the west is held by Novo Resources, while an extensive land position to the immediate south is held by Arrow Minerals.
Martin Dormer, Monterey Minerals’s consultant and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news. He is a member of the Australian Institute of Mining and Metallurgy and also a West Australian geologist with more than 22 years of experience. In addition, Dormer has enough relevant experience to the types of deposits and styles of mineralization under contemplation to qualify as a Competent Person as defined by the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves.