Int'l Montoro Resources (IMT-V) May 20, '14 begins aboriginal talks re Serpent River, intention to embark on a minimum two-hole, deep diamond drilling program (approximately 700 to 1,000 metres each) into the centre of its Pecors anomaly
May 20, '14 - NR
As per new regulations recently imposed by the Ontario government's Ministry of Northern Development and Mines (MNDM) under the Ontario Mining Act, International Montoro Resources Inc. has now commenced communication with aboriginal communities in the area of its Serpent River property, near Elliot Lake, Ont., in further preparation for a diamond drilling permit application. Montoro has sent information to the following first nations: Serpent River First Nations, Metis Nation of Ontario and Mississaugi First Nation, outlining the company's intention to embark on a minimum two-hole, deep diamond drilling program (approximately 700 to 1,000 metres each) into the centre of its Pecors anomaly as previously described in the company's Feb. 20, 2014, news release. New interpretation on the Pecors anomaly concludes it may be the result of a contact-style nickel-copper-PGE (platinum group elements) mineralization similar to that found to the east at Sudbury. Sediment sampling from Pecors Lake has shown high levels of nickel and chromium, lending further weight to this analysis. The total field magnetic anomaly strikes northwesterly and is about 15 kilometres long and about four km wide.
The company has also commissioned L.E. Reed Geophysical Consultant Inc. to re-examine the VTEM (versatile time-domain electromagnetic) survey results for subtle deep anomalies in or immediately adjacent to the Pecors magnetic feature.
Montoro is very encouraged by recent nickel prices achieving multiyear highs. Nickel jumped the most since 2012 as Norilsk Nickel, the world's largest producer, stated, "The global nickel surplus will drop to a four-year low in 2014."
"Demand will exceed output through 2019 as consumers seek to replace supplies from Indonesia, the world's largest producer from mines, after the government barred exports of raw ore in January," Macquarie Group Ltd. said last week. |
