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Monterey Minerals Closes Acquisition of the Alicia Project in the Philippines
TORONTO, ON / ACCESSWIRE / August 13, 2020 / Monterey Minerals Inc. (the "Company" or "Monterey") (CSE: MREY and FSE :2DK) is pleased to announce that it has cl
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / August 13, 2020 / Monterey Minerals Inc. (the \"Company\" or \"Monterey\") (CSE: MREY and FSE :2DK) is pleased to announce that it has closed the acquisition of Greater Arc Pty Ltd (\"Greater Arc\"), which owns the Alicia high-grade gold and base metals project in Alicia Municipality, Philippines (\"Alicia Project\") (see press releases dated February 11, 2020 and May 22, 2020). Greater Arc was purchased from Greater Arc Resources Limited (the former \"ParentCo\") for 54 million common shares of Monterey, which represents 35.4% of the issued and outstanding shares of Monterey, and becomes the Company's largest shareholder. In connection with this transaction, the Company also paid a finders fee of 5 million common shares. As per the agreement between the parties, Parent Co will not initiate the process of transferring their block of Monterey shares to their shareholders for 180 days from the closing. Monterey will now allocate the majority of the net proceeds to its recently closed oversubscribed private placement to exploration programs in the Philippines (see press releases dated July 9, 2020 and July 28, 2020). Alicia Project Highlights: Greater Arc has identified a system of twelve veins hosting high grade gold and base metal mineralization. The mineralized veins are up to 3.8 m wide and up to 1.7 km in length, with a combined strike length in excess of 11 km. Previous fieldwork at the Alicia Project included detailed geological mapping, geochemical sampling and limited drilling. The twelve veins generally trend northwest-southeast and are grouped into three main vein structures: Sandi Vein in the east Baloy Vein in the central portion of the tenement Pamaraw-Sumihig Vein to the west Several semi-parallel subsidiary veins also occur. Veins host native gold, silver, galena, sphalerite, and pyrite minerals. High grade samples from shallow drilling into the Baloy Vein include: 1.2m of 116 g/t Au, 1,263 g/t Ag, 6.3% Cu, 6.5% Zn, and 47.9% Pb 1.5m of 40.9 g/t Au, 437 g/t Ag, 1.1% Cu, 3.6% Zn, and 62.9% Pb Field Work on the Pamaraw-Sumihig Vein yielded: a drill intersection of 1.5 m of 13.86 g/t Au, 181g/t Ag and 4.8% Cu a grab sample returning 7.51 g/t Au, 55.2 g/t Ag and 1.76% Cu The Alicia Project is situated within a Declared Mineral Reservation determined by the Mines and Geosciences Bureau (MGB) i...