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Monterey Minerals Completes Purchase of 323 square kilometres in the Pilbara region of Western Australia
TORONTO, June 06, 2019 (GLOBE NEWSWIRE) -- Monterey Minerals Inc. (the “Company” or “Monterey”) (CSE: MREY, FSE: 2DK) is pleased to announce that it has complet
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[{"type":"text","content":" TORONTO, June 06, 2019 (GLOBE NEWSWIRE) -- Monterey Minerals Inc. (the “Company” or “Monterey”) (CSE: MREY, FSE: 2DK) is pleased to announce that it has completed the purchase of Gold River Resources Pty Ltd. (“Gold River”). Monterey previously announced (see press release dated April 2, 2019) that it would issue 11 million common shares for all of the shares of Gold River, which owns six tenements encompassing over 323 square kilometres in the Pilbara region of Western Australia. President and CEO, James Macintosh stated, “Our 992 sq. km tenement portfolio is located in the “fairway” of the Pilbara Basin on strike with the Pilbara’s major players, who are actively exploring the area with significant budgets. We anticipate announcing our exploration plans during Q3 2019.” New Acquired - Gold River Tenements E47/3958 and E47/3959, covering 218 km2, abut Pacton Gold to the west and are just north of Novo Resources. Locally, E47/3958 is 7 km to the north of De Grey Mining’s Withnell Mining Centre that hosts over 445,000 ounces (“ozs”) of gold (Measured and Indicated) with another 429,000 ozs (Indicated) in a cluster of deposits (De Grey - 2018 Annual Mineral Resources Statement). The mineralization hosted on adjacent and nearby properties is not necessarily indicative or representative of mineralization that may be hosted on the Company’s properties. Withnell is also the site of De Grey’s proposed gold processing facility (DEG March Quarterly Report 2019). There is a prospective quartz vein in the centre of the property that can be traced for over 400 metres at surface with evidence of artisanal mining. Pacton Gold’s exploration in the adjacent area in similar-aged granitoids have found occurrences of swarms of quartz veins, many of which host gold mineralization. The tenements are situated within the Central Pilbara Tectonic Zone and is underlain by the sediments of the De Grey Superbasin and underlying granitic rocks that intrude the Supergroup. Local lithologies include the Portee granitoid of the Sisters Supersuite and unclassified Mallina Basin sediments which are the dominant host to gold mineralization in the area. Immediately to the north of E47/3958 is the large regional structure of the Sholl Shear Zone which is the tectonic boundary between the Central Pilbara Tectonic Zon...