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Monterey Minerals Increases Property Portfolio in the Pilbara Basin, Western Australia
TORONTO, May 09, 2019 (GLOBE NEWSWIRE) -- Monterey Minerals Inc. (the “Company” or “Monterey”) (CSE : MREY and FSE :2DK) is pleased to announce that it has sign
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[{"type":"text","content":" TORONTO, May 09, 2019 (GLOBE NEWSWIRE) -- Monterey Minerals Inc. (the “Company” or “Monterey”) (CSE : MREY and FSE :2DK) is pleased to announce that it has signed a Letter of Intent (“LOI”) to purchase Gold River Resources Pty Ltd. (“Gold River Resources”) of Perth, Australia. Gold River Resources owns six highly prospective tenements in the Pilbara Basin covering 322 square kilometres (“sq.km.”). As outlined in the LOI, the Company will buy all the shares of Gold River Resources for 11,000,000 common shares of Monterey. The Company will look to complete a definitive purchase and sale agreement in Q2 2019. President and CEO, James Macintosh stated “With the signing of the LOI with Gold River Resources, our land position in the Pilbara Basin will now increase to 992 sq.km. We are confident that our land package offers us the best opportunities to add value for our shareholders. Upon closing this deal, we will focus on creating an exploration plan for our Pilbara property portfolio. We will be the releasing more details prior to the second half of 2019.” Highlights of the tenement package included in the LOI are detailed below (see Graphic 1 above): Tenement E47/3958 and E47/3959, comprising roughly 218 sq.km., abuts Pacton Gold to the west and is 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 (ASX:DEG - 2018 Annual Mineral Resources Statement). 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. Tenement E47/3960, comprising approximately 20 sq.km., abuts Kairos Minerals’ Croyden project, which hosts gold with conglomerates, and is just northwest of Pacton Gold’s tenement E47/3905. The Hardy Formation outcrops within 1 km of the western boundary of the lease and possibly also occurs within E47/3960. ...