Business
Monterey Minerals Provides Corporate and Exploration Update at Alicia Project in the Philippines
TORONTO, ON / ACCESSWIRE / September 16, 2020 / Monterey Minerals Inc. (the "Company" or "Monterey") (CSE: MREY and FSE :2DK) is pleased provide a corporate and
About this update from Puranium Energy Ltd
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / September 16, 2020 / Monterey Minerals Inc. (the \"Company\" or \"Monterey\") (CSE: MREY and FSE :2DK) is pleased provide a corporate and exploration update on activities at its wholly-owned Alicia high-grade gold and base metals project in Alicia Municipality, Philippines (\"Alicia Project\"). The Company mobilized its Technical Team to the project after the closing of the oversubscribed private placement (See press release dated July 28, 2020). Highlights: Acquisition of 100% of Greater Arc Pty Ltd (100% subsidiary of Greater Arc Resources Ltd, \"Greater Arc\") by Monterey (See Press Release dated August 13, 2020) Monterey issued 54 million Common Shares @ 8 cents (Canadian) for a total consideration of C$4.32 million (approximately A$4.10 million). The Monterey Shares will be held in escrow until February 9, 2021 and then distributed in specie to the 140 Greater Arc shareholders, following shareholder approval at a Greater Arc General Meeting of shareholders. A contract with a Philippine-based drilling company, IndoDrill, has been executed for initial 3,000 metre drilling program. Personnel have been mobilized on site. Drilling to target high-grade gold and polymetallic veins over 10 kilometers combined strike length identified over the last five or so years of exploration at Alicia. Philippine-based geologist, Max Tuesley, has been appointed as Country Manager for the Philippines and is due on-site in late September. Max has over 25 years of multi-commodity experience including over 9 years in the Philippines. The Alicia Municipality and local barangays continue to be supportive of the project and have supplied labour for exploration to date. Figure 1 - Indodrill drill rig currently being assembled on site. Drilling IndoDrill, a Philippines based drilling company, has been awarded the initial 3,000 metre drilling contract. Personnel have been mobilized on site and the drill rig is currently being assembled, see Figure 1. It is anticipated that drilling will commence before the end of September. Strong Addition to our Technical Team The Company appointed Max Tuesley as the Country Manager (See Press Release dated August 26, 2020). Mr. Tuesley will oversee exploration activities at the Alicia Project. Max is a highly experienced project manager and has spent over 25 years in grassroots, advanced min...