Business
Monterey Minerals Signs LOI to Acquire the Alicia Project in the Philippines
TORONTO, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Monterey Minerals Inc. (the “Company” or “Monterey”) (CSE: MREY and FSE: 2DK) is pleased to announce that it has sign
About this update from Puranium Energy Ltd
[{"type":"text","content":" TORONTO, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Monterey Minerals Inc. (the “Company” or “Monterey”) (CSE: MREY and FSE: 2DK) is pleased to announce that it has signed a non-binding Letter of Intent (“LOI”) with Greater Arc Resources Limited to purchase its wholly owned subsidiary Greater Arc Pty Ltd (“Greater Arc”), which owns the Alicia high-grade gold and base metals project in Alicia Municipality, Philippines (“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) in 1995 and is on a granted Exploration Permit. The Project is accessible by sealed roads, is proximal to power and towns, is 10 km away from a port facility at Malangas, and 60 km from an airport at Pagadian City. As outlined in the LOI, the Company is proposing to acquire Greater Arc for 54 million common shares of Monterey. The Company will look to complete the definitive purchase and sale agreement (“PSA”) later in the first quarter of 2020, following due diligence. President and CEO, James Macintosh stated: “The Alicia Project is a transformative addition to our property portfolio. The project is attractive for several reasons: it has nea...