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International Montoro Resources (TSXV:IMT) reported that Pecors Drill Hole #1 has stopped drilling at 1005m. Results are pending. International Montoro also announced that the third and final tranche of its private placement has been closed, with the Company issuing 1,665,000 units for a total of $116,550.
As quoted in the press release:
Heli Explore Inc. returned after the break with a larger model helicopter to facilitate easier mobilization of Orbit Garant’s drill to Pecors Drill Hole #2 (“PDH-2”). As well Orbit Garant had pre-constructed an enhanced drill base at Elliot Lake airport to move onto PDH-2 and to provide a secure foundation for the drill to reach the anticipated depth of over 1000m.
Upon completion of the drilling demobilization from PDH-1, Lamontagne Geophysics immediately moved men and materials to set up their BH UTEM 4 downhole probe and fibre-optic logging system on the site. ……UTEM probes used in diamond drill holes may detect the presence of conductive sulphide mineralization within 300 metres of the probe. This means that a drill hole that is only a few centimeters across can be used to search a volume of rock with a diameter of 600 metres. This technology has been instrumental in advancing mining projects (ie. Totten/Vale, Victoria/KGMH), and is used underground in active mining. The BH UTEM survey has been completed and results will be reported as soon as compiled and received.
Petrographic Analysis
Montoro has delivered eight core samples to Ronacher McKenzie Geoscience in Sudbury, Ontario. Montoro has commissioned a petrographic analysis to better understand the mineralogy and petrology of the gabbro and its contained sulphide mineralization.
Pecors Drill Hole #2 (“PDH-2”).
Drilling on PDH-2 collared approximately 650m to the northwest of PDH-1 commenced on April 22, 2015. As of 7:00 p.m. April 27, 2015 drilling has reached 492m.
3rd & Final Tranche of Private Placement Closed
The Company has issued 1,665,000 units for gross proceeds of $116,550. Each unit consists of one common share at a price of $0.07 and one two year transferable share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to acquire one Common share at an exercise price of $0.10 for a period of 12 months to April 21, 2016 and at $0.14 at any time after April 21, 2016 but on or before April 21, 2017. The Common Shares and Warrants are subject to a hold period expiring August 22, 2015. Finder’s fees of $2,362.50 were paid as a result of this transaction. The Company completed a total of 8,142,000 units (25 placees) for total gross proceeds of $569,940 in 3 tranches and wish to thank all those previous and new investors for participating.
Click here to read the International Montoro Resources (TSXV:IMT) press release
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