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International Montoro Resources and Falcon Gold bolster their Red Lake presence

by Greg Klein | July 14, 2020

Demonstrating there’s still ground to stake in this busy Ontario mining camp, two companies have seized the opportunity to expand their Camping Lake gold project. International Montoro Resources TSXV:IMT and Falcon Gold TSXV:FG claimed another 1,200 hectares, increasing the property to 3,400 hectares. The expansion covers a mineralized fault zone found during last spring’s sampling and mapping program that confirmed historical gold-in-soil anomalies. Soil and till anomalies have led to discoveries by Red Lake explorers BTU Metals TSXV:BTU and Golden Goliath Resources TSXV:GNG.

International Montoro Resources and Falcon Gold bolster their Red Lake presence

Under an October 2019 agreement with Falcon, International Montoro may earn 51% of Camping Lake. Terms include spending commitments of $100,000 by October 31, 2020, and another $200,000 within the following year.

The companies plan a till sampling and analysis program similar to that conducted by Golden Goliath on its property immediately west of Camping Lake.

Last May International Montoro released an analysis of 535 soil samples taken from the company’s Wicheeda North property in east-central British Columbia, adjacent to Defense Metals’ (TSXV:DEFN) Wicheeda rare earths deposit.

International Montoro also holds the Serpent River property in Ontario’s Elliot Lake camp, where exploration has found polymetallic massive sulphide potential. Other holdings include the Duhamel polymetallic project in Quebec’s Saguenay-Lac-Saint-Jean region and two northern Saskatchewan uranium properties held 50/50 with Belmont Resources TSXV:BEA.

Last week International Montoro announced Karim Rayani’s appointment as president/CEO/director. Currently CEO of Falcon, he brings 15 years of experience financing exploration and development projects in Canada and abroad. Rayani replaces Gary Musil, who’s spent 20 years with International Montoro and remains chairperson.

Also this month the company closed an over-subscribed private placement of $197,000.

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