October 17, 2018 – International Montoro Resources Inc. (TSX-V: IMT) (the “Company”). The Duhamel Property is located 200 km northwest of the city of Saguenay, Quebec in the Saguenay-Lac-Saint-Jean region.
Further to our news release of January 26, 2018 the Company has received additional information from historical data recovered.
The original Duhamel Property consisted of nine (9) contiguous mineral claims comprising 500 ha located 13 km west of Arianne Phosphate Inc. – Lac à Paul world class phosphate development stage deposit. Montoro, has recently been successful at staking an additional thirty-two (32) mineral claims to the south and northwest following new data acquisition and compilation that includes the Houlière Lake Ni-Cu-Co (Ti, V, Cr) property. The expanded Duhamel Ni-Cu-Co and Titanium, Vanadium, Chromium property now totals approximately 2,300 ha.
The Houlière -Duhamel (“Duhamel”) property currently contains seven (7) occurrences of Ni-Cu-Co sulphides and one (1) Fe-Ti-V iron oxide occurrence discovered between 1997 to 2001 by previous operators who defined a 13 kilometer long mineralized rock corridor. The best drill intercept was 1.27% Nickel; 0.33% Copper; and 0.12% Cobalt over 3.0 meters from diamond drill hole drilled in 2000 within massive sulfides. Compilation of historic assessment reports to date reveals more than thirty (30) Ni-Cu (Co) and four (4) Fe-Ti (V, Cr) mineral occurrences; which confirms this corridor to be highly prospective for new Ni-Cu-Co discoveries, as well as Fe-Ti (Cr, V) discoveries.
Further to the compilation of previously filed assessment reports Montoro recovered from historical data a grab sample (from massive Iron-Titanium Oxides), the result assaying 0.28% Vanadium associated with 20.8% TiO2 and 0.13% Cr203 on the property, that might be of reasonable economic interest, which the Company intends to further investigate.
All previous work is of a historical nature. The work was conducted prior to implementation of NI 43-101 standards and assay results cannot necessarily be relied upon. International Montoro Resources Inc. intends to confirm the reported mineralization with the Company’s own sampling program.
The Company is planning a work program that will include:
- Further historical work compilation & geology reinterpretation;
- Field exploration, mapping, and soil geochemistry; and
- Trenching and sampling outcrops.
NI 43-101 Disclosure
Jean-Paul Barrette, P.Geo, independent geologist consultant, is the Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release as is referenced to the Duhamel Property.
Battery Demand Drives Nickel, Cobalt, Vanadium Boom
The market is rife with potential: Computers, smartphones, electric vehicles, and an array of other modern industries and technology that need batteries.
As a result, there’s been a huge surge in demand for key battery elements, such as nickel, cobalt, vanadium and lithium.
Ferrovanadium (FeV) prices reached a four-year high in May 2017. In October 2015 prices were approximately US$9.07/ lb. to a current $45/lb. – a 10 year high. Vanadium pentoxide-flake 98% (V2O5) prices ranged from $12.30 to $13 in August 2017 –that was an 88% increase from $6.40 to $7 just a month earlier; and now trading at approximately US$25/lb. –also an all time high. Vanadium is used to produce high-strength steel and chemical catalysts, but much further demand excitement stems from its role in vanadium redox flow batteries (VRFBs). “We think there’s a revolution coming in VRFBs ,” Robert Friedland told the Northern Miner in an April interview.
In a little more than a year, the price of cobalt has more than doubled from $10 per pound to $25 per pound ($50,000 per tonne), and it’s still going higher. LME cobalt metal prices started the year at US $75,000 per tonne and climbed 24% to end the first quarter at US$93,350. Demand for cobalt in batteries is expect to grow at a rate of 14.5% per year to 2027.
In fact, cobalt is so integral to the defense, aerospace, and energy industries that the U.S., Japan, China, and EU have designated cobalt as a strategic metal.
Nickel also is a crucial element in the production of batteries for Electric Vehicles (EVs) and according to JP Morgan, demand for nickel is expected to increase significantly between now and 2025, with the EV battery sector predicted to become the second largest consumer of nickel after the stainless steel market. Currently two-thirds of the world’s nickel production is consumed in the manufacture of stainless steel. With global stainless steel output rising over 6% last year, the market has seen a significant drop in nickel inventories and a corresponding rise in price.
About International Montoro Resources Inc.
Montoro is focused on advancing its 100%-owned Serpent River – Elliot Lake, Northern Ontario, Pecors magnetic anomaly – a potential Ni-Cu-PGE discovery. The southwestern portion of the property has located Uranium/REE mineralization from previous drilling in the general area where Rio Algom discovered uranium. The property comprises 10 mineral claims (115 units), or approximately 1,840 ha
In February 2018 Montoro received approval for the acquisition of the Duhamel, Quebec property. The Ni-Cu-Co prospect consisted of nine (9) mineral claims comprising 500 ha. Additional staking of thirty-two (32) mineral claims including the Houlière Lake Ni-Cu-Co (Ti-V-Cr) property increases the property size to approximately 2,300 ha.
In addition the Company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 ha, 2,427 acres) and Orbit (11,109 ha, 27,450 acres) Uranium properties in the Uranium City District, Northern Saskatchewan, and is seeking a joint venture partner to continue development of this advanced property.
ON BEHALF OF THE BOARD
President/CEO and Director
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.