International Montoro Resources Inc. is raising funds to conduct exploration activity on its Serpent River-area property in 2015.
The company announced it is arranging a non-brokered private placement of up to 8 million units at a purchase price of $0.07 per unit, for aggregate proceeds of up to $560,000.
“These funds will strengthen our treasury and allow us to move ahead with the planned exploration and drilling program on our Pecors anomaly-Serpent River property near Elliot Lake, Ontario early in the New Year,” Montoro’s president and CEO Gary Musil in a news release. “We are excited to test this potentially large Ni-Cu-PGE anomaly.”
Montoro’s Pecors property consists of 10 mineral claims covering 1,840 hectares near Elliot Lake. The company views the mineral anomaly as a uranium and rare earth elements project with the potential for nickel, copper and precious group elements.
In May, the company said it began consultation with the First Nations communities of Serpent River First Nation, the Métis Nation of Ontario, and Mississaugi First Nation, outlining its intention to embark on a minimum two-hole deep diamond drilling program — approximately 700 to 1,000 metres each — into the centre of the Pecors anomaly.
Montoro additionally holds interests in projects in B.C. and Saskatchewan.
