International Montoro Resources has entered into a joint venture agreement with Falcon Gold to earn 51 per cent control of a prospective gold property in the Red Lake mining camp.
Falcon’s Camping Lake properties are within a geological structure known as the Birch-Uchi-Confederation Lake greenstone belt that's host to the major gold deposits in Red Lake and where Great Bear Resources made its high-grade gold discovery at Dixie Lake.
The 2,250-hectare Camping Lake, which is 20 kilometres south of Dixie, was extensively explored by Laurentian Goldfields, Kinross Gold and Anglo Gold between 2010 and 2013.
Montoro said it intends to start compiling all of the available data on the property to begin plotting an exploration program.
Among the terms in the option agreement, Montoro earns its 51 per cent interest by issuing 1,500,000 common shares over the next year and agrees to spend $300,000 in exploration on the property by the end of October in 2021.
Montoro CEO Gary Musil said in an Oct.23 statement that was he pleased to make entry into the Red Lake camp, “one of the most active exploration areas in Ontario at this time.”
Falcon CEO Karim Rayani said he looks forward to “working very closely with International Montoro as their success is our success.”
International Montoro, a Vancouver-based junior miner, is exploring for nickel, copper, cobalt and vanadium in Ontario, Quebec and for rare earth metals in B.C.
The company is also exploring for uranium near Elliot Lake in northeastern Ontario. Their Serpent River property, also known as the Pecors East Zone, was explored by Rio Algom in the 1970s, which produced a uranium resource estimate in 1977.
Vancouver’s Falcon Gold has a gold and cobalt exploration property near Atikokan, a gold project between Sudbury and Timmins, a copper and nickel property south of Red Lake, and a gold and copper play in Argentina.
