Monterey Minerals Completes Purchase of 323 square kilometres in the Pilbara region of Western Australia
Monterey Minerals Completes Purchase of
323 square kilometres in the Pilbara region
of Western Australia
TORONTO, ON - June 6, 2019 - Monterey Minerals Inc. (the “Company” or “ Monterey”) (CSE:
MREY, FSE: 2DK ) is pleased to announce that it has completed the purchase of Gold River
Resources Pty Ltd. (“ Gold River ”). Monterey previously announced (see press release dated
April 2, 2019) that it would issue 11 million common shares for all of the shares of Gold River ,
which owns s ix tenements encompassing over 323 square kilometres in the Pilbara region of
Western Australia.
President and CEO, James Macintosh stated “ Our 992 sq. km tenement portfolio is located in
the “fairway” of the Pilbara Basin on strike with the Pilbara’s major players , who are actively
exploring the area with significant budgets. We anticipate announcing our exploration plans
during Q3 2019.”
Monterey Minerals Tenements in the Pilbara Basin
New Acquired - Gold River Tenements
E47/3958 and E47/3959, covering 218 km 2, abut Pacton Gold to the west and are just north of
Novo Resources. Locally, E47/3958 is 7 km to the north of De Grey Mining’s Withnell Mining
Centre that hosts over 445,000 ounces (“ozs”) of gold (Measured and Indicated) with another
429,000 ozs (Indicated) in a cluster of deposits (De Grey - 2018 Annual Mineral Resources
Statement). The mineralization hosted on adjacent and nearby properties is not necessarily
indicative or representative of mineralization that may be hosted on the Company’s properties.
Withnell is also the site of De Grey’s proposed gold processing facility (DEG March Quarterly
Report 2019). There is a prospective quartz vein in the centre of the property that can be
traced for over 400 metres at surface with evidence of artisanal mining. Pacton Gold’s
exploration in the adjacent area in similar-aged granitoids have found occurrences of swarms of
quartz veins, many of which host gold mineralization.
The tenements are situated wi thin the Central Pilbara Tectonic Zone and is underlain by the
sediments of the De Grey Superbasin and underlying granitic rocks that intrude the Supergroup.
Local lithologies include the Portee granitoid of the Sisters Supersuite and unclassified Mallina
Basin sediments which are the dominant host to gold mineralization in the area. Immediately to
the north of E47/3958 is the large regional structure of the Sholl Shear Zone which is the tectonic
boundary between the Central Pilbara Tectonic Zone, and the Karratha Terrane. The Portee
Granitoid is evident from the magnetics and has intruded the basin in multiple phases. It forms a
series of discrete “nested” ovoid plutons evident from their magnetic signature. Within these
plutons are potentially preserved roof pendants of the Mallina Formation providing exploration
targets for gold, antimony, and/or tin, tantalum, niobium mineralization. Other targets at the
project include semi preserved or partially assimilated rafts of greenstones, and faulted contacts
of the plutons and surrounding Mallina sediments. Anomalous levels of gold, tin, and tantalum
were recorded adjacent to the south-east corner of E47/3958.
E47/3960, covering 64 km2, abuts Kairos Minerals’ Croyden project, which hosts gold with
conglomerates, and is just northwest of Pacton Gold’s tenement E47/3905. The Hardy
Formation outcrops within 1 km of the western boundary of the lease. The conglomerates of
the Hardy Formation have been targeted historically for gold and uranium mineralization . The
tenement is underlain by the Powder Monzogranite of the Yule Granitoid Complex (2,935 Ma)
which includes porphyritic and seriatic textured monzogranites cross -cut by Proterozoic
doleritic dykes. Swarms of pegmatites , which occur locally and in close proximity to the SE
corner of the lease, are the historic Mumbillia Lithium bearing pegmatite mine workings.
E45/5180, covering 6 km 2, abuts a Novo Resources tenement to the northwest and is adjacent
to Novo Resources’ Talga Talga Mining Centre, located 20 km north of the town of Marble Bar.
The Talga Talga Mining Centre and E45/5180 are situated within the greenstone belts
surrounding the Mt Edgar Granitoid Complex. The historic workings at Talga Talga were mined
until 1940 with 1,614 ozs of gold mined from 1,432 tonnes of ore for an average grade of 35.1
grams per tonne of gold (ASX:TLG - Talga Gold Limited Prospectus). The mineralization hosted
on adjacent and nearby properties is not necessarily indicative or representative of
mineralization that may be hosted on the Company’s properties.
E46/1243, covering 3 km 2, sits within the Middle Creek mineralized corridor of the Mosquito
Creek Formation. The Middle Creek mineralized corridor is known to host over 745,0 00 ozs of
gold (Measured and Indicated) with another 410,000 ozs (Inferred) in numerous deposits
currently being mined by Millennium Minerals, who are targeting gold production of 90,000 ozs
to 100,000 ozs in 2019 (ASX:MOY - 2018 Ore Reserve and Mineral Re source Statement). The
mineralization hosted on adjacent and nearby properties is not necessarily indicative or
representative of mineralization that may be hosted on the Company’s properties. E46/1243
sits in close proximity to a major structural offset of the Blue Spec Fault, a well mineralized
structure which hosts the Blue Spec Gold Mine.
E46/1244, covering 32 sq.km., is 5 km south of the Mosquito Creek Formation. The ground is
underexplored and the only previous exploration was regional stream sediment sampling and
bulk sampling for diamonds by DeBeers Australia Ltd. The Sandy Creek Cu- Pb-Zn-Ag (copper,
lead, zinc & silver) prospect is 7 km to the east of the project.
Qualified Person
The technical information in this press release has been reviewed and approved by Martin
Dormer, a consultant to the Company, who is a Qualified Person as defined by NI 43 -101. Mr.
Dormer is a member of the Australian Institute of Geoscientists. He has over 22 years’
experience and sufficient experience of relevance to the styles of mineralization and types of
deposits under consideration to qualify as a Competent Person as defined by the 2012 Edition
of the Joint Ore Reserves Committee (JORC) Australia n Code for Reporting of Exploration
Results, Mineral Resources, and Ore Reserves.
About Monterey Minerals Inc.
Monterey Minerals is a mineral exploration company focused on its prospective 992 sq. km.
Pilbara Basin tenement portfolio on the eastern flank of the Pilbara Basin in Western Australia,
including a property that abut s Pacton Gold’s tenement where gold- bearing conglomerates
were identified. The Company also owns the Cobalt Mountain Project (the “Project”), near
Smithers, BC. The Company’s NI 43 -101, on SEDAR, notes historic sampling at the Project that
returned mineralized showings of gold, silver, copper, zinc and cobalt.
For more information, contact investor relations at [email protected]
On Behalf of the Board of Directors,
James Macintosh, President and CEO
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or
accepted responsibility for the adequacy or accuracy of this press release
This press release may include forward- looking information w ithin the meaning of Canadian securities
legislation, concerning the business of the Company. Forward- looking information is based on certain
key expectations and assumptions made by the management of the Company. Although the Company
believes that the e xpectations and assumptions on which such forward- looking information is based on
are reasonable, undue reliance should not be placed on the forward- looking information because the
Company can give no assurance that they will prove to be correct. Forward- looking statements
contained in this press release are made as of the date of this press release. The Company disclaims any
intent or obligation to update publicly any forward- looking information, whether as a result of new
information, future events or results or otherwise, other than as required by applicable securities laws.