Monterey Minerals Secures Right to Purchase 135 Square Kilometres of Highly Prospective Ground in the Pilbara Basin, Western Austral
Monterey Minerals Secures Right to Purchase
135 Square Kilometres of Highly Prospective Ground
in the Pilbara Basin, Western Australia
TORONTO, ON - February 11, 2019 - Monterey Minerals Inc. (the “Company” or “ Monterey”)
(CSE: MREY) is pleased to announce that it is party to a Letter of Intent (“LOI”) t o purchase
Ridge Street Investments Pty Ltd (“Ridge Street”) of Perth, Australia. Ridge Street owns two
highly prospective tenements on the eastern flank of the Pilbara Basin covering 135 square
kilometres.
The Ridge Street tenement E47/3886 ( see Graphic 1 below) abuts Pacton Gold’s tenement
directly to the east, where gold- bearing conglomerates were identified by Segue Reso urces
(now Arrow Minerals ), prior to the company’s sale of the property to Pacton Gold. Highlights
from Segue’s press release include (see Segue Resources’ press release Nov. 6, 2017):
• Gold-Uranium anomalies identified within Mallina Basin sediments and conglomerates
• Gold-Arsenic anomalies identified along mineralized structures related to Indee Gold
Project and Blue Moon gold discovery.
As outlined in the LOI, the Company will buy all the shares of Ridge Street for 8,000,000
common shares of Monterey. The Company will look to complete a definitive purchase and
sale agreement in Q1 2019.
President and CEO , James Macintosh stated “We are excited about the opportunity to acquire
the Ridge Street tenements as this represents the next step forward in addi ng shareholder
value. We will continue to increase o ur property portfolio by diversifying ourselves in
favourable mining jurisdictions as this offers us the ability to maximize our exploration success.
Upon completion of the definitive purchase and sale agreement, we will look to announce our
exploration plans for 2019.”
Graphic 1: Ridge Street Investments tenements
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.
Martin is a member of the Australian Institute of Mining and Metallurgy and is a West
Australian geologist with over 22 years ’ experience. He also has 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)
Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves.
About Monterey Minerals Inc.
The Company has an option to purchase 100% of the Cobalt Mountain Property (the
“Property”) in the Omincea Mining Division of British Columbia near the town of Smithers. T he
Company’s NI 43 -101, on SEDAR, notes historic sampling on the Property that returned
mineralized showings of gold, silver, copper, zinc and cobalt. The Company’s business objective
is to explore for copper, cobalt and gold and to seek new properties th at will increase
shareholder value.
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 servi ces provider has reviewed or
accepted responsibility for the adequacy or accuracy of this press release
This press release may include forward- looking information within 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 expectations and assumptions on which such forward- looking information is based on
are reaso nable, 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 re lease. 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.