Monterey Minerals (CSE: MREY) has closed on the acquisition of what is now the firms flagship property, the Alicia Project, located in Alicia Municipality, Philippines. The acquisition of the property was completed via the purchase of Greater Arc Pty Ltd from that of Greater Arc Resources Limited.
The Alicia Project consists of a system of at least twelve veins that host both high grade gold and base metal mineralization, as well as several semi-parallel subsidiary veins. Areas of mineralization are up to 3.8 meters wide and 1.7 kilometres in length, with a combined strike length of over 11 kilometres on the property.
Limited drilling has occurred on the property to date, however high grade samples from shallow drilling on just the Baloy Vein has resulted in assays that include 1.2 metres of 116 g/t gold, 1,263 g/t silver, 6.3% copper, 6.5% zinc and 47.9% lead, as well as 1.5 metres of 40.9 g/t gold, 437 g/t silver, 1.1% copper, 3.6% zinc and 62.9% lead, revealing what appears to be a high degree of mineralization on the property. The Pamaraw-Sumihig Vein comparably has also resulted in a drill intersection of 1.5 metres of 13.86 g/t gold, 181 g/t silver and 4.8% copper, as well as a grab sample that returned 7.51 g/t gold, 55.2 g/t silver and 1.76% copper.
Under the terms of the transaction, the property was purchased through the issuance of 54 million common shares of Monterey, resulting in Greater Arc now becoming the largest shareholder of the company at 35.4% of the issued and outstanding shares. The company has agreed to a hold period of 180 days before dividending the shares to its shareholders.
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The previously announced 2020 exploration program currently plans to conduct exploratory drilling along the 11 kilometres of strike down to a depth of 300 metres. The company is attempting to discover the source of the veins at surface to test the geologists theory that the veins all merge at depth, as well as define the down dip continuity and extension of the vein systems, grades, consistency and characteristics.
The company intends to begin the groundwork this year as well for its 43-101 maiden resource, with primary drill targets being the Pamaraw-Sumilhig Area as well as the Baloy Vein. This also involves ground and downhole IP surveys to define the possible extent of mineralization.
Monterey Minerals last traded at $0.08 on the CSE.
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