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Montego Resources Inc.
Montego Resources Inc.
Registriert in: Kanada WKN: A3D388 Rohstoffe:
Art: Originalaktie ISIN: CA61238K3091 Gold
Silber
Heimatbörse: CSE Alternativ: MONGF
Währung: CAD    
Symbol: MY.CSE Forum:

Montego announces Phase 1 Exploration program at Taylor Property

26.02.2018 | 7:00 Uhr | CNW

VANCOUVER, Feb. 26, 2018 /CNW/ - Montego Resources Inc. (CSE: MY) (the "Company" or "Montego") is pleased to announce a Phase 1 exploration program at their Taylor Silver Property (Property) located in White Pine County Nevada.

Work is expected to begin in March and continue through the summer.

The Taylor Silver Property is an advanced stage silver-gold target located 24 km south of Ely, Nevada with access from a maintained mine road. Mineralization here is a Carlin style bulk silver-gold epithermal, high-silica, low sulfide replacement deposit in flat-lying Devonian-age silty carbonate rocks (Guilmette Formation). An historical resource completed by Silver Predator in 2013 (based on 480 drill holes totalling 28,244m) outlined a combined M&I resource of 8.894 Mt at 1.89 oz/t Ag containing 16.82M ounces Silver ("Taylor Silver Project Technical Report, White Pine County, Nevada, USA", by Chadwick, Turner and Hollenbeck, dated March 18, 2013. This Technical report can be found under the Silver Predator profile (May 2013) at: www.sedar.com).

The Company considers these results to be an historical estimate under National Instrument 43-101 (NI 43-101). While the Company considers this historical estimate to be relevant to investors, a qualified person for the Company has not done sufficient work to classify the historical estimate as a current mineral resource as defined by NI 43-101 and the Company is not treating this historical estimate as a current mineral resources.

The land package at Taylor is comprised of 131 unpatented lode claims, 5 unpatented mill site claims and 4 patented claims all covering approximately 2,166 acres. Historic work includes high grade underground silver mining in the 1890's, open pit bulk mining in silver rich Jasperoids from 1981-84, an expanded mill and flotation circuit operated from 1989-91, 119 modern era drill holes completed between 2006-2009 by Golden Predator and Fury Exploration and 76 RC holes completed by Silver Predator between 2011-2014.

Montego announced an agreement with Silver Predator Corp. in April of 2017 where Montego would acquire the series of mining claims (Taylor) located in White Pine County in the State of Nevada (https://www.newswire.ca/news-releases/montego-options-taylor-silver-property-617949883.html)

Near term Phase One exploration efforts by Montego will take advantage of the detailed and organized database obtained from Silver Predator and include:

  1. Establish clear protocols for permitting and addressing ALL regulatory issues including water and drilling permits, environmental concerns and Health and Safety.
  2. Highlight and drill those targets which will be expected to bring inferred to M&I as well as bring drill holes that were excluded from the resource into the resource category improving the overall total ounces. These holes would be drilled from patented ground first and include full multi-element assays including fire-assay gold.
  3. Evaluate additional targets (gold and silver potential) including South Taylor, Antimony Pit, Crescent, Enterprise and South Enterprise
  4. Continue soil sampling at Enterprise and fill in as much of the land package as is affordable with more soils
  5. Re-assay recent drilling and available pulps/rejects for gold to better understand the underlying gold system and how this will affect the existing historic Taylor resource.
  6. Begin permitting (BLM) for drilling in a phase two program on un-patented ground.
  7. Plan for and initiate deep drilling protocols for better understanding of gold and silver mineralization at depth along identified high angle mineralized structures which offer underground opportunity.
  8. Complete a 43-101 technical report (including updated 43-101 resource) in the third quarter of 2018.

Though gold potential is not currently included in the historic Silver Predator Taylor resource, at least two areas were identified by 2014 Silver Predator drilling and  exhibit economically significant gold values associated with high grade silver zones within the current silver resource* envelope at Taylor (https://www.businesswire.com/news/home/20140617006001/en/New-Sediment-Hosted-Gold-Mineralization-Discovered-Taylor-Project). Montego will address this potential during the phase one 2018 program.

William Cronk, Director commented ""I am pleased with the opportunity to advance the Taylor project in 2018. Analysis of the database completed by Silver Predator shows a clear path to establish a significant silver asset utilizing best method geology and drilling. SPD's data points to a high degree of confidence that gold in this Carlin style system could also provide key value moving forward. With our experienced and capable team we feel we can significantly enhance the Taylor Silver Project and reach the full potential of this project located in an under-developed Carlin-style silver/gold system".

The scientific and technical data contained in this news release was prepared and reviewed by William Cronk, P.Geo., a non-independent qualified person to the Company.  Mr. Cronk is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a qualified person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

ON BEHALF OF THE BOARD OF MONTEGO RESOURCES INC.

William Cronk
Director

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company.  Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available.  No forward-looking statement can be guaranteed and actual future results may vary materially.  The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

SOURCE Montego Resources Inc.



Contact
Montego Resources Inc., Suite 800, 1199 West Hastings Street, Vancouver, BC, V6E 3T5, T 604-283-1722, F 888-241-5996
 
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