More Core Drilling commenced the drilling on the property for an estimated 15-20 drill holes totaling approximately 3,000mt. This second phase drilling is targeted to explore a new style of mineralization not previously recognized in the Elliot Lake area. The drill core will be assayed for both the uranium and REE contents.
Rio Algom’s exploration work in the 1970s at Montoro’s Serpent River property focused on the Pecors Channel and the Whiskey Channel and their quartz-pebble conglomerate beds – the host formation for the known uranium mineralization in the Elliot Lake camp. Rio Algom developed a resource (predating NI 43-101 standards) of 20 million tons grading 0.037% U3O8, or 14.8 million pounds in the Pecors East deposit, based on limited drilling.
Montoro’s 1st phase 2,755mt drill program at Serpent River found uranium values in three different lithological environments.
Of the five holes that intersected the mineralized quartz pebble conglomerate (QPC), assays were consistent with the average historical grades, but below the conglomerate beds Montoro intersected mineralized aplite dykes and sills, and highly altered mineralized breccia at the unconformity between the Archean basement rocks and overlying Proterozoic sediments, the company said.
Intersections from the beccia zones (graded as high as 0.089% U3O8) occurred near an east-west trending fault zone that has been traced over a length of some 700mt and is open in both directions. The alteration and mineralization of this breccia unit suggests that it formed a permeable horizon that facilitated the flow of the hydrothermal fluids possibly carrying uranium.
The area where this fault zone cuts the breccia unit will be probed to determine if it contains enhanced uranium values.
In November 2009, Montoro re-assayed certain drill intersections, and six holes spanning an area of about 550mt by 300mt, showed concentrations of rare earth oxides – total REE plus Yttrium.
