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Unearthing Canada’s Energy Metals – Vanadium & Cobalt

Stockhouse Editorial
1 Comment| January 15, 2019

Click to enlargeThe market for battery metals is bursting with abundant potential: A wide range of modern industries and technology, from computers to smartphones to electric vehicles, are relying on batteries to survive.

Thanks to this appetite, there has been a surging demand for key battery metals, not just nickel, cobalt and lithium, but vanadium, as well. Vanadium is used to produce high-strength steel and chemical catalysts, and investors watching this mineral have been paying close attention to its role in vanadium redox flow batteries (VRFBs).

“We think there’s a revolution coming in VRFBs,” international financier Robert Friedland told The Northern Miner in an interview.

Emerging resource Company International Montoro Resources Inc. (TSX: V.IMTOTCQB: IMTFF, FSE:O4T1,) is focused on advancing this key mineral, as well as acquiring, exploring and developing its nickel, cobalt and copper projects across Canada.

Its Duhamel, Québec property is located 200 km northwest of the city of Saguenay. Data from a previous survey led the Company to add Vanadium claims to the project situated alongside known nickel and cobalt occurrences. The Ni-Cu-Co prospect consisted of nine mineral claims comprising 500 hectares located 13 km west of Arianne Phosphate Inc. – Lac a Paul world class phosphate development stage deposit. Montoro, has recently been successful at staking an additional thirty-two (32) mineral claims to the south and northwest following new data acquisition and compilation that includes the Houliere Lake Ni-Cu-Co (Ti, V, Cr) property. The expanded property now totals approximately 2,300 ha.  An updated report of these findings has been completed and posted on the website.

Click to enlarge
Block of claims of the Duhamel NiCuCo property (dark green). Click to enlarge.

In addition to this, the Company also manages its 100%-owned Serpent River-Pecors project in Elliot Lake, Ontario. The Pecors magnetic anomaly is a potential Ni-Cu-PGE discovery. The southwestern portion of the property has located Uranium/REE mineralization from previous drilling. The property comprises 10 mineral claims (115 units), or roughly 1,840 hectares.

In Northern Saskatchewan, Montoro jointly owns 50/50 with Belmont Resources Inc. its Crackingstone (982 hectares) and Orbit (11,109 hectares) uranium properties in the Uranium City District and is seeking a joint venture partner to continue development of this advanced property.

Stockhouse recently tracked down IMT’s busy CEO, Gary Musil, to dig deeper into this emerging resource company as well as getting a more general update on Duhamel.

Please introduce International Montoro Resources to new investors.

Montoro has been listed on the TSX Venture Exchange (formerly Vancouver Stock Exchange) for over 25 years.
The Company is led by an experienced and diverse board of directors and qualified team with proven success in corporate finance, operational management, engineering and exploration project management.

Please explain the plan for the field exploration programs at the Duhamel property and Serpent River property.

Duhamel Geophysics; field exploration, mapping, soil geochemistry; trenching and sampling.  Followed up by shallow drilling in 2019.

Serpent River –A 3D inversion processing of the ZTEM survey data is currently being prepared.  Phase 2 Drilling programs are recommended from the ZTEM interpretation for the spring/summer of 2019. 

IMT recently received encouraging results from a helicopter survey at Serpent River Pecors anomaly, can you summarize these results and what it revealed to the Company about what lies under the surface?

A prior interpretation of the Pecors anomaly concluded it may be the result of contact style nickel-copper-PGE mineralization similar to that found to the east at the world-famous Sudbury nickel camp. Recently completed two diamond drill holes (1 x 1005m & 1 x 1317m) including downhole probing in the southern portion of the anomaly has given additional information towards this interpretation. The June 2018 helicopter-borne ZTEM geophysical survey increased further information to depths over 2000 metres. The ZTEM identified a deep, gently east dipping and north plunging conductive layer at a depth of ~750m that coincides with the magnetic anomaly.

Currently, IMT has an Option Agreement to acquire 100% interest in the Duhamel Project. Under what conditions would the Company consider moving ahead to execute this?

As a result of the compilation of an extensive amount of previously filed assessment reports, including electromagnetic (EM) surveys, airborne MAG-EM surveys, magnetometer and EMH-MaxMin surveys, prospecting, and sampling, through to several drilling campaigns; IMT considers the Duhamel Project more than an advanced grass roots prospect.  IMT intends to finance this project as quickly as possible to accelerate the acquisition of its 100% interest.

Please outline the terms of the 50/50 joint ownership IMT has with Belmont Resources Inc. on the Crackingstone / Orbit Uranium City property.

IMT and Belmont have expended over $1.97 million in exploration from 2006 -2011 in helicopter airborne magnetic and radiometric surveys; Mag/VLF-EM ground geophysical surveys; radon gas surveys; sampling through to a successfull20-hole diamond drill program totaling 3,075 meters and confirmed the presence of uranium mineralization for a strike distance of 1800 meters. 

The claims are owned 50/50 and in good standing up to 2021 and some through to 2032.

What are you looking for in a JV partner on this project? 

IMT and Belmont are seeking a JV partner that would continue to explore and expand the already successful results. The property has no cash or share payments outstanding, so is open to any number of sound JV proposals; and/or outright sale.

The Company recently completed the first tranche of a private placement for gross proceeds of $83,000. Can you outline when the second tranche is expected to close?

The second tranche is not proceeding. The Company has arranged the repricing of 7.9 million transferable warrants to $0.06 and $0.065 through dates expiring October 2019 to January 2020 and anticipates financing the Company over the next year through the exercise of these warrants for gross proceeds of up to $475,000.

What role do you see vanadium playing in the race for battery metal recovery – also, what effect do you also see this having for the Sudbury-area mining cluster?

As mentioned earlier, with further demand, for key battery elements, vanadium prices are surging to new highs each month.  Along with cobalt, nickel remains a crucial element in the production of batteries for electric vehicles (EVs) and according to JP Morgan, demand for nickel is expected to increase significantly between now and 2025, with the EV battery sector predicted to become the second largest consumer of nickel after the stainless steel market.  Major producers (Vale & Glencore) in the Sudbury camp have approved over $1.8 billion for mine development and infrastructure upgrades.

Over the long term, please outline your vision of IMT for investors.

With just 27.7 million shares issued and 40.7 million fully diluted, IMT is projected to reach new highs in share prices as we develop the Pecors and Duhamel prospects uncovering more minerals in the key markets of vanadium, nickel and cobalt.

Finally, anything else that you would like to add?

Buy IMT – now!!


FULL DISCLOSURE: International Montoro Resources Inc. is a client of Stockhouse Publishing.

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People looking to invest in battery metals ought to take a look at the joint effort by Highbury Energy and MGX Minerals to utilize gasification of massive amounts of petcoke in Alberta to produce not only hydrogen and fuel gas but also Vanadium, nickel and gas. You don't have to mine the petcoke, it's all over the place. No exploration or digging required. Load it into a truck and drive it away. Incidentally, Vanadium is the highest concentration of any of the battery metals found in ...
January 16, 2019

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