VANCOUVER, Aug. 28, 2018 /CNW/ - Montego Resources Inc. (CSE: MY) (FRA: 4MO1) (the "Company" or "Montego") is pleased to announce an update on its Taylor Silver Project near Ely Nevada.
Since April Montego has appointed SRK Consulting (U.S.), Inc. ("SRK"), as part of the team to review and prepare an updated resource statement on the Taylor Silver Project in Ely Nevada pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
This technical report will form the basis for planned exploration on the Taylor Silver Project using rock and soil sampling by SRK's demonstrated multi-dimensional expertise in Nevada.
William Cronk, Director of Montego Resources Inc. commented:
"We are excited to have SRK on board. The expertise which SRK provides allows us the best advantage moving forward with the Taylor Silver Project. SRK provides Montego with access to a highly experienced and multidisciplinary team of professionals well versed in the economic geology and regulatory infrastructure of Nevada".
SRK Consulting provides professional technical consultancy services to the mining and metals sector, encompassing multi-disciplinary technical studies and due diligence for mineral assets including exploration through to development, operation and mine closure. Established in 1974, SRK employs more than 1,500 professionals internationally in over 50 offices on 6 continents.
In addition to this appointment, Montego personnel have spent time on site collecting rock samples (99) and including a small due diligence soil program (27).
Most rock samples were collected from within the boundaries of the historical resource highlighted by Silver Predator's 43-101 technical report. 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 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.
About Montego Resources Inc.
Montego Resources Inc. is a Canadian listed mineral explorer (CSE:MY). Montego's flagship property is the Taylor Silver Project located 16 miles southeast of Ely Nevada. The Taylor Project is an advanced stage silver-gold target located southeast of Ely, Nevada with access from a maintained mine road. Mineralization there is a Carlin style, bulk silver-gold epithermal, high-silica, low sulfide replacement deposit in flat-lying Devonian-age silty carbonate rocks. The land package 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 silver from underground mining in the 1890's and open pit bulk mining in silver rich Jasperoids from 1981-84 and an expanded mill and flotation circuit operated from 1989-91.
ON BEHALF OF THE BOARD OF MONTEGO RESOURCES INC.
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.
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