Monterey Minerals acquires company that owns Alicia gold project in the Philippines

High grade grab sample from the Baloy Vein at the Alicia gold project. (Image courtesy of Monterey Minerals).

Monterey Minerals (CSE: MREY) closed this week the acquisition of Greater Arc Pty Ltd, a company that owns the Alicia high-grade gold and base metals project in Alicia Municipality, Philippines.

Greater Arc was purchased from Greater Arc Resources for 54 million common shares of Monterey, which represents 35.4% of the issued and outstanding shares of Monterey, and becomes the company’s largest shareholder. 

Monterey plans to allocate most of the net proceeds from a recent oversubscribed private placement to exploration programs in the Philippines

In a press release, Monterey said that management plans to allocate the majority of the net proceeds from a recently closed oversubscribed private placement to exploration programs in the Philippines.

The Alicia project is located within a Declared Mineral Reservation determined by the Mines and Geosciences Bureau in 1995 and is on a granted Exploration Permit. According to Monterey, Greater Arc has identified a system of twelve veins hosting high-grade gold and base metal mineralization.

“The mineralized veins are up to 3.8 metres wide and up to 1.7 kilometres in length, with a combined strike length in excess of 11 kilometres,” the media brief reads. “High grade samples from shallow drilling into the Baloy Vein include 1.2m of 116 g/t Au, 1,263 g/t Ag, 6.3% Cu, 6.5% Zn, and 47.9% Pb; 1.5m of 40.9 g/t Au, 437 g/t Ag, 1.1% Cu, 3.6% Zn, and 62.9% Pb.”

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