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.”