Girard Claim Area, Quebec
The Girard Claim area is 100% owned by Montero
The Girard Claim located 33 km south of Cadillac town which lies within the Abitibi-Temiscamingue region, in south-west Quebec province. The license area is accessible via Highway 117 and all weather roads access through the centre of the license block. The terrain is partially covered by glacial till and is undulating with temperate forest.
On April 25, 2007, the Corporation entered into an agreement to acquire a 100% interest in Girard claims for consideration of 2,000,000 Shares (issued) at a deemed price of $0.20 per Share (which was subsequently re-calculated and 1,500,000 of such Shares issued at a deemed price of $0.35) and by incurring exploration expenditures totaling $640,000 over five years. The Girard claim area covers 157 license claims.
The claims are subject to a 2.0% NSR. The Corporation has the right to purchase, at any time, either one-half or all of the royalty for a purchase price of $1,000,000 or $2,000,000 respectively. On May 7, 2010, pursuant to a shares for debt agreement, the commitment for all remaining anniversary payment obligations was satisfied by issuing 1,000,000 Shares at a deemed price of $0.135 per Share.
Exploration results to date with the pedogeochemistry survey has identified 3 main target areas for uranium with high amounts of more valuable heavy rare earths results (>100ppm values for Erbium (Er), Dysprosium (Dy) and Yt- terbium (Yb)).
Past Exploration Work
The exploration work in 2007 included a reconnaissance mapping and radiometric and scintillometer surveys. From the results, three areas were identified with presence of uranium in anomalous concentrations, namely: the North Beraud zone; the Ridge and an area previously explored in the 1980s. The 2009 exploration program included an infill till sampling and coincident magnetic survey over the North Beraud uranium/rare earth anomaly in the western/central zone of the license area. A total of 29 line kms were cut and sampled. Results of the program indicated three main target areas for anomalous uranium values in the western portion of the grid sampled and the contouring of the values above 4.75ppm uranium delineated a series of flat lying zones with higher uranium values. Results indicated amounts greater than 100ppm of more valuable heavy REE in combined values of erbium, dysprosium and ytterbium.
In 2008, the Corporation continued with exploration work over the claim area including geological sampling, radiometric and scintillometer surveys. A technical report was undertaken by SRK Consulting (UK) Ltd. (“SRK”). Recommendations from the technical report indicated that exploration work to be focused in the areas where anomalous radiometric results have been obtained and samples have shown uranium grades to exist.
There has been no further exploration work conducted on the Girard claim area, however the Corporation has maintained the licenses in good standing.