Montoro (IMT.v) (IMTFF) Receives Encouraging Final Results from Completed ZTEM Helicopter Survey Over Serpent River- Pecors (Ni-Cu-PGE), Elliot Lake-Ontario PropertyMontoro - Serpent River, Ontario Ni Cu PGE project.2D Geotewch ZTEM survey report. Sept.2018

1. Intl Montoro Resources Inc.
Serpent River Project, Elliott Lake ON
ZTEM Natural field Helicoper EM & Magnetic Survey –
GL160353
Summary of Final Results
28-September, 2018

2. FINAL RESULTS
Digital Elevation Model
Existing
Drill holes
(P15-22, P15-23)
Major
Powerline
Previous
VTEM Survey
(white lines)
• Job 7112
• 266 line-km
• 12-15 Jan, 2008
ZTEM
Survey
(yellow lines)
• 280 line-km flown
• 200m EW lines ?
1-2km NS ties
• 22-May to 9-Jun-18
survey period
0 1km

3. FINAL RESULTS
Total Magnetic Intensity
Known Mafic
Intrusive Body
below Cover
Existing
Drill holes
(P15-22, P15-23)
0 1km

4. FINAL RESULTS
In Phase Total Phase Rotated (TPR) – 90 Hz
Approx. Outline of
Magnetic HighPowerline
Artifacts, noise
Buried App.
Conductivity High?
Near surface App.
Conductivity High? Existing
Drill holes
(P15-22, P15-23)
0 1km

5. FINAL RESULTS
IP-TPR 360Hz IP-TPR 180Hz
IP-TPR-45Hz
IP-TPR 90Hz
Conductive
Zones closer to
surface – coincide
with lakes (acidic
or lake bottom?)
Deeper
Conductive
zone becoming
stronger
than surficial
features
ZTEM response
is dominated by
noise except
on northeast
edge of
coverage
Deeper
Conductive
Zone is visible
now below
Magnetic High
Open to NW
0 2km 0 2km
0 2km0 2km

6. FINAL RESULTS
ZTEM IP-TPR 180Hz VTEM Bz-Field (ch22 /1.15 msec)
Good correlation between
Shallow ZTEM and VTEM
conductive anomalies
No correlation between
Deeper ZTEM and VTEM
conductive anomalies (ZTEM
is seeing deeper than VTEM)
or Intrusive Magnetic High
ZTEM and VTEM conductive
lineaments along Powerline
0 2km 0 2km

7. 2D ZTEM INVERSION
0 metre Depth Slice -500 metre Depth Slice
-1500 metre Depth-Slice-1000 metre Depth-Slice
Near-surface
Conductive
Zones – coincide
with lakes (acid
Water or Lake
bottom Seds ?)
Deeper
Low Resistivity
zone now
clearly
visible at -1000
metre Depth
Deep Low
Resistivity Layer
extends from
North of DDH’s
and remains
Open to
Northwest.
Near-surface
Low Resistivity
Zone is still felt
at -500 metres
Depth. But
Deeper zone is
not Visible yet.
0 2km 0 2km
0 2km0 2km

8. 2D ZTEM INVERSION
Buried (~750m), East Dipping Low
Resistivity Body, slightly Offset with
Strongly Magnetic Body
Resistive Near Surface Layer (>250m thick)
Near Surface
Conductor (Lake)

9. 2D ZTEM INVERSION
Buried (~750m), East Dipping Low
Resistivity Body, slightly Offset with
Strongly Magnetic Body
Resistive Near Surface Layer (>250m thick)
Near Surface
Conductor (Lake)
Near Surface
Conductor (Lake)

10. 2D ZTEM INVERSION
Buried (~750m), East Dipping Low
Resistivity Body, slightly Offset with
Strongly Magnetic Body
Resistive Near Surface
Layer >500m thick)
Near Surface
Conductor (Lake) Near Surface
Conductor (Swamp)
DDH P-15-23

11. 2D ZTEM INVERSION
Buried (~750m), East Low Resistivity Body,
Centred with Strongly Magnetic Body
Resistive Near Surface
Layer (>500m thick)Near Surface
Conductor (Lake)
DDH P-15-22
Near Surface
Conductor (Swamp)

12. 2D ZTEM INVERSION
Buried (~750m), North Dipping Low Resistivty
Body, Offset with Strongly Magnetic Body
Resistive Near Surface
Layer >500m thick)
Near Surface
Conductor (Lake)
DDH P-15-22 DDH P-15-23

13. 2D ZTEM INVERSION
Buried (~750m), North Dipping Low
Resistivity Body, Offset with Strongly
Magnetic Body
Resistive Near Surface
Layer (>500m thick)
Near Surface
Conductor (Lake)
DDH P-15-22 DDH P-15-23

14. 2D ZTEM INVERSION
TOTAL MAGNETIC FIELDZTEM 2D RESISTIVITY–DEPTH SLICE (Z=-1500m)
2D ZTEM Inversions suggest Deep Low Resistivity Layer
is offset towards western side of Serpent River
magnetic/ mafic intrusion. Also suggest that DDH P15-
23 & P15-22 both lie off southern edge of main
conductive body.
Approx. Outline
of ZTEM Low
Resistivity
Body
Approx. Outline
of Magnetic
Anomaly
0 1km0 1km

15. CONCLUSIONS AND RECOMENDATIONS
• ZTEM final results appear to largely confirm the Initial analysis of preliminary data on 31-July-18.
• ZTEM results appear to define a deep, gently east dip & north plunging weakly Low Resistivity layer
(~1.5k ohm-m in ~15k ohm-m host rock) whose top is at ~750m depth that is slightly offset but
generally coincides with magnetic Serpent River Intrusion.
• Deep layer is Less conductive than originally estimated (~300 vs 1.5k Ωm), likely due to 5k Ωm start
model &/or only 90-720Hz data used in 2D inversion (vs. 3k Ωm & 30-720Hz used in prelim 2D models).
• Possibly a porous breccia zone, or else a thin mineralized zone/layer at the base of the Serpent River
Intrusive? Similar to ZTEM results at East Bull Lake intrusion near Massey or to Voisey’s Bay Nickel?
• Influence of powerline on results also can’t be overlooked (i.e., strong noise influence below 90Hz) but
results appear to argue against a possible galvanic overprint causing a false conductor artifact.
• Zone appears to extend from ~750m to +2000m depth, but could also be much thinner and/or more
conductive (Equivalent conductivity -thickness). Zone appears to plunge and remain Open to northwest,
as suggested in earlier findings.
• 2D inversions along EW lines suggest drill hole P-15-23 intersects ZTEM body, however, 2D inversions
along NS tie-lines suggest that existing drill-holes (P-15-22/23) could have both missed northern edge of
conductive layer. Corroborated in plan view depth-slice results.
• Therefore recommend 2D/3D modeling to determine range of conductivity-thickness for low resis layer.
• Also recommend 3D ZTEM inversion & analysis to validate size, depth and location of body.
• Ground follow-up with deep MT sounding and/or IP survey should precede follow-up drill testing.
Jean M Legault, M.Sc.A., P.Eng, P.Geo
Chief geophysicist – Geotech td.
Aurora, ON – 28 Sept, 2018

16. VOISEY’S BAY NICKEL
(Jansen and Cristall (2017): in Proceedings of Exploration ’17)
2D ZTEM Inversion Results – Voisey’s Bay (2008
Powerline Powerline
Eastern Deeps