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Company Statement
Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest regional property portfolios over approximately 10% (from Timmins, Ontario to the Quebec border) of the Destor Porcupine Fault Zone, one of the key structural features in the Abitibi Greenstone belt in Ontario. The properties are located in the Golden Highway and Porcupine Camps near Timmins, Ontario, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date. Moneta's current focus is on 10 identified gold zones along a 12 km strike in the Golden Highway Camp.
Current Operations
GOLDEN HIGHWAY CAMP
Golden Highway Project
The Golden Highway Project ("Project") is located in the western Archean Abitibi Greenstone Belt and comprised of mafic to ultramafic volcanic assemblages containing or bounded by sedimentary basins. The Project straddles the Destor, the most prolific gold--bearing structure in this part of the belt. In the vicinity are the Holt-McDermott Mine (1.37 million ounces gold production to 2004/2006 from 7.28 million tonnes grading 5.84 g/t), and the Holloway Mine (930,000 ounces gold production to April 2006 from 4.94 million tonnes grading 5.87 g/t). The Holt-McDermott Mine was operated by Barrick Gold, and placed on care and maintenance in 2004, to be subsequently sold to Newmont Canada. The Holloway Mine Complex (including Holt-McDermott) and surrounding mining lands were sold to St Andrew Goldfields in late 2006.
Windjammer
The Windjammer Property ("Windjammer") is comprised of two mining leases covering 356 hectares or 22 mining claims in Garrison and Michaud Townships immediately east and contiguous to the Golden Highway Project. Windjammer contains two gold zones from drilling by Noranda Inc. in the mid-late 1980s in distinct geological settings with Windjammer South hosted in Timiskaming sediments, and Windjammer North, in altered mafic to ultramafic volcanics. Both zones are open on strike and to depth with significant untested potential.
In October 2008, the Company submitted an application for a vesting order to the Ontario Mining and Lands Commissioner to increase its interest to 100% in the Windjammer Property, from the initial 50% interest acquired from Newmont Canada Limited in November 2007. In February 2009, the vesting order was approved and Moneta's registered interest increased to 100%, with no encumbrances.
Michaud Joint Venture
"55" Zone
The "55" Zone was first discovered in 1996 by Barrick Gold and extended by drilling under the Acrex option agreement and is currently subject to the Acrex/Moneta Michaud Joint Venture. The results indicate the possibility of several gold bearing zones within a mineralized system currently extending for 400 meters along strike with some intersections to 300 metres depth, all hosted within a restricted window of variably altered Timiskaming sediments. These sediments strike approximately 070° tracking ultramafics of the Destor immediately to the north with the contact typically marked by narrow locally discontinuous hematite banded iron formation. The southern limit appears to be defined by a wide relatively unaltered and intercalated purplish hematitic iron formation or ironstone/chloritic greywacke-sandstone hanging-wall sequence. Scattered narrow syenite dykes and several fault zones have also been intersected within this window.
To-date, 27 drill holes (9,523 metres) have been completed in the 55 Zone by the Michaud Joint Venture (15 holes), Barrick (5 holes) and Acrex (7 holes) with significant gold mineralized intervals encountered. The following highlights are all in g/t Au over drilled widths.
Southwest Zone
Moneta's prior exploration on the Golden Highway Project in the 1980s resulted in the discovery of what is now collectively known as the Southwest Zone. The zone has been subdivided into the eastern, central, and western blocks reflecting local fault displacements. In 1997 Barrick Gold returned the property to Moneta having developed a non NI 43-101 historical inferred resource estimate of 624,500 ounces gold based on 3.25 million tonnes averaging almost 6 grams/tonne with a cut-off of 3.0 grams/tonne.
The Barrick interpretation outlined several stacked and variably orientated vein zones that focused on the higher grade component of the mineralization. Included in the drill program was a single drill hole that intersected a wide gold mineralized alteration zone in contact with iron formation returning a drilled width of 2.14 g/t gold over 68.0 metres including 6.0 g/t over 8.5 metres, all at a depth of ~1,000 metres below surface illustrating the potential and widespread nature of the gold mineralizing system.
PORCUPINE CAMP
The Porcupine Gold Camp has a cumulative historical gold production in excess of 68 million ounces and even today continues to grow as new mines come on stream. Of particular interest is the Lakeshore Gold "Timmins West" project and Porcupine Gold Mines' (Goldcorp) advancement of the Hollinger Project. The Hollinger Project is evaluating the residual open pit and bulk underground potential of upper reaches of the past producing Hollinger Gold Mine which adjoins Moneta's Kayorum property in Timmins.
North Tisdale
Recent regional corporate transactions immediately north of Timmins have drawn attention to Moneta's North Tisdale Property ("Property") and encourage Moneta to evaluate options for this highly prospective North Tisdale Property which include exploration program financing and/or possible corporate transactions.
The Property has been subject to very limited exploration activity and contains the highly prospective New Mine Trend which hosts the Porcupine Gold Mines (Goldcorp) Hoyle Pond and Owl Creek Mines as well as Lakeshore Gold Bell Creek Mine Complex. The Property is comprised of a 100% interest in 166 patented, leased, and unpatented mining claim units (approximately 2,650 hectares) located in Tisdale, Murphy and Hoyle Townships.
Kayorum
The Kayorum property covers several patents and leases including the past producing Moneta Mine (149,250 oz.@ 0.47 oz/t) for a total of 52 units, all within the south-western portion of the City of Timmins. Kayorum is directly south and southwest of the Hollinger Mine currently being evaluated by Porcupine Gold Mines (Goldcorp) for its open pit and bulk underground mining potential.
Moneta has had several significant option agreements on Kayorum including Cogema, Cameco, and the former Porcupine Joint Venture (now Goldcorp). Several drill programs (30 holes for 15,710m) as well as geological mapping, lithogeochemistry, and ground geophysics (IP, magnetic, and gravity) have been completed. Best results to date include 193 g/t gold over 0.3m in a narrow quartz-tourmaline-pyrite vein, 9.27 g/t over 0.75m, 6.76 g/t over 0.75m, and 2.89 g/t gold over 1.0m.
Nighthawk Lake
The Nighthawk Lake Project is Moneta's second major 100% owned exploration project after the Golden Highway Project.
The Cody Township claims recently acquired are contiguous to Moneta's Nighthawk Lake project and, based on previous drilling, suggest a westerly strike extension to Moneta's Collins Zone by at least 200 meters, increasing the total strike length to 700 meters, with additional untested potential continuing westerly.
The gold mineralization of the Collins Zone is hosted within a moderately northerly dipping broad zone of highly altered ultramafic volcanics in contact with overlying Timiskaming sediments. There is potential for a near-surface open pit resource given the style of gold mineralization, proximity to milling infrastructure, and potentially favorable zone geometry.
Geographical Spread
Ontario-Quebec border
Board of Directors and Key Management
| Ian C. Peres | President and CEO, and Director |
| Warren Bates | Director |
| Michael Coulson | Director |
| Alex Henry | Director |
| Charles Parsons | Director |
| Rhoderic (Rod) Whyte | Chairman and Director |
Company Address65 Third Avenue
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CapitalCommon Shares Authorized: Unlimited
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Annual General MeetingMay | Year End31 December |
Related News
19/11/09 - Moneta Porcupine's Sizeable Portfolio Around Timmins Looks Likely To Attract Envious Glances From The Big Boys29/07/09 - Moneta Porcupine Has A Different Game Plan For Each End Of The Destor Porcupine Fault Zone In Ontario
17/03/09 - The Big Boys May Be Chasing Little Moneta Along The Destor Porcupine Fault Zone Before Long
01/08/08 - Moneta Porcupine Mines Builds Up The Ounces At Golden Highway, And May Start Looking Attractive To A Major Before Long
Most Recent Statement
05/03/10 - Moneta Intersects Near Surface High Grade On 55 Zone21/01/10 - Moneta commences a 30,000 metre exploration program in its centenary year
20/01/10 - Moneta announces Fall 2009 drill results
06/11/09 - Rick Ackerman profiles Moneta Porcupine Mines Inc.
30/10/09 - Moneta Comments On Timmins Regional Transactions Adjacent To Its North Tisdale Property
20/02/09 - Moneta's increases interest in Windjammer to 100%