News

August 01, 2008

Moneta Porcupine Mines Builds Up The Ounces At Golden Highway, And May Start Looking Attractive To A Major Before Long

By Our Canadian Correspondent

As we’ve seen with Goldcorp’s buyout offer for Gold Eagle Mines, building up ounces of gold in strategic locations near existing mines can pay big dividends. Well, some 90 kilometres south of Timmins, in one of Ontario’s most prolific gold districts, junior company Moneta Porcupine Mines and its partners are quietly putting together a set of gold resources that when combined could start attracting interest in the near future.

Moneta has been active in the northeastern Ontario area since the 1980s. Its flagship is the Southwest zone resource, which hosts an inferred resource calculated in 1997 that amounts to 2.4 million tonnes grading 6.1 grams gold per tonne giving total of about 625,000 ounces of gold. This may not be enough to attract attention in itself, but there is good potential to expand the deposit to the east, west, south, and at depth. Throw in the fact that Moneta also holds a stake in nearby properties...