News

March 17, 2009

The Big Boys May Be Chasing Little Moneta Along The Destor Porcupine Fault Zone Before Long

By Charles Wyatt

One thing to get straight at the outset, little Canadian listed Moneta Porcupine has no intention of becoming a gold producer in its own right. It is sticking to its last as an explorer and is building ounces in one of Ontario’s most prolific gold zones - around the Porcupine and Golden Highway camps east of Timmins. It is a bit like a very long drawn out game of Monopoly and recently Moneta crowned its efforts by taking its interest in the Windjammer South, where it had acquired a 50 per cent interest from Newmont last year, up to 100 per cent. It was like buying Mayfair and completing the most expensive set of properties on the Monopoly board.

In all Moneta Porcupine now owns or controls 10 gold zones along 12 kms of strike, which is equivalent to about 10 per cent of the Destor Porcupine Fault Zone all the way from Timmins to the Quebec border. The whole section is around 130 kms in length and it has produced over 72 million ounces from 26 separate mines to date.  The chairman Rod Whyte, an Australian who is a well known figure on London’s mining scene, compares it with a strategic land position between Kalgoorlie and Boulder...