Under an agreement, operator Unocal Canada Ltd. of Calgary can earn 50% of Moneta’s interest in Michaud Twp. and the adjoining Nahanni option by spending $5 million over three years.
Completed March 31, the first phase 12,400 ft program produced some interesting results including 12.1 ft of grade 0.475 oz gold per ton and 20 ft of grade 0.271 oz in the North zone. After spending $400,000 so far, Unocal Canada has determined that there are at least two mineralized altered volcanic zones (the North and South) with a strike length of up to 3,000 ft.
Historical highlights from drilling on the North zone are listed (in the year they were reported) as follows:
Assay oz/ton Drill Hole Width ft (core uncut) 1946-2 1.4 0.265 oz 1946-5 2.5 0.560 oz
5.1 0.13 oz 1986-01 5.0 0.355 oz 1987-06 10.9 0.318 oz 1987-14 18.0 0.113 oz 1989-94 2.8 0.493 oz 1989-95 12.1 0.475 oz 1989-96 20.0 0.271 oz
As reported (N.M., March 6/89), three holes were drilled on Moneta’s South zone to test vein systems in greywacke rock and an iron formation unit. No significant results were obtained in the iron formation, but a number of sub-economic intersections were pulled from the greywacke.
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