A subsidiary of Barrick Gold (ABX-T) has dropped its option to earn a 60% interest in 52 of the 138 claims that comprise the Michaud property, near Timmins, Ont.
Lac Exploration has opted to forgo further exploration on the Michaud property, owned by Moneta Porcupine Mines (ME-T). The Michaud Southwest zone there hosts a resource of 2.4 million tonnes grading 6.1 grams per tonne over a true width of 6.4 metres. Mineralization occurs in a quartz-carbonate stockwork with a strike length of 2.7 km, and to a depth of 1,000 metres.
Moneta has been assembling a large land position along the Destor-Porcupine fault, including a full interest in 538 claims and a 50% interest in an additional 218 claims.
Moneta intends to seek another partner to explore the Michaud property.
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