In an agreement reached with Moneta Porcupine Mines (TSE), Westminer Canada can earn up to a 100% interest in a 65-sq.-km base metal property near Timmins, Ont.
The property is in Jamieson, Macdiarmid and Loveland twps., between the Kidd Creek mine and the Kamkotia complex.
To earn its interest, which is subject to a 3% net smelter return royalty to Moneta, Westminer must spend $900,000 on exploration and pay $80,000 cash over five years.
In a related agreement, Moneta has signed a deal with Falconbridge to secure ownership of 22 claims in Loveland Twp. These claims are beside a property where a previous operator drilled a hole containing 0.22% copper over 67 metres. The Westminer agreement covers the northern section of Moneta’s land position in the Kamiskotia area.
In other news, Moneta is continuing to explore its Godfrey Twp. property, where a previous drill hole intersected three meters of 10% zinc (T.N.M., April 19/93). To date, the company has drilled eight holes totaling 2,200 metres and carried out “down-the-hole” electromagnetic (EM) surveys. A drill program, scheduled to begin shortly, will test some of the recently delineated EM anomalies.
Moneta is also raising funds to begin drilling its Kayorum gold property in the heart of the Timmins camp. A previous exploration program by Cogema Resources identified at least 20 induced polarization targets on the property.
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