Drilling a 600-metre-long geophysical anomaly on Moneta Porcupine Mines’ (TSE) property in Godfrey Twp., near Timmins, Ont., Falconbridge intersected a narrow vein containing high-grade gold mineralization.
The 1.5-metre interval assayed 82.2 grams per tonne over 1.5 metres including 306 grams over 0.4 metres. Concentrated within a 10-cm-wide quartz-carbonate vein, the gold is associated with cubic arsenopyrite. The geophysical anomaly is represented by a 35-metre-thick graphic argillite horizon and is thought to be the source of the carbonaceous alteration. Moneta, which has staked 93 claims and optioned 13 claims to cover the on-strike potential of the new play, believes mineralization may be structurally controlled by a number of faults which parallel the Porcupine-Destor fault.
Falconbridge is optioning 20 claims and is required to spend $500,000 to earn a 50% interest in three lease groups in the Timmins area.
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