Less than a year after it returned to the precious metal business, Moneta Porcupine Mines has reached an agreement with Labrador Mining and Exploration to buy 92 claims in the Timmins, Ont., area.
Located in and around Tisdale Twp., they include 40 patents, 39 leased claims and 13 staked claims originally acquired by Labrador from Hollinger Inc. in the early 1980s
While Moneta vice-president Francis Yungwirth declined to reveal the full details of the agreement, he said it involved an outright purchase subject to a retained royalty.
Moneta has also assembled a strategic land position comprising 126 claims in Tisdale and Murphy twps., trending along the Burrows- Benedict fault.
An exploration program has been planned and later this month, Moneta will begin a reverse circulation drilling program in Tisdale and Murphy twps. That will be followed by diamond drilling in late July.
According to Mr Yungwirth, the claims represent the last vestiges of the Hollinger group’s mining assets. “The Loveland, Denton and Thornloe twp. properties contain good showings of nickel,” said Mr Yungwirth who is hoping that gold targets will be identified in Tisdale and Murphy twps.
Based in Timmins, Moneta was reactivated in l986 with a new board of directors and a treasure chest worth $1.5 million in private placements.
With 2.2 million of Moneta’s five-million outstanding shares, Trans-Dominion Energy of Calgary has a 40% interest in the company.
As reported in The Northern Miner, May 11 this year, a 14,000-ft reconnaissance drill program on Moneta’s Michaud Twp., Ont., property has outlined two zones of gold mineralization. The best hole was 87-9 which cut a 36-6-ft section grading 0.218 oz gold per ton.
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