Timmins-based Moneta Porcupine Mines (TSE) is hoping to raise $3 million this year to explore the Lik lead-zinc property in Alaska, shareholders were told at the annual meeting. The property hosts an 18-million-ton lead-zinc deposit about 12 miles from Cominco’s (TSE) Red Dog mine in northwestern Alaska. Earlier this year, Moneta signed an option agreement to acquire up to an 80% interest in the Alaskan project from Houston-based GCO Minerals. Echo Bay Mines (TSE) holds the remaining interest.
Moneta’s main focus for the next four years will be advancing the Lik deposit to the production stage, said Charles Gryba, president of Moneta Porcupine. The deposit, discovered back in 1974, hosts preliminary reserves of 18.2 million tons grading 10.2% zinc, 3.3% lead, and 1.5 oz. silver per ton.
The junior company has until July 15 to commit funds for a 10,000-ft. infill drilling program which would see up to 25 holes completed in the main deposit at 200-ft. intervals and to depths of 300-500 ft. Previous drilling was conducted at 400-ft. intervals in an area hosting about 13 million tons of potential open pit reserves with a stripping ratio of 6-to-1.
Gryba said that private placements of Moneta shares are currently in the works to provide necessary funding for its planned exploration program, as well as metallurgical testing, and prefeasibility studies.
Shareholders approved resolutions increasing the company’s authorized capital to an unlimited number of common shares, as well as allowing for the creation of two classes of preferred shares.
Moneta’s largest shareholder is Trans-Dominion Energy (TSE) with a 32% stake.
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