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Golden Highway Project Moneta's flagship gold exploration property is the 100% owned Golden Highway Project east of Timmins, Ontario. This area is within the prime Abitibi greenstone belt, renowned for its world class gold and base metal mines. The Golden Highway Project is located approximately 35 kilometres east along paved Highway 101 from Matheson and covers approximately 10,800 hectares (676 claim units) in Guibord, Michaud, Barnet, and Garrison Townships with additional property interests in Hislop, Holloway, and Marriott Townships. Within this project the 100% Moneta owned core group is primarily in Michaud Township and covers the known gold mineralization. Additional land (~40%) is in joint venture with St Andrew Goldfields. The property has first rate infrastructure with excellent off highway access via an extensive network of logging and drilling roads. Communications and power are available along Highway 101 and cell phone coverage extends to the property. A skilled labour force for mining and exploration is available in Matheson, Kirkland Lake and Timmins. Timmins and Kirkland Lake are also major supply and service centers for the mining industry. The Golden Highway Camp also has active milling infrastructure with St Andrew Goldfields ("St Andrew") located 25km to the east and Brigus Gold located 25 km to the west. NI 43-101 Resource Estimate Moneta has released a NI 43-101 resource estimate (Dec 2011) of 3.14 million ounces gold for the Golden Highway Project which includes 3 of 10 distinct gold zones on the property, as follows:
(collectively "NI 43-101 Zones") The three NI 43-101 Zones have similar mineralization styles and geological settings and are believed to be part of the same gold mineralizing system. The geostatical analysis, including histograms and variograms, demonstrate strong continuity and predictability of gold grade. As such, significant potential exists to expand both in pit and out of pit resources as all three zones remain open along strike and to depth. The property also contains similar geology along a 12km strike. The Golden Highway Project covers 100 square kilometers and would be adequate in size to support any necessary infrastructure when and if a production decision is made. The three NI 43-101 Zones, along with the additional gold zones not currently reported as NI 43-101 resources, would all utilize common infrastructure including a central mill. The NI 43-101 resource estimate includes significant indicated and inferred resources for both "in pit" and "out of pit" as outlined below.
Geological Framework The Golden Highway Project covers mafic to ultramafic volcanic assemblages with associated sedimentary basins, and most importantly, straddles the Destor Porcupine Fault/Deformation Zone ("Destor"), the most prolific gold-bearing structure in the western Archean Abitibi Greenstone Belt. The 12 km of the Destor on the property results in two distinctive geological settings or parallel corridors with gold mineralization: the Northern Corridor consisting of volcanics and local felsic intrusives, and the Southern Corridor defined by Timiskaming sediments and iron formation. The Northern Corridor with Moneta's Windjammer North, Landing Zone, Twin Creeks and Last Chance Zone gold zones, has similarities to the volcanics of the Timmins Camp and the potential to host high grade lode gold quartz and quartz carbonate vein deposits, as well as the Lightning Zone style gold mineralization encountered in the Holloway Mine only 20 kilometres east along the Destor. Lightning Zone style mineralization is hosted in broader pyritic and sericite/albite altered iron tholeiite volcanics in contact with ultramafics volcanics. The Southern Corridor is well defined by the belt of Timiskaming sediments trending along the Destor and includes the Moneta gold resources and most of the gold mineralization discovered to date on the property. This corridor crosses Michaud Township and continues north-easterly into Garrison Township hosting the Windjammer South, Gap, Southwest Zone, 55 Zone, Dyment3, and Western Zone gold zones over a distance of 12 kilometres. Twin Creeks, Landing Zone and Windjammer North Mineralization is hosted in altered ultramafic and mafic volcanic rocks along the Destor with quartz carbonate veining in high strain zones that are silicified and carbonatized (ankerite) with subordinate hematite, sericite, and albite. Gold values are typically associated with 2% to 5% very fine pyrite with occasional visible gold noted. Windjammer South, Southwest Zone and 55 Zone: Widespread gold mineralization occurs in clastic sediments and/or banded oxide facies iron formation displaying variably intense alteration (silicification, ankeritization, sericitization, and hematitzation) accompanied by local brecciation and fracture filling by quartz-pyrite stringers, quartz and quartz-carbonates veins up to several metres in width, and extensive stockworks. Sulphidization of the iron formation in contact with vein systems and brecciation frequently results in significantly elevated high grade mineralization. Last Chance Zone Mineralization hosted by syenite is found in the porphyritic syenite intrusives in contact with variably altered ultramafic and mafic rocks of the Destor as in the. The syenite has a bleached and albitized core enveloped by a hematized zone with gold concentrated in zones of narrow quartz carbonate stringers. An extensive digital geological and structural database covering the area has been built and is updated and refined on an ongoing basis facilitating and contributing to Moneta's exploration success and ongoing activities on the Golden Highway Project. Significant untested gold potential is found on the property in all settings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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