MONETA PORCUPINE MINES INC. : http://www.monetaporcupine.com/ : QwikReport
North Tisdale
Recent regional corporate transactions immediately north of Timmins have drawn attention to Moneta's North Tisdale Property ("Property") and encourage Moneta to evaluate options for this highly prospective North Tisdale Property which include exploration program financing and/or possible corporate transactions.
The Property has been subject to very limited exploration activity and contains the highly prospective New Mine Trend which hosts the Porcupine Gold Mines (Goldcorp) Hoyle Pond and Owl Creek Mines as well as Lakeshore Gold Bell Creek Mine Complex. The Property is comprised of a 100% interest in 166 patented, leased, and unpatented mining claim units (approximately 2,650 hectares) located in Tisdale, Murphy and Hoyle Townships.
More recent historical work dates from the 1960's onward and includes work completed by companies such as Keevil Exploration, Inco, Hollinger Argus/Labrador Mining and Exploration, Esso Minerals, Pamour Gold, Newmont, Placer Dome, Independence Mining, and Pentland Firth. Moneta's involvement dates from 1986 to the present.
The Property is underlain primarily by numerous east-westerly trending intercalated mafic and ultramafic volcanic flows and variably graphitic argillites and clastic sediments. Gold mineralization can be hosted in a variety of settings mainly within quartz-sulphide-carbonate stockwork zones occupying porphyry/mafic/ ultramafic/graphitic argillite contacts and/or structural zones. The primary target is considered to be the western extension of the Bell Creek-Owl Creek New Mine Trend setting believed to cross the central portion of the Property.
immediately adjacent to the west and southwest of the Goldcorp properties being acquired by Lake Shore Gold. These properties include historic resources and early stage exploration targets along the New Mine Trend, in the vicinity of the Lake Shore Gold Bell Creek Complex. Consideration for the proposed transaction is $15 million in cash and $5 million in Lake Shore Gold common shares, with Goldcorp retaining a 2% net smelter royalty;
also immediately adjacent but to the southwest of VG Gold's Davidson-Tisdale property. San Gold Corporation has announced it will acquire Laurion Minerals' 31.5% interest in the Davidson-Tisdale property (25 claim units or 465 hectares) and Laurion Minerals' 100% interest in the North Tisdale Property (15 claim units) for $1 million in cash and approximately $3 million in San Gold common shares, with Laurion retaining a 2% net smelter royalty on the North Tisdale property;
located east and northeast of the Claim Post Resources Mountjoy Township property (105 claims units or 1,500 hectares) which is subject to an option agreement whereby Osisko Mining Corp. may earn a 50-per-cent interest, over a four-year period, in exchange for $250,000 in cash and exploration expenditure commitments of $4 million.
Map Reference; Discover Abitibi: Gold Subproject 1, R. Bateman et al, in Summary of Field Work and Other Activities 2004, Ontario Geological Survey, Open File Report 6145
