MONETA PORCUPINE MINES INC. : http://www.monetaporcupine.com/ : QwikReport
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.
A deep penetrating Quantec "Titan 24" Induced Polarization (IP) and Magneto-telluric (MT) survey was completed on two north-south profiles in 2011. Larger scale lithological features were carried to depths beyond the current drilling and final interpretation identified anomalies and drill targets.
The Tisdale west area also remains of interest with untested targets from an Induced Polarity ("IP") / Magnetic ground survey. Results indicate a central east-westerly trending series of IP anomalies that appear to be offset by faulting and to the west include the historical McMahon shaft and a diamond drill hole with known quartz-carbonate veining and grey zone alteration. Historical overburden drilling anomalies are also concentrated south of the IP trends.
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.
Moneta's North Tisdale Property is:
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.