MONETA PORCUPINE MINES INC. : http://www.monetaporcupine.com/ : QwikReport
The Moneta Mine is located in the NW portion of Moneta's Kayorum property and is immediately adjacent to the east to the Hollinger Mine. Total production between 1938-1943 was 149,250 oz gold from 314,829 tons at an average grade of 0.47 oz/t. The Moneta Mine underground infrastructure includes a shaft to 1,492 feet with 6 levels of development.
Moneta's Kayorum property is of particular interest as the immediately adjacent Hollinger Mine pit project has been approved with development underway in 2012. The project envisions a 200-250m deep multiple phase open pit based on a 2010 resource of 3.47Mozs and 782,000 oz in reserves. Exploration drill programs have also identified several underground mining opportunities by ramp and existing underground infrastructure for both the Hollinger (Millerton) and McIntyre (Central Porphyry Zone) mines.
Moneta has had several significant option agreements on Kayorum including Cogema, Cameco, and the former Porcupine Joint Venture (now Goldcorp). Several drill programs (30 holes for 15,710m) as well as geological mapping, lithogeochemistry, and ground geophysics (IP, magnetic, and gravity) have been completed. Best results to date include 193 g/t gold over 0.3m in a narrow quartz-tourmaline-pyrite vein, 9.27 g/t over 0.75m, 6.76 g/t over 0.75m, and 2.89 g/t gold over 1.0m.
The exploration target remains quartz and quartz-carbonate vein or stockwork gold mineralization occurring at mafic volcanic interflow contacts (Vipond and Central Formations). Drilling has confirmed the presence and continuity of alteration styles and geological settings similar to those of the Hollinger and Dome Mines. A major vein system drilled over 15.1m with intense alteration and strong quartz and quartz-carbonate veining with 1-5% pyrite/chalcopyrite and weakly anomalous gold values, was intersected at the contact between the Vipond and Central Formations.