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| The Windjammer Property ("Windjammer") is comprised of two mining leases covering 356 hectares or 22 mining claims in Garrison and Michaud Townships immediately east and contiguous to the Golden Highway Project. Windjammer contains two gold zones from drilling by Noranda Inc. in the mid-late 1980s in distinct geological settings with Windjammer South hosted in Timiskaming sediments, and Windjammer North, in altered mafic to ultramafic volcanics. Both zones are open on strike and to depth with significant untested potential. In October 2008, the Company submitted an application for a vesting order to the Ontario Mining and Lands Commissioner to increase its interest to 100% in the Windjammer Property, from the initial 50% interest acquired from Newmont Canada Limited in November 2007. In February 2009, the vesting order was approved and Moneta's registered interest increased to 100%, with no encumbrances. Windjammer South has an updated NI 43-101 resource estimate of 305,379 indicated ounces (7,786,000 tonnes @ 1.22 g/t) and 211,951 inferred ounces (5,834,000 tonnes @ 1.13 g/t) of gold. This NI 43-101 resource estimate was updated on March 11, 2009, following a $1M drill program in 2008.
Additional technical information, primarily on exploration and resource work completed by Moneta on the Windjammer Property is available on SEDAR and referenced as follows;
Windjammer North The Windjammer North discovery is located one kilometre north of Windjammer South on the northern boundary of the Destor and is on strike with Moneta's North Zone (Last Chance, Twin Creek, Miller and Landing Zones). In total, this area represents an under-explored strike length of 4.5 kilometres. Windjammer North has been defined by 21 drill holes over 400 metres along strike with intersections including 6.37 g/t over 5.9m core length. Mineralization occurs in two gold bearing environments hosted in altered ultramafic to mafic volcanics or altered mafic volcanics. The first typically consists of quartz carbonate veining in high strain zones with carbonate, silica, fuchsite, and sericite alteration. The second is characterized by auriferous, strongly carbonatized, sericitized, and pyritized, mafic volcanic rocks. Both environments contain visible gold in quartz veins. No exploration work has been completed since the acquisition.  Windjammer South Prior drilling on Windjammer South consisted of 23 drill holes that identified several gold-bearing zones within a mineralized system currently known to extend for 500 metres along strike to a depth of 350 metres. The system was found to dip moderately to the southeast and remained open in both directions along strike and to depth. Windjammer South resembles the style of mineralization in the nearby Southwest Zone where gold mineralization is typically hosted by fine quartz stringers and veining found within variably altered (hematite, silica, and sericite) Timiskaming sediments. These sediments form the hanging wall to a thick sequence of banded oxide facies iron formation. All are associated with the southern portion of the Destor Porcupine Fault Zone. Moneta completed a short drill program (988m) during the winter 2007/2008 on the Windjammer South designed to evaluate and confirm historical drill holes representative of the gold mineralization, to generate comparative geological information, and to infill areas in the historical drilling. The drilling was conducted to support an initial NI 43-101 inferred mineral resource estimate of 154,000 ounces gold (2.1 million tonnes @ 2.3 g/t). Subsequently a summer/fall 2008 drill program was undertaken completing 6,914 metres of diamond drilling resulting in an updated NI 43-101 resource estimate of 305,379 indicated ounces (7,786,000 tonnes @ 1.22 g/t) and 211,951 inferred ounces (5,834,000 tonnes @ 1.13 g/t) of gold. Within the Windjammer South zone, wide and locally well mineralized drilled width intercepts include 3.40 g/t Au over 27.0 metres in MWJ08-11, 2.59 g/t Au over 12.90 metres in MWJ08-07, and 2.02 g/t Au over 45.45 metres in MWJ08-18. Holes MWJ08-07 and MWJ08-17, both stepped back approximately 150m from the known mineralization, have intersected mineralization in areas not previously tested. Mineralization in the upper portion of the holes is similar to that found uppermost in the one historical step-back Noranda drill hole WJ88-40 drilled very steeply 50m behind all other Windjammer South drill holes. Further down-hole, MWJ08-17 was well-mineralized with 18.60m @ 2.19 g/t gold from 297.4m to 316.0m, representing another possible new hanging wall zone. Although the orientation and extent of these possible new zones has not been determined, the potential for additional gold mineralization in the hanging wall of the Windjammer South zone has been confirmed and remains to be tested. In addition the strike and depth potential of the gold mineralization has not been established and remains to be tested for both continuity and higher grade mineralization.  | ||||||||||||||||||
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