The Golden Highway Project was dramatically enhanced by the acquisition of the contiguous Windjammer Property from Newmont Mining in November 2007, which added 4 km. of strike length and two known gold deposits. The acquisition for 4.38 million Moneta shares resulted in Newmont becoming a significant shareholder of Moneta, and Moneta becoming operator of the Windjammer Joint Venture.
Windjammer consists of two mining leases (22 mining claims) straddling Garrison and Michaud Townships, which were drilled in the mid-1980s by Noranda Inc. at a time when gold traded between $250 and $350 per ounce. Windjammer has seen little further development in the intervening period. Noranda encountered widespread gold mineralization in a number of zones and the work resulted in two separate gold discoveries, Windjammer South and Windjammer North. Both Windjammer zones are open on three sides and at depth.
Figure 1. Northern and Southern Corridors (with Windjammer) of the Golden Highway Project
Windjammer South in combination with Moneta's Southwest Zone and the 55 Zone represents the "Southern Corridor" of the Golden Highway Project with a strike length of approximately four kilometres and gold mineralization along the entire length, as can be seen from Figure 1.
The key advantage of the Windjammer acquisition is that it has enabled Moneta to explore and develop the entire Golden Highway Project area on an integrated basis.
