Moneta Porcupine Mines Inc. (“Moneta”) is a gold exploration company which holds a 100% interest in 5 core gold projects and a 50% JV with Kirkland Lake Gold strategically located on or along the Destor Porcupine Fault Zone corridor (“Destor”), one of the key mineralized structures in the Abitibi Greenstone belt in Ontario, with excellent infrastructure including access roads, water, electricity, and mills. Most gold mineralization in the region is associated with the Destor, including significant resources and producing mines now operated by Porcupine Gold Mines (Goldcorp) and several others such as Tahoe Resources, McEwen Mining, and Kirkland Lake Gold. The Golden Highway Camp has experienced rapid advancement of gold resources by Moneta and others including Osisko Mining reflecting the strong regional gold potential.
The Porcupine Camp and Golden Highway Camp (herein collectively referred to as “Timmins Camp“) is one of the most prolific gold-producing areas in the world with over 75 million ounces of gold produced to date, including that from some 26 mines, each of which generated more than 100,000 ounces.
Moneta’s land position covers 200km2 and is one of the largest after three gold producers in the Timmins Camp, and includes the highly prospective Golden Highway Project which covers 12 kilometers of a volcanic/sedimentary belt and contains two branches of the Destor.
The Golden Highway Project hosts a gold NI 43-101 Resource Estimate (January 2019) of 383,400 ounces indicated (2.6Mt at 4.61 g/t Au) plus 873,200 ounces inferred (6.5 Mt at 4.21 g/t Au). The property covers 100 square kilometers and is adequate in size to support milling infrastructure however three existing mills exist east and west and have potential capacity for toll milling.
The Timmins Camp has first rate infrastructure with excellent off highway access via an extensive network of logging and drilling roads. Communications and power are available along Highway 101 and cell phone coverage extends to the property. A skilled labour force for mining and exploration is available in Matheson, Kirkland Lake and Timmins. Timmins and Kirkland Lake are also major supply and service centers for the mining industry.
The Company is leveraged to gold exploration, with limited overhead and fixed costs and one of the highest ratios of dollars to drilling of any junior explorer. It is operated by a strong technical and management team which maintains a low-cost Timmins-based exploration operation with its own field office, rolling stock and equipment, and proprietary drill core logging and storage facility (core shack).
Moneta was incorporated pursuant to the laws of the Province of Ontario on October 14, 1910 and its common shares trade on the Toronto Stock Exchange (“TSX“) under the symbol ME, on the United States OTC market under the symbol MPUCF, and the Berlin Stock Exchange, the Xetra, and Frankfurt Stock Exchange under the symbol MOP. The company is a former gold producer but has no properties currently in production.