Moneta Porcupine Mines Inc. (“Moneta”) is a gold exploration company which holds a 100% interest in 6 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 (Newmont-Goldcorp) and several others such as McEwen Mining, Pan American Silver, Osisko 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 80 million ounces of gold produced to date.
Moneta’s land position covers 618 km2 and is one of the largest after the three main gold producers in the Timmins Camp, and includes the highly prospective Golden Highway Project which covers 12 kilometres of a volcanic/sedimentary belt and contains four branches of the Destor.
The Golden Highway Project hosts a gold NI 43-101 Resource Estimate (November 2019) of 556,500 ounces indicated (3.8Mt at 4.53 g/t Au) plus 1,174,000 ounces inferred (8.5 Mt at 4.31 g/t Au). The property covers over 200 square kilometres and is adequate in size to support milling infrastructure, however, six existing mills are within trucking distance and have excess capacity for toll milling. Indicated resources increased 58% in 2019 and inferred resources increased by 40% during the same period.
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 drill core logging and core 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 Xetra, and Frankfurt Stock Exchange under the symbol MOP. The company is a former gold producer but has no properties currently in production.
Moneta’s recent primary gold exploration and resource development focus has been the Golden Highway Project centred in Michaud Township 100 km east of Timmins, Ontario along Highway 101, a major all-season route. The Golden Highway Project captures 12 kms of the Destor Porcupine Fault Zone Corridor, one of the most prolific Archean gold-bearing structures in the world. The project currently hosts a NI 43-101 resource, spanning only 4 km of the corridor and found primarily within sedimentary host rocks along a southern splay of the Destor. Resource growth potential exists along the remaining 8 km of largely untested strike length along the Destor in contact with ultramafic units, where limited historical drilling has already confirmed gold mineralization. The main unconformity which occurs as the mafic volcanic-sediment contact also remains largely untested. Moneta also has a 50% stake in the Garrison JV with Kirkland Lake Gold in the Golden Highway Camp.
Moneta continues to maintain a large land holding in Porcupine Gold Camp which includes the gold properties of North Tisdale, Nighthawk Lake, Kayorum, DeSantis and Denton. Additional properties with strategic value are historical base metal projects and include Loveland Nickel (Ni), Kamiskotia (Cu/Zn), and Fripp (Cu).