PRECIOUS METALS

Moneta hits gold in gap zone between Golden Highway deposits

Moneta Porcupine Mines has hit gold mineralisation along 700m of strike length in drilling within the Gap Zone between its South West underground and Windjammer South openpit deposits at Golden Highway near Timmins in Ontario, Canada.

Staff reporter
 Moneta Porcupine Mines' Golden Highway project in Ontario, Canada

Moneta Porcupine Mines' Golden Highway project in Ontario, Canada

Moneta reported four holes for 2,872m in an area which without defined gold resources. Drilling focused on extending the South West mineralisation to the south, and connecting the Windjammer South and South West resources. Highlights included 32m grading 1.63 grams per tonne gold including 6.35m grading 3.21g/t 150m to the south of the South West resource.

"The drill results highlight the opportunity to significantly expand the openpit and underground gold resources at Windjammer South and South West respectively," said Moneta Porcupine Mines CEO Gary O'Connor.

Windjammer South hosts an indicated resource of 40.59 million tonnes grading 0.84g/t for 1.1Moz and 29.1Mt grading 1.12g/t inferred for 1.05Moz. South West hosts an indicated resource of 4.53Mt grading 4.07g/t for 0.59 Moz and 9.61Mt grading 4.01g/t for 1.24Moz inferred.

Moneta has a 70,000m drilling programme underway.

Shares in Moneta Porcupine Mines are trading at C38c, valuing the company at $213 million.

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