TIMMINS, ONTARIO--(BUSINESS WIRE)--April 24, 1998--Moneta Porcupine Min(TSE:ME.)
Moneta Porcupine Mines Inc. ("Moneta") announces that Lac Exploration Inc. (a subsidiary of Barrick
Gold Corp.) has elected to terminate its option to earn a 60 percent interest in 52 claims of Moneta's
138 claim Michaud Property.
As part of planning for this eventuality, Moneta over the past year has assembled by a systematic
process of staking and acquisition, a 454 claim unit package centred around the identified 460,000
ounce resource (2.4 mt at 6.1 g/t over a true width averaging 6.4m) of the Michaud Southwest Zone.
This comprises the largest contiguous advanced exploration property ever assembled by one entity
along the Golden Highway section of the Destor Porcupine Fault Zone ("DPFZ"). Mines developed
along the DPFZ have produced over 63 million ounces of gold to date and created North America's
largest mining camp.
Moneta now holds a 100 percent interest in 538 claim units and a 50 percent interest in a further 218
claims along the Golden Highway, east of Timmins. Moneta, together with previous JV partners, has
spent over $10 million on these properties, which span 8 km of the DPFZ and contain at least 8 known
zones of gold mineralization. All work has been filed for assessment, allowing for minimal land holding
costs for the foreseeable future.
Moneta expects to negotiate a substantial JV with a new partner and is now able to pursue several
serious expressions of interest. To this end, an independent report has been prepared by Southampton
Associates Inc. on the Michaud Property. This confirms that drilling to date has identified a gold-bearing
quartz-carbonate stockwork system along 2.7 km of strike and to depths of 1000m. Drillhole density in
only a small window of this 2.7 km trend has been used as a basis for resource calculation in the
Southwest Zone whereas the stockwork system with comparable gold grade has been traced along its
entire length. Moneta believes that the system hosts at least a five million ounce gold zone.
--30--SY/ch*
CONTACT: Moneta Porcupine Mines Inc. - London, England
Rod Whyte, 011/44 171 736-2212
or
Moneta Porcupine Mines Inc. - Timmins, Ontario
Fran Yungwirth, 705/ 264-2296
monetaporcupine.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: MINING/METALS
Whoops! guess my confidence doesn't mean much!!
hope this posting helps someone anyway! just out today.
(i can really callem can't i!???)
Dave |
