I wonder what's in store for Moneta now....will the share value go up?
Moneta Porcupine Mines Inc ME
Shares issued 38,888,751 Apr 23 close $0.155
Fri 24 Apr 98 News Release
Mr Rod Whyte reports
Lac Exploration, a subsidiary of Barrick Gold, has elected to terminate its
option to earn a 60 per cent 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 oz 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. Mines developed along the DPFZ have produced over 63
million oz of gold to date and created North America's largest mining camp.
Moneta now holds a 100 per cent interest in 538 claim units and a 50 per
cent interest in a further 218 claims along the Golden Highway, east of
Timmins. Moneta, together with previous joint venture partners, has spent
over $10 million on these properties, which span 8km of the DPFZ and
contain at least eight 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 joint venture 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 on
the Michaud property. This confirms that drilling to date has identified a
gold bearing quartz carbonate stockwork system along 2.7km of strike and to
depths of 1000m. Drillhole density in only a small window of this 2.7km
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 oz gold zone.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
