Moneta Porcupine Mines (ME-T) has cranked up exploration on its Golden Highway project on the Destor Porcupine fault zone (DPFZ) in northeastern Ontario.
Since 1997, Moneta has boosted its holdings in the project area to 412 claim units. The project is centred on the Southwest zone resource, which stands at 2.4 million tonnes grading 6.1 grams gold per tonne.
The current phase of drilling will target five gold zones situated in Michaud and Garrison Townships.
Moneta has inked a deal giving Acrex Ventures (AKV-V) the right to earn a 60% stake in 77 claim units in Michaud Township by spending $1million on exploration and delivering a bankable feasibility study. A $300,000 exploration program including diamond drilling on the 55 zone and additional targets along an untested iron formation is underway.
Moneta has also signed two agreements with St Andrew Goldfields (SAS-T). St Andrew can earn a half-interest in 80 claim units in Garrison Township by spending $350,000 on exploration and paying $50,000 in cash. Another deal allows St Andrew to earn a 50% interest in 140 claim units in Michaud and Barnet Townships in return for exploration spending totalling $200,000 plus $20,000 in cash.
Elsewhere, Moneta plans $200,000 worth of solely funded exploration on the DPFZ between the Twin Creek and Landing zones. The company will also target west of the Last Chance zone in Michaud Township.
Overall, Moneta has six active joint venture exploration programs in the region. In all, Placer Dome (PDG-T) (in Kayorum Township), Acrex (Michaud), St Andrew (Garrison, Michaud-Barnet), Newmont Mining (NEM-N) (Golden Highway), and Loubel Exploration (LBX-V) and Tom Exploration (TUM-V) (Kelly Lake) will spend an aggregate of $1.2 million on exploration this year.
The company has four other wholly owned gold projects along the DPFZ in the Porcupine-Golden Highway camps of Ontario. Moneta is the third largest landholder along this structure.
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