A first closing on a flow-through share offering by Moneta Porcupine Mines will raise $1 million for the company. The funds will finance exploration on several properties held by the company. In Michaud Twp., Ont., preliminary drilling has cut a 4-ft section grading 0.35 oz gold per ton. The drilling, Moneta says, confirms the continuity of the mineralized zones. Reverse circulation overburden drilling is also in progress on the claims. Additional diamond drilling is scheduled to start in January.
Drilling has also been completed on the company’s Vermilion property 10 miles southwest of Sioux Lookout, Ont. The first hole cut 10 ft grading 0.1 oz. Follow-up drilling will begin in early 1987.
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