Creating one of North America’s largest undeveloped gold projects
MONETA PORCUPINE MINES
The company added substantial value to shareholders by pursuing the acquisition of the O3 Mining Garrison Project which occurs adjacent to Moneta’s Golden Highway Project located 100 km east of Timmins.
The 200 km2 Tower Gold Project, a combination of the Golden Highway and Garrison Projects, hosts a NI 43-101-compliant indicated resource of 4.0 million ounces (122 million tonnes at 1.01 g/t gold) as well as an inferred resource of 4.4 million ounces (95 million tonnes at 1.44 g/t gold in both bulk tonnage underground and open pit deposits.
The Company’s Golden Highway Project now becomes the Tower Gold Project and gives Moneta one of the largest undeveloped gold projects in North America.
The Company’s inventory expansion opportunities on the combined landholdings is one of the largest in the area. The project is within trucking distance of six existing mills each of which could potentially offer toll milling services to a future mining operation.
Plans call for the rapid expansion of resources. The current drill program is for 70,000 metres to focus on the successful program from 2020 and drill new targets and expand current resources.
The drilling will lead to updated resource estimates planned for 2021 and an updated PEA on the larger combined project which is expected to show significant growth in scope, production profile, valuation and cost savings through development synergies on the combined Golden Highway and Garrison projects.
Other plans call for metallurgical test work, optimization of the flow sheet and commencement of pre-feasibility studies on the combined project in 2022.
Robust PEA’s were completed on an underground project on just the South West deposit at Golden Highway and an open pit PEA on the Garrison Gold project in 2020 with combined production scenario’s of 200,000 ounces of gold per year or more at cash costs of less than US$700/ounce.
Of course, that production level is expected to increase substantially as it did not include the large open pit operation and multiple underground operations that the company now visualizes.
Moneta is led by CEO Gary O’Connor. A former District Manager (1990-2000) with Freeport-McMoran Inc. [FCX-NYSE] in Indonesia, he distinguished himself by helping to uncover the major fraud committed by Bre-X Minerals with its alleged Busang “gold deposit” in Indonesia.
The company is supported by various institutional shareholders, including K2, Scotia (1832), Dundee-Goodman, Eric Sprott, RBC, Mackenzie, Zechner and US Global.
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