Moneta Porcupine Mines Inc.
Project North Tisdale
Recent regional corporate transactions immediately north of Timmins
havedrawn attention to Moneta's North Tisdale Property ("Property")
andencourage Moneta to evaluate options for this highly prospective
NorthTisdale Property which include exploration program financing
and/orpossible corporate transactions.
Press release: October 30, 2009 -
MONETA COMMENTS ON TIMMINS REGIONAL TRANSACTIONS
ADJACENT TO ITS NORTH TISDALE PROPERTY
The Property has been subject to very limited exploration activity and
contains the highly prospective New Mine Trend
which hosts the Porcupine Gold Mines (Goldcorp) Hoyle Pond
and Owl Creek Mines as well as Lakeshore Gold Bell Creek Mine
Complex.
The Property is comprised of a 100% interest in 166 patented,
leased, and unpatented mining claim units (approximately 2,650
hectares) located in Tisdale, Murphy and Hoyle Townships.
More recent historical work dates from the 1960's onward and
includes work completed by companies such as Keevil Exploration,
Inco, Hollinger Argus/Labrador Mining and Exploration,
Esso Minerals, Pamour Gold, Newmont, Placer Dome,
Independence Mining, and Pentland Firth.
Moneta's involvement dates from 1986 to the present.
The Property is underlain primarily by numerous east-westerly trendingintercalated mafic and ultramafic volcanic flows and variably graphiticargillites and clastic sediments.
Gold mineralization can behosted in a variety of settings mainly within quartz-sulphide-carbonatestockwork zones occupying porphyry/mafic/ ultramafic/graphiticargillite contacts and/or structural zones.
The primary target is considered to be the western extension
of the Bell Creek-Owl Creek New Mine Trend setting believed
to cross the central portion of the Property.
Click to Enlarge
Regional Geology & Corporate Activity
Moneta's North Tisdale Property is:
* immediately adjacent to the west and southwest of
the Goldcorp properties being acquired by Lake Shore Gold.
These properties include historic resources and early stage
exploration targets along the New Mine Trend, in the vicinity
of the Lake Shore Gold Bell Creek Complex.
Consideration for the proposed transaction is $15 million in
cash and $5 million in Lake Shore Gold common shares,
with Goldcorp retaining a 2% net smelter royalty;
* also immediately adjacent but to the southwest of
VG Gold's Davidson-Tisdale property.
San Gold Corporation
has announced it will acquire
Laurion Minerals' 31.5% interest in
the Davidson-Tisdale property
(25 claim units or 465 hectares) and
Laurion Minerals' 100% interest in
the North Tisdale Property (15 claim units)
for $1 million in cash and
approximately $3 million in San Gold common shares,
with Laurion retaining a 2% net smelter royalty on
the North Tisdale property;
* located east and northeast of the Claim Post Resources
Mountjoy Township property (105 claims units or 1,500 hectares)
which is subject to an option agreement whereby Osisko Mining
Corp. may earn a 50-per-cent interest, over a four-year period,
in exchange for $250,000 in cash and exploration expenditure
commitments of $4 million.
Click to Enlarge
Map Reference; Discover Abitibi: Gold Subproject 1, R. Bateman et al, in
Summary of Field Work and Other Activities 2004, Ontario Geological Survey, Open File Report 6145
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