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Matheson gold project developer finalizes merger

Moneta, Nighthawk shareholders approve combination to become STLLR Gold
Moneta Gold winter drilling 3
(Moneta Gold photo)

There will be a new company name on the marquee of the Tower Gold Project, east of Timmins.

Shareholders of Moneta Gold, owners of the Tower Gold Project, and Nighthawk Gold, a mine developer working in the Northwest Territories, approved a merger of the two companies on Jan. 29. 

Final approval of the deal by the Ontario Superior Court of Justice is anticipated on Feb. 6.

The merger, first announced last fall, will result in Moneta and Nighthawk shareholders owning 66 per cent and 34 per cent, respectively, of the combined company.

The plan of arrangement was approved by 94.9 per cent of the votes cast by Moneta shareholders and 99.8 per cent by Nighthawk investors. 

A resolution was passed to call the new company STLLR Gold Inc.

Moneta owns the Tower Gold Project in the Matheson area, about 100 kilometres east of Timmins. The property hosts nine gold deposits along a nine-kilometre long mineralized corridor close to Highway 101.

The project currently hosts a total indicated mineral resource of 4.46 million ounces of contained gold and a total inferred mineral resource of 8.29 million ounces contained gold.

Valued at $1.1 billion, Tower Gold has an initial mine life of 11 years with average annual gold production calculated at 261,000 ounces.

Nighthawk’s Colomac Gold Project, north of Yellowknife in the Northwest Territories, is valued at $1.2 billion and offers an 11.2-year mine life with annual production of 290,000 ounces.