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Moneta and Wahgoshig sign exploration agreement

First Nation gains company shares, community investment
Moneta Porcupine Mines, which has interests in the Timmins gold camp, has signed an exploration agreement with Wahgoshig First Nation. (Moneta photo)

Moneta Porcupine Mines and Wahgoshig First Nation have signed an exploration agreement that will give the community shares in the company while providing the mining junior with access to its Timmins-area mining claims.

Located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp, Moneta’s Golden Highway project consists of the Golden Highway, North Tisdale, Nighthawk Lake, DeSantis East, Kayorum and Denton projects.

The Golden Highway project covers 12 kilometres of prospective ground along the DPFZ of which four kilometres hosts the current 43-101 mineral resource estimate comprised of an indicated resource of 383,400 ounces gold contained within 2.59 tonnes at 4.61 grams per tonne gold, and a total of 873,200 ounces gold contained within 6.46 tonnes at 4.21 grams per tonne gold in the inferred category at a 3 gram-per-tonne gold cutoff.

The Wahgoshig First Nation is an Algonquin community whose traditional territory straddles a large segment of northeastern Ontario and northwest Québec, is located approximately 15 kilometres from the Golden Highway project.

Gary O’Connor, Moneta’s CEO and chief geologist, said the company recognizes Indigenous and treaty rights and the importance of Wahgoshig’s traditional lands.

“Moneta are committed to developing a positive relationship, which recognizes the need for all to mutually benefit and co-exist,” O’Connor said in an Aug. 7 news release.

“Through a process of mutual respect, ongoing dialogue and regular interaction, Moneta looks forward to working co-operatively with Wahgoshig First Nation. We also feel that active participation and a close relationship with the Wahgoshig First Nation community will continue to create sound business opportunities.”

As part of the agreement, Moneta has issued 50,000 common shares to Wahgoshig First Nation, and has additionally agreed to contribute to the Wahgoshig First Nation Community Fund in recognition of the physical environmental impacts of Moneta’s exploration activities. 

“We are pleased to have entered into this exploration agreement with Moneta to ensure that all exploration activities conducted within Wahgoshig First Nation Traditional Territory are conducted for the mutual benefit of Wahgoshig First Nation and Moneta,” Wahgoshig First Nation’s Brian Gelinas said in the release.

The company additionally announced it would acquire eight single boundary cell mining claims contiguous with the eastern edge of the Golden Highway project, within Garrison Township.

“The mining claims cover the continuation of favourable geology east of the current published resources on the Golden Highway project,” the company said. “A total of 80,000 common shares were issued to the seller as final consideration, with no royalty or other encumbrances.”