A year of exploration drilling is steadily building a gold base for Moneta Porcupine Mines at a Matheson-area property.
Toronto-based Moneta reported a 45 per cent increase in indicated gold with 34 per cent improvement in inferred gold at its Golden Highway Project, east of town.
The results come from a drill program Moneta finished earlier this year.
Gold in the indicated category now sits at now 556,500 ounces at a grade of 4.53 grams per tonne, and in the inferred category at 1,173,000 ounces at a grade of 4.31 grams per tonne.
The last resource estimate was done in January.
The company has six gold projects in the Timmins-Matheson area of northeastern Ontario, including the 11,000-hectare Golden Highway Project, which contains five identified deposits.
The most advanced deposit is the South West where Moneta reports a 58 per cent increase of indicated gold at a grade of 4.53 grams per tonne, with a 40 per cent increase in inferred resources at 4.53 grams per tonne.
“We are confident of the ability to continue to increase the size of the deposits and targets located within the project,” said company CEO and chief geologist Gary O’Connor in a Nov. 26 news release.
Moneta launched a 10,000-metre program this fall. The results have yet to be posted.
The Golden Highway Project is 110 kilometres east of Timmins within the Destor-Porcupine Fault Zone of the larger Timmins Gold Camp. The area is home to a number of operating mine and gold exploration plays.