Moneta Porcupine Mines has embarked on a 10,000-metre drill program at its Golden Highway project with the aim of expanding the resource.
Located 110 kilometres east of Timmins, the property encompasses 11,000 hectares and 689 claim units.
It includes a resource estimate of 383,400 ounces of gold in the indicated category (2.6Mt @ 4.61g/t) and 873,200 ounces of gold in the inferred category (6.5Mt @ 4.21 g/t).
Gary O’Connor, Moneta’s CEO and chief geologist, said the company sees the potential to expand the current resources at the Windjammer South and 55 deposits.
“The current drill program will also test the Westaway and Halfway targets where mineralization was intersected historically and will target the area between West Block and Westaway which remains open,” O’Connor said in the release.
“We look forward to drilling the expansion potential of our resources and to test new areas of mineralization. In addition, we will be releasing the updated South West resource estimate by the end of November.”
Moneta additionally holds a 100 per cent interest in the North Tisdale, Nighthawk Lake, DeSantis East, Kayorum and Denton projects, all in the Timmins area.
Last August, the company signed an exploration agreement with the neighbouring Wahgoshig First Nation whose territory comes within about 15 kilometres of the Golden Highway project.
The agreement provides the company with access to its Timmins-area mining claims while making Wahgoshig a Moneta shareholder, in addition to a financial contribution to the Wahgoshig First Nation Community Fund.