Moneta Porcupine Mines is raising $6 million in flow-through shares for exploration on its Golden Highway Project, just east of Matheson.
The company holds 618-square-kilometres of ground in the Timmins camp, containing six gold projects on the Destor-Porcupine Fault Zone, historically known for producing more than 85 million ounces of gold.
The Golden Highway Project contains five deposits. Last November, Moneta posted an updated resource estimate on its South West deposit, it's flagship deposit, where a preliminary economic assessment is underway to study various mine development scenarios.
The results are due back later this year. Golden Highway is situated 110 kilometres east of Timmins, between McEwen Mining's Black Fox Mine and Kirkland Lake Gold's idled Holt and Holloway mine complex.
The South West deposit was the subject of a resource update last November showing a 58 per cent increase to 472,000 ounces of indicated gold at a grade of 4.53 grams per tonne and 40 per cent increase in the inferred category with 1,056,500 ounces at a grade of 4.37 grams per tonne.
The company continued to do drilling into the spring and discovered new gold veins extended to the west of the South West Deposit. Those results will be included in a later resource estimate.