Toronto-based Moneta Porcupine Mines has updated the underground resource numbers for its Golden Highway project 110 km east of Timmins. The company says the deposits are higher grade than previously thought and they are open.
Moneta CEO and chief geologist Gary O'Connor said the increased grade and overall size of the estimate are encouraging. "We are confident of the ability to continue to increase the grade and size of the resource," he said.
The resource estimate includes mineralization in the South West, Windjammer South and North, 55, and Discovery zones. There are 2.6 million indicated tonnes grading 4.61 g/t gold for 383,400 oz. of gold. The inferred resource is 2.5 million tonnes at 4.21 g/t for 873,200 oz. of contained gold.
Micon International prepared the estimate using a cut-off grade of 3.00 g/t gold and a gold price of $1,250 per oz.
This article first appeared in the Canadian Mining Journal.