Moneta Porcupine Mines (TSX: ME) announced that it has filed the technical report covering the updated mineral resource estimate for the Golden Highway project in Ontario.
In a press release, the miner said that the update resulted in a significant increase in the size of the resource and expanded the current indicated resource base to 2,144,000 ounces of gold and inferred resources to 3,335,000 ounces of gold while adding a maiden underground resource at the Westaway deposit and open-pit resources at the Windjammer South and 55 deposits.
“The newly discovered Westaway/West Block deposit contains an underground resource of 662,000 oz gold inferred at a grade of 4.71 g/t Au, and the open-pit resources of 1,099,000 oz gold indicated and 1,028,000 oz gold inferred at Windjammer South and 413,000 oz gold indicated and 180,000 oz gold inferred at 55,” Gary O’Connor, Moneta’s CEO, said in the brief. “We are confident of the ability to continue to add to the size of the deposits and targets located within the project.”
According to O’Connor, the company is currently drill-testing new regional targets as well as drilling the extensions of the current resources in its 30,000-metre winter 2020/2021 drill program with the release of initial results expected soon.
“We look forward to concluding the acquisition of the adjacent Garrison project to bring our total resource base for the new combined project to 3,967,000 oz gold indicated and 4,399,000 oz gold inferred,” the executive said.
Located in the Timmins Camp, the 200-square-kilometre Golden Highway property covers 12 kilometres of a volcanic/sedimentary belt. In the area, Moneta has a contiguous land package of 740 single and boundary mining cell claims or approximately 10,680 hectares.