Moneta Porcupine Mines and the Washgoshig First Nation have signed an exploration agreement to promote a co-operative and mutually respectful relationship that covers Moneta’s activities on its claims at the Golden Highway property in Ontario, Canada. Any further claims that Moneta acquires in the Washgoshig traditional territory are also covered.
The Golden Highway property, about 110 km east of Timmins, is 100% owned by Moneta. Recent drilling has expanded the South West gold deposit, although the resource estimate includes only 2.6 million indicated tonnes grading 4.61 g/t gold for 383,400 contained oz. and 6.5 million inferred tonnes grading 3.80 g/t for 873,200 contained oz. of gold.
Moneta has issued 50,000 common shares to the Washgoshig First Nation, subject to regulatory approval. The company will also contribute an unspecified amount to the Washgoshig community fund in recognition of the environmental impacts of its exploration activities.
Moneta has also signed a definitive agreement to acquire eight single and boundary mining claims that abut the eastern edge of the Golden Highway project.
(This article first appeared in the Canadian Mining Journal)